From Isaac Anumihe, Abuja
The German government has pledged to support Nigeria’s climate-friendly development and energy sector with a grant of €20 million.
Speaking in Abuja, during the signing of an agreement between the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu on behalf of Nigeria and the First Secretary, Head of Development Co-operation, German Embassy in Nigeria, Dr. Karin Jasen and representative of the KfW Development Bank, Gerald Keuhnemund, the representative of German Government opined that the agreement with Nigeria marks a significant milestone as Germany celebrates its 50th anniversary of the Energy Transition Challenge Fund.
She said that the initiative strengthens Germany’s financial co-operation with Nigeria to support the country’s ambitious energy transition with an initial commitment of €20 million, revealing that the fund adopts a competitive approach to finance only the most impactful renewable energy efficiency projects.
The minister informed that the project is being built around three primary objectives which are, promoting the adoption of renewable energies for energy efficiency, expanding vocational training in renewable energy and energy assets.
According to him, these components are essential in supporting Nigeria’s development agenda, as they will help expand energy assets to under-served communities; reduce the country’s dependence on fossil fuels, and build a skilled workforce capable of sustaining the energy economy.
He noted that youths, women and individuals will be empowered with new economic opportunities that will consequently improve the quality of life for households, businesses and communities.
In a statement, Bagudu, therefore, called for synergy with the African Enterprise Development Fund so as to grow support. He revealed that there were other programmes that provide sustainable and renewable power to the health and tertiary education sectors of the country.ENDS