EU is Playing Active Role in Nigeria’s Renewable Energy, Says Isopi

Michael Olugbode in Abuja

The Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States, Samuela Isopi has said renewable energy is the way to go in the future, stating that the EU is currently playing very active role in Nigeria’s energy sector, particularly in renewable energy.

Isopi, who spoke during a cocktail on the occasion of the 9th Nigeria-EU Business Forum in Abuja, noted the EU is among the main partners and donors in the energy sector supporting renewable energy and also supporting critical projects supporting mini grids at the state level in different states and big renewable energy companies as well.

She said: “Europe is a leader in this sector, Nigeria has a huge potential. Nigeria has oil and gas, but Nigeria also has a lot of sand and wind. And that, for us, is the future. And we know that Nigeria very much shares this same vision.”

On the volume of trade between the EU countries and Nigeria, Isopi disclosed that in 2023, it was 35 billion euros and in 2022, there was a record of 45 billion euros.

Stating that oil and gas still represented the larger part of the trade, Isopi noted that the balance was in favour of Nigeria, but added that it has to be diversified.

She said: “Of course, oil and gas still represent most of the trade, but it has to be diversified.”

Isopi also revealed that the European Union has put forward, some proposals on how to boost trade relations between the European Union countries and Nigeria.

She however recalled that the EU recently mapped out for the first time, the presence of European Union companies in Nigeria and were surprised that from only those that replied to their survey, they had 250 companies in Nigeria.

She noted that the companies were not just focusing on oil and gas but that out of the numbers; 20 percent was investing in manufacturing.

Also speaking at the event, the Deputy Director-General for International Partnerships, Myriam Ferran, said the EU have had very positive feedback from previous editions of the Nigeria-EU Business Forum, saying that basically, the EU focuses each year on specific themes to improve the business relationship between the EU, companies and Nigerian companies in specific sectors.

She revealed that: “This year, we will work on climate-resilient agriculture. We will discuss a lot about pharmaceuticals and vaccine manufacturing for instance, and we are going to talk about digitalisation. So, we can expand and we address as many companies as we can, but our objective is to reach out to even more.”

On his part, the Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the event is happening when the federal government believed that there is an evolving relationship between Nigeria and the EU.

He said: “We have just signed the Samoa Agreement, so I felt it is a very good moment before the commencement of the Nigeria-EU business forum.

“We have sensitised the Nigerian public sector, Nigerian private sector about the EU partnerships, global gateway and the relationship with EU member nations and it is very, very important to us.”