Nigeria, Germany sign €20m renewable energy deal

Nigeria, Germany sign €20m renewable energy deal

The Federal Government of Nigeria has signed a €20 million agreement with the German government to support Nigeria’s energy transition and the development of renewable energy. The deal was finalized through the KfW Development Bank and the Africa Enterprise Challenge Fund, with the signing held at the office of Nigeria’s Minister of Budget and Economic Planning, Abubakar Bagudu.

The project aims to promote the use of renewable energy to improve energy efficiency, expand vocational training related to renewable energy and energy assets, and reduce Nigeria’s dependence on fossil fuels. The initiative also seeks to enhance energy access for underserved communities while creating economic opportunities, especially for youths and women.

Minister Bagudu highlighted the importance of building a skilled workforce to sustain Nigeria’s energy economy and called for coordination among development programs to avoid duplication and strengthen support for sustainable energy projects in critical sectors like health and education.

The German representative, Dr. Karin Jansen, emphasized that the agreement is a key milestone as Germany marks the 50th anniversary of its Energy Transition Challenge Fund, which will finance impactful renewable energy projects, reinforcing the financial partnership between Germany and Nigeria in advancing Nigeria’s energy transition.