Nigeria Invests 48 Million Euros in Energy Support Programme, Says NESP Official

During a one-day Energy Summit themed “Prospects of Energy Transition Plan,” Mr. Joshua Yari, Component Lead of Enabling Environment at the Nigerian Energy Support Programme (NESP), revealed that Nigeria has invested 48 million Euros in the second phase of its Energy Support Programme.

The summit, organized by the Energy Commission of Nigeria (ECN) in collaboration with Abloom Trust Nigeria Ltd in Abuja, aimed to discuss the prospects of energy transition in the country.

Yari explained that the programme is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development. He further disclosed that the Nigerian government plans to invest about 19 million Euros in the third phase of the NESP.

In addition to these investments, Yari highlighted the support from the World Bank through the Nigerian Electrification Programme, which is bringing in 750 million dollars to aid the integration of renewable energy and energy efficiency, particularly in rural areas.

The energy transition plan, according to Yari, focuses on five key areas, one of which involves creating an enabling environment to support and encourage investments within Nigeria. He emphasized the importance of partnerships between governments, the private sector, and the international development community in improving investments.

Yari commended the current administration for its efforts in fostering partnerships, especially in involving the private sector in investment initiatives aimed at advancing Nigeria’s energy sector.

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