The European Union (EU) and development finance institutions will provide Nigeria with €1.3 billion or $1.4 billion in funds to reduce its dependence on oil.

Funds for agriculture, climate and digital projects will help Africa’s largest oil producer “achieve low-carbon, resource-efficient and climate-resilient development, creating jobs for young people and promoting economic growth”.

EU Ambassador to Nigeria and to the Economic Community of West African States (ECOWAS), Samuela Isopi, said at the 8th EU-Nigeria Business Conference in Lagos this weekend. end.

Nigeria is encouraging investment in agriculture and technological infrastructure to reduce its dependence on oil and accelerate growth.

While crude oil accounts for about 7% of the country’s gross domestic product, it accounts for almost all foreign exchange earnings and more than half of government revenue.

This funding will support 60 projects through 2027, Isopi said in an interview.

They understand; a fish farm in southwestern Ogun state and a waste-to-energy initiative in southern Cross River state, according to an emailed document from the EU .