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EU to invest $1.3 billion in Nigeria’s agric sector, renewable energy

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The European Union (EU) has revealed its commitment to financially support the agricultural sector in Nigeria, assisting the African country to diversify its economy away from oil.

Nigeria has been dependent on oil, which accounts for 90% foreign currency earnings, as well as contributing 7% to the country’s gross domestic product. This had heavily impacted the country’s revenue during the meltdown of the oil industry during COVID-19 breakout.

Over the years, Goodluck Jonathan and Muhammadu Buhari administrations had talked about diversifying the economy, to reduce the exposure of the economy to the oil industry.

The EU intends to play a role in this path away from oil by providing $1.3 billion financing for different projects in Nigeria that will include agricultural development, road network, and the renewable energy, reducing dependence on fossil fuel and managing climate change. Continue Reading

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