A sum of 1.3 billion euros over five years, this sum, paid by the Europeans, must be used to help Nigeria to develop ” low carbon resources ” as well as ” climate resilience by creating jobs for young people “. The announcement was made during the EU-Nigeria Business Forum held in Lagos late last week. Although Nigeria is Africa’s leading oil-producing country, it is particularly affected by the consequences of climate change and is struggling to reduce inequality and poverty.
The objective of the payment of this sum is to generate economic growth based on smart agriculture, on the circular and digital economy, detailed the ambassador of the European Union in Nigeria. This initiative brings together sixty projects and measures for access to financing.
To diversify
This is to encourage Nigeria to diversify its economy. The Nigerian Budget Minister who was present highlighted the efforts of the government in this direction and called on the private sector to work in concert with the authorities. Because, if the oil sector represents about 8% of its GDP and 97% of its foreign exchange earnings, less than 1% of Nigerian workers are employed in the mines and extractive industries, specifies a recent report by the World Bank.
“ Prosper »
Therefore, ” creating the conditions that allow labour-intensive sectors to thrive is essential to reduce poverty, this report further states. According to the World Bank, 40% of the population was already living below the poverty line before the Covid-19 crisis.
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