The Ambassador and Head of EU Delegation to Nigeria, Mr Michel Arrion, said the European Union (EU) will spend 150 million Euros (N50 billion) on the development of power sector in Nigeria.
Arrion made the disclosure at the 5th Edition of EU-Nigeria Business Forum (EUNIBF) pre-event news conference in Lagos.
He said that the grant would be used mainly for the training of young engineers and funding of some technical aspects of the sector.
According to him, EU is collaborating with National Power Training Institute of Nigeria (NAPTIN) to inject young engineers into the sector.
Arrion described energy sector as an important aspect of the Nigerian economy, saying that nothing would work well if the sector was not adequately funded.
His words, “The EU is already financing a transmission project in Katsina State and we have spent over five million Euro, about N1.6 billion, on it.’’
Arrion said that the forthcoming business forum would focus on creating opportunities for EU and Nigerian Small and Medium Enterprises (SMEs) to create their businesses through the Enterprise Europe Network (EEN).
He said, “We want to identify opportunities in the textile value chain and proffer options for accessing long term finance for the critical power sector in Nigeria.
“The 5th EUNIBF has been designed to discuss business opportunities and address bottlenecks to investments, particularly in the power sector.
“We will focus on diversification of the economy through SMEs.”