The European Union (EU) has revealed plans to invest an amount of 165 million euros in renewable energy in Nigeria. Ambassador Ketil Karlsen, the Head of Delegation of the European Union to Nigeria and ECOWAS, made this known during the unveiling of the Solar Tree ceremony at the EU complex in Abuja.
“The EU is investing 165 million euros to promote Renewable Energy in Nigeria. We believe this is a very important part of the solution to the lack of sustainable, safe and affordable energy in Nigeria. There are more than 90 million people without access to electricity. Oftentimes they have to power their businesses with generators, which makes the cost of production higher and unable to compete with counterparts from other countries,” Mr. Karlsen said.
He also said that the unveiling of the solar tree which powers some parts of the complex was an act to show what renewable energy could do. “We need to have a wider solution. That is what we are demonstrating here symbolically, by having a solar tree in our own compound,” the envoy noted.