The Team Europe Initiative, an initiative of the European Union (EU), is a $1.35 billion project for green energy in Nigeria (TEI).
The project proposal intends to promote sustainable, climate-smart agriculture and renewable energy, as well as to provide jobs for economic growth and aid Nigeria’s efforts at diversification.
The eighth EU-Nigeria Business Forum, with the topic “Nigeria and the New Economy,” was held in Lagos, and the project’s announcement was made there by Samuela Isopi, the EU ambassador to Nigeria and the Economic Community of West African States (ECOWAS).
According to Isopi, “In line with the EU’s Green Deal, the Green Economy Initiative will support the Nigerian government’s efforts to diversify the economy by combining support to enhance access to renewable energy for productive uses and boosting the development of the agricultural sector while integrating circular economy principles in the development models. Collectively, the actions will help Nigeria attain its SDGs and put the country on a sustainable development path,” she stressed.
Isopi, who praised Nigeria’s resiliency in the face of the current global challenges, stated that the initiative will work to support Nigeria’s efforts to achieve a low carbon, resource-efficient, and climate-resilient development, as well as youth job creation and economic growth, with a focus on climate-smart agriculture, circular economies, and digital economies, as well as strengthening Nigeria’s agricultural sector’s competitive advantage.
She said that Denmark, France, Germany, and the Netherlands are among the members of the TEI Green Economy Project and that 60 various initiatives will be carried out along the value chain for the agricultural and energy sectors.
According to Isopi, work has already started and will go on until 2027. She also gave stakeholders assurances that the EU would continue to assist the Nigerian government in implementing its economic diversification goals and forming new alliances with the private sector.
