Nigeria’s Energy Market To Receive USD 33 Mn Investment From The European Union

By  |  March 10, 2019

It has been disclosed to the press that the European Union is going to launch a sustainable energy investment fund worth € 30 Mn (USD 33,718,470) Mn in Nigeria.

This information was earlier revealed by Adekunle Makinde, a former National Chairman for the Nigerian Institute of Electrical and Electronics Engineers (NIEEE), during a forum that held last week. According to him, the fund launch is going to be part of the activities that will mark the upcoming Nigeria Energy Forum (NEF) this year.

Per the information, the European Union will launch the USD 33 Mn as a multi-donor Electrification Financing Initiative Nigeria Window. The fund will be providing investments for off-grid, commercial and industrial captive power projects.

The fund will be launched by Carla Montesi, Director of West and Central Africa, European Union Cooperation for International Cooperation and Development. Also, NEF 2019 will be hinged on financing and facilitating investments in sustainable electrification, grid modernization and digital energy technology arranged to achieve the Sustainable Development Goal 7.

Makinde said that the forum would have keynote speakers such as James Momoh, the Chairman of the Nigerian Regulatory Commission (NERC), Wiebe Boer, CEO of All On and John Funso-Adebayo, NIEEE National Chairman. The forum will hold from April 9 to April 10 at the Admiralty Center, Naval Dockyard, Victoria Island, Lagos.

According to the chairman of the forum, Oluwole Adeuyi, NEF 2019 will be addressing key themes which prove essential in mobilizing local and foreign investments for sustainable energy development in Nigeria. He also said that the forum would feature more than three high-ranking hands-on capacity building workshops on Making Bankable Energy Projects, under the auspices of Sterling Bank.

While the forum will be featuring the launch of  Electrification Finance Initiative (ElectriFi) Nigeria Window, and the Ghana-Nigeria Climate Innovation Exchange by GhCIC, Ghana. More than 250 participants are expected to attend several different technical, investment and training sessions, skill acquisition through practical exposure to modern technologies, engagement with speakers, exhibitors and training providers.

Makinde said: “25 expert speakers have confirmed participation at the forum including Koide Takumi, Head Infrastructure, Japan International Cooperation Agency, Nigeria; Ed. Ubong, MD/CEO, Shell Nigeria Gas Ltd., Adesola Alli, Head Renewable Energy, Sterling Bank; Ifeanyi Udoh, Head, Business Development, Schneider Electric; Ify Malo, Country Director, Power for All and Tony Carr. CEO Starsight Limited.

Others are Quentin Antoine, Senior Investment Officer, ElectriFI, an EU-funded project; Dozie Okpalaobieri, Energy Specialist, AfDB; Mrs. Heather Onoh, CEO, Smarter Grid International; Chuks Umezulora, Chief Operating Officer, Auxano; Bolade Soremekun, CEO Rubitec; Kunle Kudaisi, Head, Community Infrastructure Project, SPDC; and Milos Karic; Nigerian Energy Support Programme, GIZ”.

Featured Image:

Most Read

Abidjan Unboxed: Exploring Ivory Coast’s Startup Oasis and VC Treasures

Renowned as the world’s largest producer of cocoa beans (accounting for 40% of

Investors Look To Offload Beleaguered Ghanaian Fintech Mired In Scandal

Dash, the Ghanaian fintech startup that raised a notably substantial seed round last

Cellulant: Meet The Real ‘OG’ of African Fintech

In 2018, I was working on the Africa VC report for WT when