EU Is Taking Active Role In Nigeria’s Renewable Energy, Says Isopi

Samuela Isopi, Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States, has stated that renewable energy is the way to go in the future, and that the EU is currently playing an active role in Nigeria’s energy sector, particularly renewable energy.

Isopi, speaking at a cocktail reception for the 9th Nigeria-EU Business Forum in Abuja, stated that the EU is one of the main partners and donors in the energy sector, supporting renewable energy as well as critical projects such as mini grids at the state level in various states and major renewable energy companies.

She stated: “Europe is a leader in this sector, and Nigeria has enormous potential. Nigeria has oil and gas, but it also has plenty of sand and wind. And that, to us, is the future. And we know Nigeria shares this vision.

Isopi disclosed that the volume of trade between EU countries and Nigeria was 35 billion euros in 2023, with a record of 45 billion euros in 2022.

Isopi stated that while oil and gas continued to account for the majority of trade, the balance was in Nigeria’s favour, but it needed to be diversified.

She stated: “Of course, oil and gas continue to dominate the trade, but it must be diversified.”

Isopi also revealed that the European Union has put forward some proposals for improving trade relations between EU countries and Nigeria.

She did, however, recall that the EU recently mapped out for the first time the presence of European Union companies in Nigeria, and they were surprised to find 250 companies in Nigeria based solely on those who responded to their survey.

She pointed out that the companies were not only focusing on oil and gas, but that 20 percent of their investments were in manufacturing.

Also speaking at the event, Myriam Ferran, Deputy Director-General for International Partnerships, stated that the EU has received very positive feedback from previous editions of the Nigeria-EU Business Forum, and that the EU focuses each year on specific themes to improve the business relationship between the EU, companies, and Nigerian companies in specific sectors.

She revealed that: “This year, we will work on climate-resilient agriculture, discuss a lot about pharmaceuticals and vaccine manufacturing, and talk about digitalisation. So, while we can expand and address as many companies as we can, our goal is to reach out to even more.”

Senator Abubakar Bagudu, Nigeria’s Minister of Budget and Economic Planning, stated that the event occurs at a time when the Federal Government believes Nigeria and the EU have an evolving relationship.

He said, “We just signed the Samoa Agreement, so I thought it was a good time to start the Nigeria-EU business forum. We have educated the Nigerian public and private sectors about EU partnerships, global gateways, and relationships with EU member nations, which is extremely important to us.”