EU, Germany partner to finance renewable energy solutions in Nigeria

The European Union (EU) and Germany have partnered to finance renewable energy solutions in Nigeria with the launch of a country window initiative. 

The EU, in a statement, said the launch took place on Tuesday in Lagos.

According to the statement, the initiative aims to accelerate investments in renewable energy solutions by unlocking finance for sustainable energy projects and businesses tailored to Nigeria’s energy landscape.

“The initiative is being implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ),” the EU said.

“The initiative will closely cooperate with other donor-funded initiatives in Nigeria, particularly the Nigerian Energy Support Programme (NESP), which has been co-funded by the EU, and the German federal ministry for economic cooperation and development (BMZ) since 2013.”

Speaking at the event, organised by GET.invest Nigeria, Inga Stefanowicz, team leader for green and digital economy at the EU delegation to Nigeria and ECOWAS, underscored the EU’s commitment to supporting Nigeria’s energy transition.

“The EU remains committed to supporting Nigeria’s energy transition and sustainable economic growth. Reliable electricity is essential for economic development, and unlocking finance for renewable energy solutions is a critical step toward bridging Nigeria’s energy access gap,” Stefanowicz said.

“Through GET.invest Nigeria, we aim to facilitate access to finance for renewable energy projects that will benefit businesses and communities across the country.”

Representing the ministry of power, Temitope Dina, the permanent secretary, emphasised Nigeria’s commitment to a cleaner and more sustainable future, saying that GET.invest Nigeria comes at a pivotal time in the nation’s journey for sustainable development.

“With the right investments, policies and technologies, we can create a cleaner, greener and more resilient energy system. This transformation is not just a goal; it is a necessity for ensuring energy access for all Nigerians, reducing our dependence on fossil fuels, and enhancing our environmental stewardship,” she said.

‘GET.INVEST NIGERIA ANSWER TO SOME OF NIGERIA’S CHALLENGES’

Tajudeen Abbas, speaker of the house of representatives, urged investors to see the launch as an opportunity to invest wisely and strategically because the return on investment promises to be very high.

Abbas added that GET.invest Nigeria is the answer to some of the country’s challenges, noting that it is also part of the administration’s commitment to innovation, sustainability, and resilience.

Weert Börner, consul general at the German consulate in Lagos, reiterated Germany’s commitment to Nigeria’s clean energy transition.

“Germany is proud to co-fund GET.invest Nigeria as part of our broader partnership with Nigeria in fostering sustainable economic development,” Borner said.

“By supporting private sector investment in renewable energy, we aim to strengthen Nigeria’s clean energy ecosystem and contribute to long-term economic growth. We look forward to seeing this initiative help unlock new opportunities for businesses and communities alike.”

Lawrence Edeke, GET.invest Nigeria coordinator, underscored the role of the initiative in mobilising investments for Nigeria’s renewable energy sector.

“GET.invest Nigeria is not a silver bullet, but it is an essential part of the solution to scaling up investments in the renewable energy sector,” he said.

“By working closely with project developers, financiers and policymakers, we aim to mobilise the level of investment required to meet Nigeria’s ambitious energy and climate commitments, ultimately fostering a sustainable and inclusive energy transition.”

The statement added that the initiative will also provide market intelligence, industry mobilisation, and capacity development support to local stakeholders, equipping them with the necessary tools to expand clean energy solutions nationwide.

Additionally, the initiative is set to accelerate investments that will enhance energy security, drive economic growth and improve the quality of life for millions of Nigerians.