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OSINBAJO DIALOGUE WITH EU ON FINANCING GAS INVESTMENTS

Vice President Yemi Osinbajo has reaffirms Nigeria’s commitment to the global green energy initiative, stressing that the forthcoming deployment of five million Solar power connections, targeting twenty-five million households across the country under the Economic Sustainability Plan is a just transition to net-zero emissions by 2050.

Vice President Osinbajo made the submissions during a meeting with a delegation of the European Union led by its Executive Vice President, Valdis Dombrovskis.

While maintaining the advocacy that the international community should preserve financing for gas projects in Nigeria and other developing countries, during the transition to net-zero emission.

Discussions at the meeting held virtually focused on bilateral investment agreements between Nigeria and the EU cutting across diverse areas including technology, intellectual property rights, research and innovation, humanitarian assistance, energy access, and renewable energy.
The Vice President said the Federal Government’s commitment to energy transition is firm as it is considered an area of comparative advantage the nation is hoping to leverage, while working on improving the investment environment.

Also emphasizing the need to leverage opportunities to build a stronger partnership with the EU in the gas sector, the Vice President said Nigeria will explore the caveat in the EU green energy financing instrument to seek better ways of financing for gas projects in the country.

On his part, the Executive Vice President of the EU Commission, Valdis Dombrovskis spoke on the importance of reviewing investment agreements between Nigeria and the EU, disclosing the commission’s plan to increase its external investment capacities.

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