Digital economy: EU announces €820m investment package for Nigeria

The European Union has announced an EU-Nigeria Digital Economy Package worth €820 million until 2024.

The European Commission Executive Vice-President, Margrethe Vestager, announced the package on Sunday night at the Presidential Villa during a meeting with Vice President Yemi Osinbajo.

This was contained in a statement signed by Osinbajo’s spokesman, Laolu Akande, titled, ‘Nigeria, EU to Work Together on Digital Economy, Explore Raising LNG Supply to European Countries’, on Monday.

Speaking at the meeting, Vestager said the €820 million was included in the Global Gateway Africa-Europe Investment Package worth €150 billion earlier announced by the EU Commission’s President, Ursula von der Leyen.

The package, she said, will help enhance secure connectivity, digitalise public services, support entrepreneurship and build digital skills, while developing a human-centric, democratic governance framework for technology.

Welcoming the EU investment package, Osinbajo noted that the use of digital technology is crucial in Nigeria’s recently released National Development Plan.

Earlier, the vice president expressed satisfaction that the EU supports the view canvassed by Nigeria that gas should be considered a transition fuel as the global community moves towards net-zero emissions targets.

“We are relieved to hear of the EU’s support on gas as a transition fuel. It’s some bit of relief,” the statement quoted Osinbajo saying.

Issues discussed at the meeting included the use of Digital Technology, Trade, and Investment. The importance of the energy relationship between Nigeria and the EU also featured, while consideration of all options for increased supply of Liquified Natural Gas (LNG) from Nigeria to the EU was agreed to, following a request from the EU.