CEM NEWS | The European Union has announced that it will invest €820 million in Nigeria Digital Economy
The Executive Vice-President of European Commission, Margrethe Vestager disclosed this a recent meeting with Vice President Yemi Osinbajo.
According to Margrethe Vestager, 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 investment 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.
The European Union’s approach to helping Nigeria is aimed at implementing and achieving the Sustainable Development Goals (SDGs) with a stronger move towards jobs creation, investment and growth.
EU has maintained that any strategic approach to development cooperation with Nigeria needs to reflect, first and foremost, on how the EU can address the ‘Nigerian paradox’: a rich country with a lot of potential, especially in the long term, but with high and increasing levels of poverty. With this package, the European body has once again demonstrated commitment to this resolve.