EU to invest 820m euros in Nigerian digital economy

The European Union has announced that it is going to invest about 820 million euros to boost Nigeria’s digital economy in the form of an EU-Nigeria Digital Economy Package that will run until 2024.

The announcement was made by the European Commission Executive Vice-President, Margrethe Vestager on Sunday night during a meeting with the Vice President, Yemi Osinbajo at the Presidential Villa in Abuja.

During the meeting, Vestager stated that the €820 million was going to be a part of the Global Gateway Africa-Europe Investment Package worth €150 billion earlier announced by the EU Commission’s President, Ursula von der Leyen which is supposed to help enhance secure connectivity, digitalize public services, support entrepreneurship and build digital skills, while developing a human-centric, democratic governance framework for technology.

The investment is supposed to help propel the country’s proposed plan towards a digitized economy which was a major part of the discussions at the meeting. Also mentioned was the energy relations between the European Union and Nigeria which should also be improved in the coming years through the option of increasing the supply of Liquefied Natural Gas (LNG) from Nigeria to Europe.