Nigeria will receive 1.29 billion euros from the European Union and its development institutions to support the diversification of its economy

"The European Investment Bank (EIB) sovereign loans will support market access for the agri-food sector by financing roads in rural areas, as well as the efforts to adapt to climate change and to mitigate its effects”, the EU notified. The funds will be provided until 2027 through the “Green Deal” and will cover improving access to renewable energies and accelerating agricultural development. Reducing vulnerability to climate change, combating deforestation and desertification, and recovering energy from waste through around 57 projects will receive funding. Recall that the oil sector represents 7% of the country's gross domestic product (GDP) and 90% of its foreign exchange earnings.