To support Nigeria’s efforts to diversify its economy away from oil, the European Union (EU) will provide the African nation with €1.29bn ($1.3bn) under its “Green Deal” initiative. Reuters notes that the oil industry in Nigeria accounts for 7% of its GDP and 90% of its foreign currency earnings. The funding will be provided until 2027 and has a strong emphasis on improving Nigeria’s access to renewable energy and fostering the growth of its agricultural sector. The EU also said that, “In parallel, the EIB (European Investment Bank) sovereign lending will support the agri-food sector access to markets by financing rural roads, as well as climate adaptation and mitigation efforts…About 57 projects, including nature-based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste-to-energy initiative in the southern Cross River state will receive funding.”

Nigeria’s 7.625% 2025s are trading lower at 88.45, down by 0.62 points at an yield of 11.87%.

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