EU to invest €820m to transform Nigeria’s digital economy

The European Union has announced plan to invest 820 million euros in Nigeria’s digital economy under its Global Gateway Initiative called EU-Nigeria Digital economy package (2021-2024).

Ms Margrethe Vestager, the Executive Vice President of the European Commission for A Europe Fit for the Digital Age and Competition, announced this at a news conference on Tuesday in Abuja.

Our correspondent reports that the conference was held to introduce Vestager who was on a four-day visit to Nigeria.

Vestager said that the EU would support the digitalisation of Nigeria’s administration to allow better and more accessible public service to citizens.

She added that the digital economy package would take the EU-Nigeria partnership to the next level, adding that, both was working together to make the most of the opportunities of the data economy.

While the European Investment Bank would invest two hundred and 50 million euros (250euros) to strengthen Nigeria’s digital identity infrastructure with the highest data protection standards .

The vice president noted that, the European Investment Bank would invest 100 million euros (100euros) to expand secure 4G connectivity in Ogun and Lagos States and triple national data capacity.

Furthermore, the EU would support the creation and scaling up of tech start-ups and boost innovative solutions for Nigeria’s society and economy.

Also, she added that, the bloc through its 9.5 million euros grants to the Nigeria Innovation Programme, that the EU would promote innovation-friendly ecosystems and new digital solutions.

She added that top on the EU’s priority was the support for women and youths to enable them succeed in the digital economy by developing their skills to suit the digital world.

Vestager said that it would also support the building of the fiber optic cables and data centers needed to improve Nigerian’s access to high speed connectivity.

The EU would furthermore, support the digitalisation of Nigeria’s administration to allow better and more accessible public service to citizens.

She added that Nigeria as an emerging economy, that the bloc would support the development of regulatory framework with the highest standards of privacy , safety and cyber security, while promoting an open internet and digital market that upholds citizens’ rights.

She said that EU would engage in policy dialogue and set up a dedicated two million technical assistance facility to share expertise and builds up administration capacity.