UK GOVT INJECT £10M INTO NIGERIA’s ENERGY SECTOR

The United Kingdom has injected £10 million into Nigeria’s low carbon energy project. The concessional aid is aimed at reducing the risks, for pension and insurance funds’ to invest in energy access projects, and support Nigeria’s COP26 commitments.

UK also signed an agreement with the Nigerian government that would enable a compensation of £210,610 to the country following a successful investigation by the British Serious Fraud Office on the use of corrupt agents in the oil and gas sector.

The  MoU deal which was signed by the governments of Nigeria, United Kingdom of Great Britain, and Northern Ireland, yesterday will see all parties involued continue the fight against corruption.

Speaking during the MoU signing, UK’s Minister for Africa, Vicky Ford said, “The Security and Defence Dialogue held in February 2022 between our two countries reaffirmed both the UK and Nigeria’s commitment to work together to tackle illicit financial flows, bribery, and corruption.

“The UK has a zero tolerance policy to corruption and we hope that today’s signing sends a clear statement about our commitment to this.”

Speaking at the announcement, the Minister of State for Power, Mr. Godwin Jedy-Agba, said with the support from the UK Government’s Energy Transition Council showed the pathway to an energised economy and carbon neutrality by 2060. The assistance also highlighted the need for additional investments of $410 billion above business as usual over the next 40 years.

He said  “Whereas all efforts have been geared towards unlocking private sector activity in the clean energy transition, one major challenge continues to be private sector access to local currency financing. This is where local institutions such as pension and insurance funds have a key role to play, as only these institutions possess the scale of local currency liquidity required to accelerate the transition.”

The MoU is a great deal for all parties involues. Meanwhile, the UK government has domonstrated its fight against corruption by returning £4.2 million to Nigeria from funds recovered from associates of former Delta State Governor James Ibori last year.

SOURCE: This Day