The European Union (EU) plans to invest 820 million euros to support Nigeria’s digital economy over the next three years, a top EU official said on Monday.
The amount includes 660 million euros worth of loans and 160 million euros as grants, EU Executive Vice President Margrethe Vestager said during a working visit to Nigeria’s communication minister in Abuja.
The coronavirus pandemic has accelerated Nigeria’s push for digital services with technology-enabled companies attracting private equity money in healthcare, financial services and education, among others.
Vestager said the investment will help Nigeria strengthen its digital infrastructure, public services and governance.
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“Nigeria has immense potential for digitalization,” Vestager said, adding that the EU aims to support Nigeria’s digitalisation strategy.
Nigeria, Africa’s largest economy, wants to modernise its digital economy to boost public services and revenues. The Minister of Communication and Digital Economy Isa Ali Ibrahim said Nigeria was working towards achieving a paperless office by 2030.