Highlight

ECOWAS Launches $75m Renewable Energy and Energy Efficiency Facility

"This announcement was made by ECOWAS President, Dr. Omar Touray, during the 93rd Ordinary Session of the ECOWAS Council of Ministers in Abuja on Thursday"

336

The Economic Community of West African States (ECOWAS) has finalized the framework for a $75 million Renewable Energy and Energy Efficiency Facility.

This announcement was made by ECOWAS President, Dr. Omar Touray, during the 93rd Ordinary Session of the ECOWAS Council of Ministers in Abuja on Thursday.

The facility aims to provide grants, loans, and guarantees to support clean energy solutions across the region through competitive calls for proposals.

“A framework document for the establishment of an ECOWAS Renewable Energy and Energy Efficiency Facility has been finalised by the ministers.

“This is a new blended finance facility with an initial amount of USD 75 million, whose objective is to provide grants, loans, and guarantees through regular demand-driven competitive calls for proposals providing clean energy solutions for the ECOWAS region,” the president said.

The “Rice Offensive” project, which targets regional self-sufficiency in rice production by 2035, also received attention.

Persecondnews reports that the initiative requires $15-$19 billion in investments to improve storage, milling, and mechanization, with the goal of producing 33 million tonnes of milled rice.

“Towards regional self-sufficiency in rice production, the ‘Rice Offensive” project launched by the Commission in 2014, under the ECOWAS Agricultural Policy, has now reached a second cycle with the development of a Second Regional Action Plan (2025-2035) to replace the 2020-2025 plan, which is expiring next year.

“To attain regional self-sufficiency in rice, it would require the local production of 33 million tonnes of milled rice to meet a planned consumption target by 2035.

“This will also require a financial investment of US$15 to $19 billion dollars of capital expenditures towards improving storage facilities, milling initiatives, and enhancing mechanisation in paddy production,” he said.

In addition, the Nigeria-Morocco Gas Pipeline project was highlighted for its importance in regional integration.

The 6,800 km pipeline is expected to transport 30 billion cubic feet of natural gas annually, connecting Nigeria to Morocco and extending to ECOWAS member states, Mauritania, and Europe.

Touray also emphasized progress in regional integration projects, including affordable roaming tariffs, a proposed strategy to harmonize aviation charges, and efforts to manage shared water resources.

He, however, noted that challenges persist, including security concerns and inadequate funding, with only 40% of the Community Levy approved for 2024 received by October.

Leave a comment

Related Articles

Tinubu appoints Dr. Oloriegbe as Chair, National Health Insurance Authority

President Bola Tinubu has appointed Dr. Ibrahim Oloriegbe as the Chairman of...

Edo Lawmaker Natasha Osawaru Updates Instagram Profile, Includes Idibia’s Surname Amid Romance Reports

In a public display of her commitment, Edo State lawmaker Natasha Osawaru...

Rashford’s Resurgence Leads Villa to FA Cup Semis for First Time in 10 Years

Aston Villa’s resurgence under Unai Emery continued on Sunday as Marcus Rashford’s...

Nigeria Ready to Host African Women Volleyball Club Championship, Says Customs GC Adeniyi

The Comptroller General of the Nigeria Customs Service, Mr. Adewale Adeniyi, has...

Lagos-Italy-based businessmen nabbed over illicit drug shipments to Europe, Nigeria

The National Drug Law Enforcement Agency (NDLEA) has made another bust in...

“Refuse to vote and go to jail” bill: Oppressive, repressive, should be withdrawn – SERAP

Peeved by the provisions of a bill to jail any Nigerian of...

Tragedy Strikes: Nigerian Boxer Olanrewaju Dies After Suffering In-Ring Collapse During Ghana Bout

The Nigerian boxing community has been thrown into mourning following the sudden...

Moon sighted in Nigeria, Eid-el-Fitr is Sunday, March 30

The new moon of Shawwal 1446 AH has been sighted, Sultan of...

Ex-Rivers HoS Nwaeke Alleges Fubara Ordered Assembly Bombing, but Fubara Denies Involvement

Dr. George Nwaeke, the recently resigned Head of the Rivers State Civil...

Just in: Disagreement Over Sharing of Funds Source of Fubara-Wike Rift, Amaechi Reveals

Rivers State’s ongoing crisis has taken a new turn, with former Governor...

NDPHC MD Jennifer Adighije urges FG’s intervention in N4trn power sector liquidity crisis

The Managing Director/CEO of Niger Delta Power Holding Company (NDPHC) Ltd., Engr....

Tinubu Appoints New Executive Directors For River Basin Development Authorities

President Bola Tinubu has appointed new executive directors for the river basin...

Attacks On Security Operatives On international Quds Day: FCT Police Command Arrests 19

The Federal Capital Territory (FCT) Police Commissioner Saka Adewale Ajao has denounced...

Mob Violence in Edo Claims Lives of 16 Travellers Mistaken for Kidnappers

A devastating mob attack occurred on Thursday in Edo State’s Udune Efandion...

Eid-el-Fitr: Kano Police Command bans Durbar ceremonies

In a bid to ensure peaceful Eid-el-Fitr celebrations, the Kano State Police...

Just in: EFCC declares socialite Aisha Achimugu wanted over alleged money laundering

For her alleged involvement in criminal conspiracy and money laundering, the Economic...

Stakeholders react to bill barring politicians above 60 from presidential, governorship polls

A bill aiming to bar individuals above 60 years from running for...

Sight moon for Eid El-Fitr celebration, Sultan tells Muslims

As Nigerian Muslim faithfuls prepare for the end of Ramadan, the Sultan...

Prof. Nwosu’s Lack of Courage to Declare Full 1993 Election Results Disqualifies Him from Immortalization – Oshiomhole

Edo Senator Adams Oshiomhole has strongly criticized Prof. Humphrey Nwosu, the former...

FG set to concession major highways nationwide, eyes private sector investment

The Federal Government has announced plans to concession major highways to improve...