Business
FG, European Commission Sign $1bn Dev Pact
The European commission has signed a $1 billion (£602 million) development pact with the Federal Government aimed at tackling corruption and promoting peace.
A substantial amount of the funding will be spent on resolving conflict in the oil-rich and crime plaqued Niger Delta, the Eu’s development Chief Said.
The money will also target electoral reform and improving human rights.
According to the EU, 25 percent of the $1.billion funds will be used for peace and security; 44 percent, governance and human rights; 16 percent, trade, regional Integration and energy, and 15 per cent, environment, health, culture and sciences.
Almost third of the EU money is devoted to the Niger Delta region.
For years militants have blown up pipeline and kidnapped foreign oil workers, demanding a fairer share of the wealth.
“I’m delighted that a substantial amount of this financing will go to support conflict resolution and the Niger Delta which has been ravaged by year’s of unrest,” said the EU development commissioner, Kares De Gucht.
Over the past few months, thousands of militants have given up their weapons in an amnesty deal offered by the Federal Government in return for the promise of education and jobs.
A three-month respite from the violent has brought back some oil and gas production, but skeptics fear the former fighter could resume violence if thy do not quickly find work.