(RTTNews) - The European Commission has signed a deal with Nigeria to provide 677 million euro ($1 billion) to help that North African country tackle challenges in its restive oil-producing region, promoting peace, good governance and trade.

Twenty-five per cent of the aid is earmarked for peace and security, 44% for governance and human rights, 16% for trade, region integration and energy, and 15% for environment, health, culture and sciences.

European Commissioner for Development and Humanitarian Aid Karel De Gucht and Nigeria's Executive Secretary of the National Planning Commission Sylvester Monye signed the agreement in Brussels Thursday.

In a statement released in the Nigerian capital Friday, the EU described the accord as "an ambitious step forward in cooperation" and "a direct result of the Nigeria-EU political dialogue."
"It reinforces cooperation in the strategic areas of peace and security; governance and human rights; and trade and regional integration," it added.

The financial aid will be disbursed over a four-year period through the European Development Fund.

The militants, who demand that a part of the biggest African petroleum producing country's oil fortunes be shared among them and the impoverished local people, have been frequently attacking oil installations and kidnapping expatriate workers in the southern region, which saw its output slashed by a third.

Nigeria is the world's eighth largest exporter of crude.

by RTT Staff Writer

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