The European Union (EU), through the European Investment Bank (EIB), has approved a €190 million (about ₦320.5 billion) credit facility to Nigerian commercial banks for on-lending to agribusinesses — a major boost to the country’s agricultural financing landscape.
According to the Federal Ministry of Budget and Economic Planning, the facility was announced during a meeting between senior EIB executives and a Nigerian delegation on the sidelines of the Global Gateway Forum in Brussels, Belgium.
The initiative aims to expand Nigerian financial institutions’ capacity to support agricultural enterprises, particularly those within the cocoa and dairy value chains.
EIB’s Director for International Partnerships, Ms. Thourayya Tricki, said the financing aligns with the EU’s broader vision for Nigeria’s agricultural and digital transformation. She described the credit line as part of the EU’s commitment to strengthening value chains in key sectors of Nigeria’s economy.
Tricki, who was accompanied by Mr. Diedrick Zambon, Head of Sub-Saharan Africa Relations at the EIB, noted that the overall investment package for climate-smart agricultural production and processing in Nigeria is already at an advanced stage.
She explained that the package combines credit facilities and technical assistance for Development Finance Institutions (DFIs) and commercial banks to increase their lending portfolios and ensure the sustainability and competitiveness of Nigeria’s agri-food products.
Beyond agriculture, Tricki reaffirmed the EU’s support for Nigeria’s digital transformation agenda, recognising its potential to drive innovation and economic growth across sectors.
The Nigerian delegation included Mr. Bolaji Onalaja, Special Assistant to the Minister, and Mr. Benjamin Galadima, Focal Officer, EU Unit.
Outlining the ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the delegates highlighted the upcoming National Development Plan (2026–2030) and the Ward-Based Development Programme as key frameworks for attracting sustainable investments and driving grassroots development.
On behalf of the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, who was on another official engagement, the delegation expressed appreciation to the EU Delegation to Nigeria and ECOWAS, led by Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the forum.
The Global Gateway Forum serves as a central platform for translating the EU’s multi-billion-euro investment ambitions into actionable projects and partnerships.
In her keynote address, European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to partnerships grounded in trust, sustainability, and shared prosperity.
She also announced an expansion of the Global Gateway Investment Package to €400 billion, alongside the creation of an Investment Hub to fast-track project delivery across partner regions, especially in Africa.
Nigeria continues to benefit from several EU support programmes, including an €18 million technical assistance grant to strengthen its vaccine manufacturing regulatory framework and a €50 million credit facility for the pharmaceutical industry.
