The European Union has deepened its development partnership with Nigeria by approving a N320.5 billion (€190 million) credit line aimed at boosting lending to the country’s agricultural sector through commercial banks and financial institutions.
The credit line, provided by the European Investment Bank (EIB), was unveiled during a meeting between senior EIB executives and a delegation from Nigeria’s Federal Ministry of Budget and Economic Planning, held on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.
The facility is designed to strengthen Nigeria’s agricultural value chains, particularly in cocoa and dairy production.
Support for Climate-Smart Agriculture and Value
Ms Thourayya Tricki, the EIB’s Director of International Partnerships, said the initiative aligns with the EU’s commitment to supporting Nigeria’s ambitions for digital and economic transformation. She noted that the investment package for climate-smart agricultural production and processing is already at an advanced stage, with a focus on ensuring sustainability and global competitiveness of Nigeria’s agri-food products.
Tricki, accompanied by the EIB’s Head of Sub-Saharan Africa Relations, Mr Diedrick Zambon, explained that the support package would include credit lines and technical assistance to key Development Finance Institutions (DFIs) and commercial banks in Nigeria, enabling them to expand their lending capacity to farmers and agribusinesses.
Beyond agriculture, Nigeria continues to benefit from the EU’s broader development initiatives.
These include an €18 million technical assistance grant to enhance the country’s vaccine manufacturing capabilities and regulatory framework, as well as a €50 million facility aimed at increasing credit availability for the pharmaceutical industry.
The latest funding underscores the EU’s long-term strategy to foster sustainable economic growth in Nigeria by investing in sectors capable of driving food security, employment, and export diversification.
