By Atoyebi Nike
The European Union (EU), through the European Investment Bank (EIB), has approved a €190 million (about ₦320.5 billion) credit facility for Nigerian commercial banks to on-lend to agribusinesses, in a move expected to significantly expand financing for the country’s agricultural sector.
The Federal Ministry of Budget and Economic Planning said the facility was announced during a meeting between senior EIB executives and a Nigerian delegation at the Global Gateway Forum in Brussels, Belgium. The initiative focuses on strengthening the cocoa and dairy value chains while expanding financial institutions’ capacity to support agricultural enterprises.
EIB’s Director for International Partnerships, Thourayya Tricki, described the credit line as part of the EU’s broader strategy to support Nigeria’s agricultural and digital transformation. She said the package combines financing and technical assistance to help banks increase their agricultural lending portfolios and promote climate-smart production.
Tricki also reaffirmed the EU’s support for Nigeria’s digital agenda, recognising its role in driving innovation and economic growth.
The Nigerian delegation, led by officials from the Ministry of Budget and Economic Planning, highlighted ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda, including the forthcoming National Development Plan (2026-2030) and the Ward-Based Development Programme, as frameworks to attract sustainable investment.
European Commission President Ursula von der Leyen, in her keynote, reiterated the EU’s commitment to partnerships based on trust and shared prosperity, announcing an expansion of the Global Gateway Investment Package to €400 billion and the creation of an Investment Hub to fast-track projects in Africa.
Nigeria currently benefits from several EU support programmes, including an €18 million grant to strengthen vaccine regulatory frameworks and a €50 million credit facility for the pharmaceutical sector.
