The European Union has approved a €190 million (about N320.5bn) credit line to expand lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions.
The facility was provided by the European Investment Bank and was confirmed in a Monday statement by the Minister of Budget and Economic Planning’s Special Adviser on Media, Bolaji Adeniyi.
The announcement was made during a bilateral meeting between senior EIB executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum held recently in Brussels, Belgium.
In his remark, the EIB’s Director for International Partnerships, Thourayya Tricki who was accompanied by the EIB’s Head of Sub-Saharan Africa Relations, Diedrick Zambon, said;
“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy.
“The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products.”
He further explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.
According to her, the goal is to de-risk agricultural lending and build institutional capacity for long-term financing in the sector.
The Special Assistant to the Minister of Budget and Economic Planning, Bolaji Onalaja, was Nigeria’s repress.
The EU Unit Focal Officer, Benjamin Galadima, who represented the country reaffirmed its commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.
He said; “Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, which will ensure that growth reaches communities at the grassroots.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, was unavoidably absent following his trip to Vienna, Australia on an official assignment but was represented by some delegations.
The team met with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, among others, and discussed opportunities for collaboration in green infrastructure, renewable energy, and industrial development.
They also appreciated the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.
The Global Gateway Forum is a EU’s flagship investment platform, which brings together governments, private investors, and development finance institutions to mobilise resources for sustainable projects that promote digital transformation, green transition, and human capital development.
President of the European Commission, Ursula von der Leyen, in her address, reiterated the EU’s resolve to build mutually beneficial partnerships based on trust and shared prosperity.
According to von der Leyen “We are expanding the Global Gateway Investment Package to €400bn and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa.”
This initiative is an addition to the several benefits that Nigeria has gained from EU-supported programmes, including an €18 million technical assistance grant which was meant to strengthen the local regulatory framework for vaccine production.
Also, a €50 million credit facility which was offered to Nigeria by the EU to deepen access to finance in the pharmaceutical industry.
With the latest EU–Nigeria financing deal, both countries are expected to deepen their bilateral cooperation under the Global Gateway Strategy as it supports Nigeria’s efforts to modernise its agricultural sector, improve food security, and strengthen export competitiveness.
