The European Union (EU) has announced a ₦320.5 billion (€190 million) credit line for Nigerian commercial banks and financial institutions to expand lending to the agricultural and agribusiness sectors.
The facility, provided through 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 on the sidelines of the Global Gateway Forum in Brussels, Belgium.
EIB's Director for International Partnerships, Ms. Thourayya Tricki, said the initiative forms part of the EU's long-term commitment to strengthening Nigeria's agricultural value chain, particularly in cocoa and dairy production.
She explained that the new credit package, which includes technical assistance and long-term financing, aims to enhance access to capital for smallholder farmers, SMEs, and agribusiness processors, promoting climate-smart agriculture and sustainable food production.
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Nigeria already benefits from previous EU-EIB collaborations, including a €50 million facility for the pharmaceutical sector and an €18 million grant to strengthen the nation's vaccine production capacity.
Representing the Nigerian delegation, officials from the Ministry of Budget and Economic Planning, including Mr. Bolaji Onalaja and Mr. Benjamin Galadima, highlighted the country's ongoing reforms under President Bola Tinubu's Renewed Hope Agenda, aimed at promoting private-sector-led development and inclusive growth.
The team reaffirmed Nigeria's commitment to leveraging partnerships such as the Global Gateway Strategy to attract sustainable investments in agriculture, green transition, and digital transformation — key areas of the upcoming National Development Plan (2026–2030).
In her keynote address, European Commission President Ursula von der Leyen announced that the Global Gateway Investment Package has been expanded to €400 billion, supported by a new Investment Hub to fast-track financing and project delivery across Africa and other partner regions.
