The European Union (EU) has boosted its sustained support for Nigeria’s development with a N320.5 billion (€190 million) credit allocated to Nigerian commercial banks to broaden their lending to the agricultural sector.
The facility, which is being provided by the European Investment Bank (EIB), was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.
A statement issued on Monday by the Special Adviser Media to Minister of Budget and Economic Planning, Bolaji Adeniyi, quoted the EIB’s Director for International Partnerships, Thourayya Trickias, as saying that the latest funding support by the bank underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.
The banker 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.”
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Tricki, who was accompanied by Head of Sub-Saharan Africa Relations (EIB), Diedrick Zambon, explained that the facility comprised both credit and technical assistance components targeted at development finance institutions and commercial banks with the aim of de-risking “agricultural lending and build institutional capacity for long-term financing in the sector.”
Nigeria’s representative at the forum and Special Assistant to the Minister of Budget and Economic Planning,, Bolaji Onalaja, and Unit Focal Officer, EU, Benjamin Galadima, reaffirmed Nigeria’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.
The minister’s aide assured: “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 Nigerian delegation also held meetings with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development (EBRD), during which they discussed opportunities for collaboration in green infrastructure, renewable energy, and industrial development.
On behalf of the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, who was on an official assignment in Vienna, Austria, the delegation expressed appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.
It would be recalled that Nigeria has been benefitting from sundry EU-supported programmes in the past years, including an €18 million technical assistance grant to strengthen the local regulatory framework for vaccine production and a €50 million credit facility to deepen access to finance in the pharmaceutical industry.
The Global Gateway Forum, the EU’s flagship investment platform, featured governments, private investors, and development finance institutions’ representatives whose discussions focused on how to mobilise resources for sustainable projects that promote digital transformation, green transition, and human capital development.
In her keynote address at the forum, President of the European Commission, Ursula von der Leyen, reiterated the EU’s resolve to build “mutually beneficial partnerships based on trust and shared prosperity.
“We are expanding the Global Gateway Investment Package to €400bn and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa,” von der Leyen added.
Analysts are optimistic that the latest EU–Nigeria financing deal will strengthen bilateral cooperation under the Global Gateway Strategy and support Nigeria’s efforts to modernize her agricultural sector, improve food security, and enhance export commodities’ competitiveness in the global markets.
