Nigeria’s agricultural sector is set for a major financing boost as the European Union has approved a €190 million (about N320.5bn) credit line to expand lending to farmers and agri-businesses through Nigerian commercial banks and development finance institutions.
The facility, provided by the European Investment Bank, (EIB) was announced 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.
A statement issued yesterday by the Minister of Budget and Economic Planning’s Special Adviser on Media, Bolaji Adeniyi, confirmed the development.
Speaking at the session, the EIB’s Director for International Partnerships, Thourayya Tricki, said the initiative underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.
“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,” Tricki said.
Tricki, who was accompanied by the EIB’s Head of sub-Saharan Africa Relations, Diedrick Zambon, explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.
The goal, she said, is to “de-risk agricultural lending and build institutional capacity for long-term financing in the sector.”
Nigeria already benefits from several EU-supported programmes, 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.
Representing Nigeria, Special Assistant to the Minister of Budget and Economic Planning, Bolaji Onalaja, and the EU Unit Focal Officer, Benjamin Galadima, reaffirmed the country’s commitment to implementing reforms under President Bola Tinubu’s “Renewed Hope” agenda to attract sustainable investments.
The Nigerian team also met with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, among others, where 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.
