Nigeria’s agricultural sector is set to receive a significant financial boost following the European Union’s approval of a €190 million (approximately ₦320.5 billion) credit line aimed at expanding lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions.
The European Investment Bank (EIB) announced the facility during a bilateral meeting with officials from Nigeria’s Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum, recently held in Brussels, Belgium.
A statement issued on Monday by Bolaji Adeniyi, Special Adviser on Media to the Minister of Budget and Economic Planning, confirmed the development.
At the meeting, EIB Director for International Partnerships, Thourayya Tricki, said the initiative reflects the EU’s strong commitment to supporting Nigeria’s economic diversification, particularly through climate-smart agriculture and agricultural value-chain growth.
“This credit line is part of our ongoing effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy,” Tricki said. “The investment package will not only broaden access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food sector.”
Tricki, accompanied by EIB’s Head of Sub-Saharan Africa Relations, Diedrick Zambon, explained that the facility includes both credit and technical assistance components for development finance institutions and commercial banks.
She added that the programme aims to “reduce risks associated with 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 improve the regulatory framework for vaccine production and a €50 million credit facility to boost access to finance in the pharmaceutical industry.
Representing Nigeria, Special Assistant to the Minister of Budget and Economic Planning, Bolaji Onalaja, and EU Unit Focal Officer, Benjamin Galadima, reaffirmed Nigeria’s commitment to reforms under President Bola Tinubu’s Renewed Hope Agenda, which seeks to attract sustainable investments.
“Our government is focused on creating a favourable environment for investors through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, designed to ensure that growth reaches the grassroots,” Onalaja said.
The Nigerian delegation also met with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development to explore 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 official duty in Vienna—the delegation expressed appreciation to Ambassador Gauthier Mignot, Head of the EU Delegation to Nigeria and ECOWAS, for facilitating Nigeria’s participation in the Global Gateway Forum.
The Global Gateway Forum, the EU’s flagship investment initiative, brings together governments, investors, and development finance institutions to mobilise funds for sustainable projects focused on digital transformation, the green transition, and human capital development.
In her keynote address, European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to building “mutually beneficial partnerships based on trust and shared prosperity.”
She announced that the Global Gateway Investment Package would be expanded to €400 billion, alongside the creation of a dedicated Investment Hub to accelerate project delivery, particularly across Africa.
The new EU–Nigeria financing partnership is expected to strengthen bilateral relations under the Global Gateway Strategy and support Nigeria’s efforts to modernise its agricultural sector, improve food security, and enhance export competitiveness.