Nigeria’s private sector and agricultural value chains are set for a major funding boost as the European Investment Bank (EIB) Global and the Bank of Industry have signed an €85 million financing agreement, alongside the unveiling of €66 million in European Union grants and €221 million in low-interest loans.
The agreement, announced on the sidelines of the 8th Nigeria-EU Ministerial Dialogue in Abuja, is aimed at strengthening private-sector investment across agricultural value chains, with at least 70 per cent of the funding targeting cocoa and dairy production.
Speaking at the signing, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the facility would expand access to affordable financing for key sectors of the economy.
“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth. By partnering with EIB Global, BOI is scaling support for sustainable agriculture, strengthening critical value chains and enabling Nigerian agribusinesses to grow competitively while meeting international, environmental and social standards.”
He emphasised that the financing would target not just large agribusinesses but also cooperatives and micro, small, and medium-sized enterprises (MSMEs), which form the backbone of rural economies.
Sustainable Agricultural Transformation
The Vice President of the European Investment Bank, Ambroise Fayolle, said the financing would support employment, productivity and sustainable agricultural transformation in Nigeria.
“I am delighted that EIB is financing this project with the Bank of Industry for the development of agricultural value chains in Nigeria, including sustainable cocoa. Such investment is important for the country in terms of employment, health and the economy, with real impact on the local population.”
The European Commissioner for International Partnerships, Jozef Sikela, said the investment would help strengthen two key sectors already employing thousands of Nigerians, while boosting job creation in cocoa and dairy sectors.
“This investment strengthens cocoa and dairy value chains in Nigeria, where both sectors already employ thousands of farmers and workers and have clear potential for local processing and growth. By supporting value addition within Nigeria, we can retain more economic benefits locally and create jobs for communities across the country.”
He further highlighted that the project complements EU strategic objectives, including sustainable food systems, climate-smart agriculture, and local economic development.
“Our vision is not only to boost productivity but also to ensure these investments contribute to long-term economic resilience, environmental sustainability, and social inclusion for rural populations,” he added.
The €85 million agricultural financing package, backed under the EU’s Global Gateway initiative, is expected to support cooperatives, agribusinesses and small and medium-scale enterprises while promoting sustainable production and environmental standards across Nigeria’s agricultural sector.