The European Union (EU) has extended a ₦320.5 billion (€190 million) credit line to Nigerian banks to strengthen the nation’s agricultural sector.
According to a statement by Bolaji Adebiyi, Special Adviser on Media to the Minister of Budget and Economic Planning, Atiku Bagudu, the credit line will be provided by the European Investment Bank (EIB) and channelled through Nigerian commercial banks and financial institutions to expand lending to agribusinesses.
Adebiyi noted that the EIB announced the facility during a meeting with the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum in Brussels, Belgium.
EIB’s Director of International Partnerships, Thourayya Tricki, said the initiative aligns with the EU’s commitment to advancing Nigeria’s agricultural value chains, particularly in cocoa and dairy production.
She added that the Nigerian investment package for climate-smart agriculture is at an advanced stage, designed to enhance sustainability and competitiveness in the agri-food industry.
The package also includes technical assistance for development finance institutions (DFIs) and commercial banks to expand agricultural lending portfolios.
The EU further announced an additional €68 million support to boost Nigeria’s vaccine manufacturing and pharmaceutical sectors, comprising an €18 million technical assistance grant and a €50 million credit facility.
During the forum, the Nigerian delegation highlighted ongoing reforms under President Bola Tinubu’s Renewed Hope Agenda and the upcoming National Development Plan (2026–2030), aimed at attracting sustainable investments and strengthening community-level development.
In her keynote address, President of the EU Commission, Ursula von der Leyen, announced the expansion of the Global Gateway Investment Package to €400 billion and the creation of a dedicated Investment Hub to fast-track projects, especially across Africa.
The Global Gateway Forum serves as a platform to promote global investment in sustainable infrastructure, bringing together global leaders and stakeholders to launch strategic partnerships.