EU Provides N320.5B Credit Line to Boost Nigeria’s Agricultural Sector

The European Union (EU) has approved a N320.5 billion (€190 million) credit facility to Nigerian banks aimed at strengthening the country’s agricultural sector.

In a statement on Monday, Bolaji Adebiyi, special adviser on media to Minister of Budget and Economic Planning Atiku Bagudu, said the European Investment Bank (EIB) would channel the credit line through Nigerian commercial banks and financial institutions to expand lending to agribusinesses.

The facility was announced during a meeting between EIB senior executives and the federal ministry on the sidelines of the Global Gateway Forum in Brussels, Belgium.

According to Thourayya Tricki, EIB’s director of international partnerships, the credit package is part of the EU’s ongoing support for Nigeria’s agricultural value chains, with a particular focus on cocoa and dairy production.

“The Nigerian investment package for climate-smart agriculture is at an advanced stage, ensuring sustainability and competitiveness of agri-food products,” Tricki said, noting that the initiative includes credit lines and technical assistance to development finance institutions (DFIs) and commercial banks to broaden lending to the agricultural subsector.

Diedrick Zambon, the bank’s head of Sub-Saharan Africa relations, was present at the meeting.

The EU has also allocated €68 million to support Nigeria’s vaccine manufacturing and pharmaceutical industry, comprising an €18 million technical assistance grant and a €50 million credit facility.

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Officials from the Nigerian delegation, including Bolaji Onalaja, special assistant to the minister, and Benjamin Galadima, focal officer of the EU unit, highlighted ongoing reforms under President Bola Tinubu’s Renewed Hope Agenda. They also discussed the upcoming National Development Plan (2026–2030) as a framework for attracting sustainable investments and strengthening community-level development through the ward-based development programme.

High-level sessions and bilateral meetings were held with EU institutions, including officials from the Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD).

On behalf of Bagudu, who was on official assignment in Vienna, Austria, the delegation expressed appreciation to Gauthier Mignot, head of the EU delegation to Nigeria and ECOWAS, for facilitating Nigeria’s participation at the 2025 Global Gateway Forum.

In her keynote address, Ursula von der Leyen, President of the EU Commission, announced the expansion of the Global Gateway Investment Package to €400 billion, alongside the creation of a dedicated Investment Hub to improve transactions and accelerate project delivery, particularly in Africa.

The Global Gateway Forum, hosted by the European Union, brings together global leaders and stakeholders to promote sustainable infrastructure investment and launch strategic partnerships worldwide.