EU grants Nigeria N320.5bn credit to boost agriculture

Nigeria’s agricultural sector is set for a major lift as the European Union (EU) has approved a N320.5 billion (€190 million) credit facility for commercial banks to expand lending to farmers and agribusinesses across the country.

The facility, provided through the European Investment Bank (EIB), was announced during a meeting between EIB executives and a delegation from Nigeria’s Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum in Brussels, Belgium.

The EIB’s Director of International Partnerships, Ms. Thourayya Tricki, said the funding forms part of the EU’s broader support for strengthening Nigeria’s agricultural value chains — with a focus on cocoa and dairy production — and promoting climate-smart farming practices.

She explained that the package includes credit lines and technical assistance for Development Finance Institutions (DFIs) and commercial banks to boost financing for agricultural production and processing.

Tricki, who was joined by the EIB’s Head of Sub-Saharan Africa Relations, Mr. Diedrick Zambon, said the initiative aligns with the EU’s Global Gateway Strategy to foster sustainable development and enhance food security in partner countries.

In addition to the new facility, Nigeria is already benefiting from an €18 million technical assistance grant to improve vaccine manufacturing and a €50 million credit package to expand pharmaceutical industry financing.

Members of the Nigerian delegation — including Special Assistant to the Minister of Budget and Economic Planning, Mr. Bolaji Onalaja, and the EU Unit Focal Officer, Mr. Benjamin Galadima — showcased ongoing reforms under President Bola Tinubu’s Renewed Hope Agenda and the forthcoming National Development Plan (2026–2030).

They emphasized that these frameworks aim to attract sustainable investments and deepen community-level development through the Ward-Based Development Programme.

The delegation, representing Minister Abubakar Atiku Bagudu, also held bilateral talks with top EU institutions, including the Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD).

They expressed Nigeria’s appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating the country’s participation at the 2025 Global Gateway Forum.

The Global Gateway Forum serves as a key platform for translating the EU’s €400 billion Global Gateway Investment Package into actionable projects that promote green growth, digital transformation, and human capital development across partner regions, particularly in Africa.

In her keynote address, European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to fostering sustainable, mutually beneficial partnerships that drive shared prosperity through the newly established Global Gateway Investment Hub.