Nigeria’s agricultural sector is set to receive a significant financing boost following the approval of a €190 million (about ₦320.5 billion) credit line from the European Union (EU) to strengthen lending to farmers and agribusinesses across the country.
The facility, to be managed by the European Investment Bank (EIB), was announced during a bilateral meeting between senior EIB officials and representatives of the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum recently held in Brussels, Belgium.
According to a statement issued on Monday by Bolaji Adeniyi, Special Adviser on Media to the Minister of Budget and Economic Planning, the financing agreement aims to expand access to credit through Nigerian commercial banks and development finance institutions (DFIs).
EIB’s Director for International Partnerships, Thourayya Tricki, said the initiative demonstrates the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.
“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy. The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products,” Tricki explained.
Tricki, accompanied by Diedrick Zambon, EIB’s Head of Sub-Saharan Africa Relations, noted that the facility includes both credit and technical assistance components to help banks and DFIs manage agricultural financing more effectively.
“The goal is to de-risk agricultural lending and build institutional capacity for long-term financing in the sector,” she added.
Nigeria already benefits from several EU-supported initiatives, including an €18 million technical assistance grant for strengthening local vaccine production regulation and a €50 million credit facility for improving access to finance in the pharmaceutical industry.
Representing Nigeria at the Brussels meeting, Bolaji Onalaja, Special Assistant to the Minister of Budget and Economic Planning, and Benjamin Galadima, the Ministry’s EU Unit Focal Officer, reaffirmed the government’s commitment to reforms under President Bola Tinubu’s Renewed Hope Agenda, aimed at attracting sustainable investment.
“Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, which will ensure growth reaches communities at 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 (EBRD) to explore collaboration opportunities in green infrastructure, renewable energy, and industrial development.
On behalf of the Minister, Abubakar Atiku Bagudu, who was on official duty in Vienna, Austria, the delegation expressed appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.
The Global Gateway Forum, the EU’s flagship investment platform, convenes governments, private investors, and development finance institutions to mobilize funding for projects that advance digital transformation, green transition, and human capital development.
In her keynote address, European Commission President Ursula von der Leyen reaffirmed the EU’s determination to build mutually beneficial partnerships based on trust and shared prosperity.
“We are expanding the Global Gateway Investment Package to €400 billion and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa,” von der Leyen announced.
The new EU–Nigeria agricultural financing deal is expected to deepen bilateral cooperation under the Global Gateway Strategy, supporting Nigeria’s efforts to modernize agriculture, enhance food security, and improve export competitiveness.
About the Author
