EU supports Nigerian banks with N320bn credit to strengthen agricultural sector

The European Union (EU) has allocated N320.5 billion (€190 million) credit line to Nigerian banks to strengthen the country’s agricultural sector.

In a statement on Monday, Bolaji Adebiyi, special adviser on media to Atiku Bagudu, minister of budget and economic planning, said the European Investment Bank (EIB) is providing the credit line, which will be channelled through Nigerian commercial banks and financial institutions to increase lending for agribusinesses.

According to the minister’s aide, the EIB announced the facility at a meeting between the bank’s senior executives and the federal ministry of budget and economic planning, on the sidelines of the Global Gateway Forum in Brussels, Belgium.

Thourayya Tricki, EIB’s director of international partnerships, said the credit facility is part of the EU’s commitment to developing Nigeria’s agricultural value chains, particularly in cocoa and dairy.

Tricki said the Nigerian investment package for climate-smart agriculture is at an advanced stage, ensuring the sustainability and competitiveness of agri-food products.

Also, the director explained that the package includes credit lines and technical assistance to development finance institutions (DFIs) and commercial banks to expand lending portfolios to the agricultural subsector.

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

‘NIGERIA RECEIVED €68M EU FUNDING FOR VACCINE MANUFACTURING, PHARMACEUTICAL INDUSTRY GROWTH’

According to the statement, the European Union has allocated €68 million to boost Nigeria’s vaccine manufacturing and pharmaceutical industry, comprising an €18 million technical assistance grant and a €50 million credit facility.

Also, 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.

The Nigerian delegation also mentioned the forthcoming National Development Plan (2026–2030) as a framework for attracting sustainable investments and strengthening community-level development through the ward-based development programme.

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

On behalf of Bagudu, who was on an official assignment in Vienna, Austria, the team thanked Gauthier Mignot, head of the EU delegation to Nigeria and ECOWAS, for the excellent facilitation of 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.

Leyen also declared the creation of a dedicated Investment Hub to facilitate improved transactions and accelerate project delivery across partner regions, especially in Africa.

The Global Gateway Forum is an event hosted by the European Union to promote global investment in sustainable infrastructure.

The event brings together leaders and stakeholders from around the world to discuss and launch partnerships in key areas.