The European Union has committed €190 million (approximately N320.5 billion) to enhance Nigeria’s agricultural sector through a new credit facility aimed at expanding financial support for farmers and agribusinesses. The funding, provided by the European Investment Bank (EIB), will be channeled through Nigerian commercial banks and development finance institutions to drive growth in agriculture.
The announcement was made during a bilateral meeting on the sidelines of the Global Gateway Forum in Brussels, Belgium, as confirmed by Bolaji Adeniyi, Special Adviser on Media to Nigeria’s Minister of Budget and Economic Planning.
Thourayya Tricki, EIB Director for International Partnerships, emphasized that the initiative aligns with the EU’s commitment to Nigeria’s economic diversification, focusing on climate-smart agriculture and strengthening value chains, particularly in cocoa and dairy production.
“This credit facility will enhance access to finance, promote sustainability, and boost the competitiveness of Nigeria’s agricultural products,” Tricki stated, joined by Diedrick Zambon, EIB’s Head of Sub-Saharan Africa Relations. The package includes technical assistance to strengthen institutional capacity and reduce risks in agricultural lending.
Nigeria’s delegation, led by Bolaji Onalaja, Special Assistant to the Minister of Budget and Economic Planning, and Benjamin Galadima, EU Unit Focal Officer, highlighted the country’s dedication to reforms under President Bola Tinubu’s Renewed Hope Agenda. These reforms, including the upcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, aim to foster sustainable investments and grassroots development.
The delegation also held discussions with officials from the EU’s Directorate of International Partnerships and the European Bank for Reconstruction and Development, exploring collaboration in green infrastructure, renewable energy, and industrial growth.
Expressing gratitude to Ambassador Gauthier Mignot, Head of the EU Delegation to Nigeria and ECOWAS, the Nigerian team acknowledged the EU’s role in facilitating Nigeria’s participation in the Global Gateway Forum. The forum, a key EU platform, promotes sustainable projects in digital transformation, green energy, and human capital development.
European Commission President Ursula von der Leyen, in her keynote address, announced an expansion of the Global Gateway Investment Package to €400 billion, with a new Investment Hub to accelerate projects, particularly in Africa.
This EU-Nigeria deal is poised to strengthen bilateral ties under the Global Gateway Strategy, supporting Nigeria’s goals of modernizing agriculture, enhancing food security, and boosting export capabilities.
