Nigeria’s agricultural sector is set for a significant transformation following the European Union’s approval of a €190 million (about ₦320.5 billion) credit facility aimed at expanding access to finance for farmers, cooperatives, and agribusinesses across the country.
The funding, provided by the European Investment Bank (EIB), will be channelled through Nigerian commercial banks and development finance institutions to support agricultural productivity, improve value chains, and promote climate-resilient farming.
The facility was unveiled during a bilateral meeting between senior EIB officials and a delegation from Nigeria’s Federal Ministry of Budget and Economic Planning, held on the sidelines of the Global Gateway Forum in Brussels, Belgium.
A statement issued by Bolaji Adeniyi, the Special Adviser on Media to the Minister of Budget and Economic Planning, confirmed the signing of the deal, describing it as a major step toward diversifying Nigeria’s economy and achieving food security.
According to Thourayya Tricki, the EIB’s Director for International Partnerships, the initiative reflects the EU’s long-term commitment to supporting Nigeria’s economic diversification and sustainability agenda.
“This credit line is part of our effort to strengthen Nigeria’s agricultural value chains, particularly in sectors such as cocoa and dairy production,” Tricki stated. “The investment package will not only increase access to credit but also promote innovation, sustainability, and global competitiveness in Nigeria’s agri-food products.”
Tricki, who was accompanied by the EIB’s Head of Sub-Saharan Africa Relations, Diedrick Zambon, explained that the facility includes both a credit component and technical assistance aimed at helping financial institutions improve agricultural lending and build capacity for long-term financing in the sector.
She emphasised that one of the major goals of the programme is to “de-risk agricultural financing” and support local banks in providing affordable and flexible credit to farmers and agribusinesses who often struggle with limited access to capital.
The partnership also complements existing EU initiatives in Nigeria, such as the €18 million technical assistance grant for strengthening local vaccine production and a €50 million credit facility designed to enhance access to finance in the pharmaceutical industry.
Representing Nigeria, Bolaji Onalaja, the Special Assistant to the Minister of Budget and Economic Planning, reaffirmed the Federal Government’s commitment to fostering an enabling environment for private investment through the Renewed Hope Agenda of President Bola Tinubu.
“Our administration is determined to implement sustainable reforms and create opportunities that will attract long-term investment,” Onalaja said. “The forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme are structured to ensure that economic growth and investment benefits reach communities at the grassroots.”
During the visit, the Nigerian delegation also met with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development (EBRD) to discuss new areas of cooperation, including renewable energy, green infrastructure, and industrial development.
On behalf of Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, who was on an official assignment in Vienna, Austria, the team extended appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for his support in strengthening the EU–Nigeria partnership and facilitating Nigeria’s participation at the Brussels forum.
The Global Gateway Forum, an EU-led investment platform, serves as a global initiative to mobilise public and private financing for sustainable projects that promote digital transformation, renewable energy, and human capital development across regions.
In her keynote address, European Commission President Ursula von der Leyen reiterated the EU’s commitment to building mutually beneficial partnerships that promote shared prosperity.
“We are expanding the Global Gateway Investment Package to €400 billion and establishing a dedicated Investment Hub to accelerate project delivery, especially across Africa,” von der Leyen announced.
The latest financing agreement between the EU and Nigeria is expected to reinforce bilateral cooperation under the Global Gateway Strategy, enhance agricultural productivity, promote export competitiveness, and strengthen Nigeria’s food security framework.
Analysts believe the partnership could mark a new phase in Nigeria’s drive to modernise its agricultural economy, reduce reliance on oil revenues, and attract sustainable foreign investment for rural development.
