EIB Global and the Bank of Industry have signed a EUR 85 million financial agreement to strengthen agricultural value chains in Nigeria and support private sector growth in the sector. Announced on the sidelines of the Nigeria-EU Ministerial Summit in Abuja, the agreement is aimed at supporting private sector companies across agricultural value chains, including cooperatives and micro, small, and medium-sized enterprises. The initiative reflects a joint commitment to sustainable agriculture, financial inclusion, and long-term rural economic development in line with Nigeria’s national priorities.
The financing will be fully dedicated to improving agricultural value chains, with a strong focus on sustainable cocoa production and dairy supply management. At least 70 percent of the loans under the facility will target the cocoa and dairy sectors, which are seen as key areas for local processing, employment generation, and value creation. Through this partnership, EIB Global and BOI aim to increase value addition, improve productivity, and strengthen connections across the supply chain, ultimately helping agribusinesses, processors, and farmers increase incomes and improve livelihoods.
A key objective of the project is to support the sustainable transformation of Nigeria’s targeted agricultural value chains while ensuring compliance with international environmental and social standards. The operation will align with the European Investment Bank’s Environmental and Social Standards, the European Union Regulation on Deforestation, and broader EU sustainability requirements. By promoting environmentally responsible production, the project is expected to encourage biodiversity conservation, reduce harmful environmental impacts, and support inclusive rural development in line with the EIB Climate Roadmap and the EU Green Deal.
In addition to the credit line, EIB Global will provide technical assistance to support BOI’s climate action strategy and strengthen the agriculture sector’s capacity to manage environmental and social risks. This advisory support is intended to help BOI and its clients adopt stronger sustainability practices while improving their ability to meet international compliance standards. It also reinforces the long-term impact of the financing by combining capital with institutional and sectoral capacity building.
BOI Managing Director and Chief Executive Officer Dr. Olasupo Olusi said the agreement reinforces the bank’s commitment to unlocking long-term and affordable finance for priority sectors that drive inclusive growth. He noted that the partnership with EIB Global will allow BOI to scale up support for sustainable agriculture, strengthen critical value chains, and help Nigerian agribusinesses grow more competitively while meeting international environmental and social standards. His remarks highlighted the importance of combining development finance with sustainability goals to create stronger economic opportunities.
EIB Vice-President Ambroise Fayolle described the project as an important investment for Nigeria in terms of employment, health, and economic development, with direct benefits for local communities. He emphasized that the European Investment Bank aims to support the sustainable transformation of the country’s targeted agricultural value chains, including sustainable cocoa production, in line with the EU Global Gateway initiative. His comments underscored the role of EIB Global as a key partner in Africa for delivering development-focused investments.
European Commissioner for International Partnerships Jozef Síkela stated that the investment will strengthen Nigeria’s cocoa and dairy value chains, both of which already provide livelihoods for many farmers and workers and have strong potential for local processing and future growth. He noted that by supporting these sectors, the project can help create more jobs and ensure that a greater share of value remains within Nigeria, contributing to more inclusive and resilient economic development.
The agreement is closely aligned with both the European Union’s geopolitical priorities and Nigeria’s development plans, especially in the areas of sustainable food systems and strategic food autonomy. It also supports the objectives of the Team Europe Initiative Green Economy, which promotes climate-smart agriculture, inclusive agribusiness, rural access, and agricultural markets. By focusing on these areas, the project is expected to strengthen Nigeria’s agricultural competitiveness while also supporting broader goals of economic diversification and sustainability.
EIB has been active in Nigeria since 1978 and has invested around EUR 2.3 billion in the country over the years. Its financing has supported major projects in sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics, and financing for small and medium-sized enterprises and mid-sized companies. This latest investment builds on that long-standing engagement by targeting a sector that is central to Nigeria’s employment, food security, and rural livelihoods.
The Bank of Industry is Nigeria’s leading development finance institution and has played a major role in promoting industrial growth and inclusive economic development since its establishment. It provides long-term financing and advisory support to businesses across key sectors to strengthen local production, create jobs, and improve access to finance. In recent years, BOI has supported more than one million enterprises and disbursed over ₦1.27 trillion to businesses across the country, reinforcing its position as a key driver of private-sector-led growth and economic diversification in Nigeria.
