Nigeria’s agricultural sector is set to benefit from a significant financial boost following the European Union’s approval of a €190 million (approximately ₦320.5 billion) credit line aimed at expanding access to finance for farmers and agribusinesses. The facility, provided by the European Investment Bank (EIB), was announced during a bilateral meeting between Nigerian officials and senior EIB executives at the Global Gateway Forum in Brussels. According to the EIB’s Director for International Partnerships, Thourayya Tricki, the initiative aligns with the EU’s commitment to Nigeria’s economic diversification, focusing on climate-smart agriculture and strengthening key value chains such as cocoa and dairy.
The financing package combines credit and technical assistance, targeting Nigerian commercial banks and development finance institutions to improve lending capacity and sustainability in the agricultural sector. The goal is to reduce the risk associated with agricultural financing and build long-term institutional capacity. In addition to this facility, Nigeria also benefits from other EU-backed programmes, including an €18 million grant for vaccine regulation and a €50 million credit line for pharmaceutical sector development.
Representatives from Nigeria’s Ministry of Budget and Economic Planning reaffirmed the government’s commitment to reforms under President Bola Tinubu’s Renewed Hope Agenda, which aims to attract sustainable investments and promote inclusive growth. These reforms are being advanced through initiatives like the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme to ensure benefits reach grassroots communities.
The Nigerian delegation also held meetings with officials from the European Bank for Reconstruction and Development and the Directorate of International Partnerships, exploring collaboration in green infrastructure, renewable energy, and industrial growth. The announcement was made during the EU’s Global Gateway Forum, a platform designed to mobilise investments for sustainable development across key sectors. In her keynote, European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to Africa, announcing an expansion of the Global Gateway Investment Package to €400 billion.
This latest financing agreement is expected to strengthen EU–Nigeria relations while supporting agricultural transformation, enhancing food security, and improving the global competitiveness of Nigerian agri-food products.
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