EIB Global and the Bank of Industry (BOI) have signed an €85 million agreement to strengthen agricultural value chains in Nigeria, with a focus on sustainable cocoa and dairy production. The financing, announced during the Nigeria-EU Ministerial Summit in Abuja, will support private sector companies, cooperatives, and MSMEs, aiming to increase value addition, productivity, and linkages across key agricultural supply chains while enhancing incomes and livelihoods for agribusinesses and processors. At least 70 percent of the loans will target cocoa and dairy sectors.
The project is aligned with Nigeria’s development objectives in sustainable agriculture and financial inclusion, and it complies with EIB’s Environmental and Social Standards (ESS), the EU Regulation on Deforestation (EUDR), and EU sustainability standards. It seeks to promote biodiversity conservation, reduce environmental impacts, and support inclusive rural development, in line with the EIB Climate Roadmap and the EU Green Deal. Technical assistance will also be provided to help BOI implement its climate action strategy and build capacity in managing environmental and social risks across the agricultural sector.
Dr. Olasupo Olusi, BOI Managing Director/CEO, emphasized that the partnership with EIB Global will scale support for sustainable agriculture, strengthen critical value chains, and enable Nigerian agribusinesses to compete internationally while adhering to environmental and social standards. EIB Vice President Ambroise Fayolle highlighted the project’s potential impact on employment, health, and economic growth, noting its alignment with the EU Global Gateway Initiative. European Commission Commissioner Jozef Sikela added that the investment would help create jobs, increase local processing, and ensure more value remains in Nigeria.
The project also supports EU and Nigerian strategic objectives, including sustainable food systems, climate-smart agriculture, inclusive agribusiness, and rural market access. EIB has invested over €2.3 billion in Nigeria since 1978, financing transformative projects in sectors such as urban transport, climate adaptation, innovation, digitalization, agribusiness logistics, and SME financing. EIB Global, the EIB Group’s international development arm, plays a key role in the Global Gateway initiative, fostering partnerships to support impactful investments worldwide.
