EIB Global, the international development arm of the European Investment Bank Group, and First City Monument Bank (FCMB) have announced €85 million in financing to support private-sector businesses across Nigeria’s agricultural value chains, with at least 70 per cent of the funding earmarked for cocoa and dairy.
The financing was announced during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand, with senior officials from the European Investment Bank Group, the European Union and the Nigerian government, alongside FCMB Chief Executive Officer, Yemisi Edun, in attendance.
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The partnership aims to improve access to long-term finance for agribusinesses, expand local processing capacity, strengthen rural livelihoods and promote more sustainable agricultural production.
It also includes technical assistance to help FCMB advance its climate action strategy and strengthen the Nigerian agriculture sector’s capacity to manage environmental and social risks.
According to the announcement, the operation represents EIB Global’s first investment covering the dairy sector outside the European Union.
The financing is intended to address gaps in Nigeria’s dairy market while supporting businesses and supply chains, including European companies operating in the country that require increased milk supplies.
In the cocoa sector, the funding will support processing capacity across the value chain, provide liquidity to farmers and cooperatives, and improve product traceability.
The initiative will also promote compliance with the European Union’s Regulation on Deforestation, which seeks to prevent products associated with deforestation from entering or being traded within the EU market.
The measures are expected to encourage biodiversity conservation, reduce environmental harm and support more inclusive rural development, while aligning participating businesses with international environmental and social standards.
EIB Group President Nadia Calviño said agricultural value chains remained important drivers of food security and economic growth across Africa.
“The EIB Group invests in agricultural value chains in Africa main drivers of food security and economic growth,” Calviño said, adding that the projects would also create business opportunities for European companies in Nigeria.
EIB Vice-President Ambroise Fayolle said the partnership would help Nigerian agribusinesses become more competitive while meeting international environmental and social requirements.
He described the investment as an example of the European Union’s Global Gateway initiative, which seeks to mobilise investment in infrastructure and sustainable development while strengthening partnerships with countries outside the bloc.
European Commissioner for International Partnerships Jozef Síkela said expanding local value addition was essential to converting Nigeria’s agricultural potential into jobs, stronger businesses and broader economic opportunities.
“To turn that potential into more jobs, stronger businesses and new economic opportunities, we need to ensure that more value is created and retained in Nigeria,” Síkela said.
He added that the investment would help businesses across the cocoa and dairy value chains access financing to grow and expand local processing.
FCMB Chief Executive Officer Yemisi Edun said access to finance could help farmers and agribusinesses move beyond selling raw produce towards processing products, increasing earnings and creating employment.
“Through our partnership with EIB Global, businesses across Nigeria’s cocoa and dairy value chains will have access to the long-term funding needed to increase production, expand processing capacity and reach new markets,” Edun said.
She said combining financing with technical support would help strengthen rural livelihoods, promote sustainable growth and build a more resilient agricultural sector.
The investment aligns with Nigeria’s development priorities and the European Union’s efforts to support sustainable food systems and food security.
It also contributes to the Team Europe Initiative on Green Economy, which promotes climate-smart agriculture, inclusive agribusiness and improved access to rural and agricultural markets.
The partnership forms part of the EIB Group’s wider engagement in Nigeria.
According to the announcement, the group has invested €2.3 billion in the country since beginning operations there in 1978, supporting sectors including sustainable urban transport, climate adaptation, innovation, digitalisation, agribusiness logistics and financing for small and medium-sized enterprises.
The latest financing is expected to strengthen access to capital across two important agricultural value chains.
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Its wider impact will depend on how effectively the funds reach eligible businesses, improve local processing and deliver measurable benefits for farmers, rural communities and the environment.
