EU Nigeria agricultural financing initiative approves €190m to boost farmers’ loans, agribusiness, and food security through EIB support

EU Nigeria agricultural financing is set for a major boost as the European Union has approved a €190 million (about ₦320.5 billion) credit line to expand access to loans for farmers and agribusinesses through Nigerian banks and development finance institutions.

Also read: Nigeria digital governance gets EU-backed boost

The funding package, provided by the European Investment Bank (EIB), was announced during a high-level meeting between senior EIB executives and Nigeria’s delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum held in Brussels, Belgium.

According to a statement issued by Bolaji Adeniyi, Special Adviser on Media to the Minister of Budget and Economic Planning, the facility will strengthen Nigeria’s efforts to promote sustainable agriculture and diversify the economy.

EIB’s Director for International Partnerships, Thourayya Tricki, said the initiative underscores the EU’s long-term commitment to supporting Nigeria’s agricultural financing and climate-smart value chain development.

“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy.

The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products,” Tricki said.

Accompanied by the EIB’s Head of Sub-Saharan Africa Relations, Diedrick Zambon, she explained that the programme includes credit and technical assistance components designed to “de-risk agricultural lending and build institutional capacity for long-term financing.”

Nigeria currently benefits from other EU-backed initiatives, including an €18 million grant for vaccine regulation and a €50 million credit line for pharmaceutical access.

Representing Nigeria, Bolaji Onalaja, Special Assistant to the Minister of Budget and Economic Planning, reaffirmed the Tinubu administration’s dedication to attracting sustainable investments under the Renewed Hope Agenda.

“Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, ensuring growth reaches communities at the grassroots,” Onalaja said.

The Nigerian delegation also held discussions with officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, exploring collaboration opportunities in renewable energy, green infrastructure, and industrial development.

In her keynote address, European Commission President Ursula von der Leyen announced the expansion of the Global Gateway Investment Package to €400 billion and the creation of a new Investment Hub to accelerate project delivery in Africa.

Also read: EU awards scholarships to 104 Nigerian students for postgraduate study

The EU Nigeria agricultural financing initiative is expected to strengthen food security, improve rural livelihoods, and enhance Nigeria’s export competitiveness while deepening EU–Nigeria cooperation under the Global Gateway Strategy.