EU Approves ₦320bn Credit Facility to Boost Nigerian Agriculture

The European Union has approved a €190 million (₦320.5 billion) credit facility to boost agricultural lending in Nigeria, aiming to expand financing for farmers, agribusinesses, and rural enterprises through local banks and development finance institutions.

The initiative, facilitated by the European Investment Bank (EIB), was unveiled during a bilateral meeting between EIB executives and a delegation from Nigeria’s Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum in Brussels.

The financing package seeks to strengthen agricultural value chains, promote climate-smart farming, and support the federal government’s economic diversification agenda.

Thourayya Tricki, the EIB’s Director for International Partnerships, said the investment aligns with the EU’s goal of promoting sustainability and competitiveness in Nigeria’s agri-food industry.

“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy,” Tricki stated. “It will expand access to finance and promote sustainable, inclusive growth.”

She explained that the facility combines both credit and technical assistance components designed to help banks improve their agricultural lending capacity and reduce risks associated with the sector.

Nigeria already benefits from several EU-supported programmes, including an €18 million technical grant for vaccine production regulation and a €50 million credit facility to enhance access to finance in the pharmaceutical industry.

Representing Nigeria, Bolaji Onalaja, Special Assistant to the Minister of Budget and Economic Planning, reaffirmed the government’s resolve to create a conducive environment for sustainable investments.

“Through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, we aim to ensure that economic growth reaches the grassroots,” Onalaja said.

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

In a keynote address at the Global Gateway Forum, European Commission President Ursula von der Leyen said the EU is committed to building mutually beneficial partnerships with Africa.

“We are expanding the Global Gateway Investment Package to €400 billion and launching an Investment Hub to accelerate project delivery, especially across Africa,” she announced.

The new EU–Nigeria agricultural financing deal is expected to strengthen bilateral cooperation, improve food security, and enhance the country’s competitiveness in regional and global agricultural markets.