European Union’s development cooperation with Nigeria has received a boost with a N320.5 billion (€190 million) credit line allocated to Nigerian commercial banks to broaden their lending to the agricultural sector.
The facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.
A statement issued on Monday by Bolaji Adeniyi, special adviser media to Minister of Budget and Economic Planning ,confirmed the development.
Speaking at the session, Thourayya Tricki, director for International Partnerships, EIB, said the initiative underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and 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.
Tricki, who was accompanied by Diedrick Zambon, head of Sub-Saharan Africa Relations, EIB, explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.
The goal, she said, is to “de-risk agricultural lending and build institutional capacity for long-term financing in the sector.”
Nigeria already benefits from several EU-supported programmes, including an €18 million technical assistance grant to strengthen the local regulatory framework for vaccine production and a €50 million credit facility to deepen access to finance in the pharmaceutical industry.
Representing Nigeria, Bolaji Onalaja, special assistant to the Minister of Budget and Economic Planning, and Benjamin Galadima, Unit Focal Officer, EU, reaffirmed the country’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.
“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, which will ensure that growth reaches communities at the grassroots,” Onalaja said.
The Nigerian delegation also held meetings with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, where they discussed opportunities for collaboration in green infrastructure, renewable energy, and industrial development.
On behalf of the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, who was on an official assignment in Vienna, Austria, the delegation expressed appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.
The Global Gateway Forum, the EU’s flagship investment platform, brings together governments, private investors, and development finance institutions to mobilise resources for sustainable projects that promote digital transformation, green transition, and human capital development.
In her keynote address, Ursula von der Leyen, president of the European Commission, reiterated the EU’s resolve to build “mutually beneficial partnerships based on trust and shared prosperity.”
“We are expanding the Global Gateway Investment Package to €400bn and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa,” von der Leyen announced.
The new EU–Nigeria financing deal is expected to strengthen bilateral cooperation under the Global Gateway Strategy and support Nigeria’s efforts to modernise its agricultural sector, improve food security, and enhance export competitiveness.
