EU, Nigeria Deepen Cooperation with N320.5bn Credit Line for Agriculture
By Patience Ikpeme
Nigeria’s partnership with the European Union (EU) has received a major boost following the introduction of a N320.5 billion (€190 million) credit line aimed at supporting the country’s agricultural sector through commercial banks and financial institutions.
The credit facility, provided by the European Investment Bank (EIB), was announced during a meeting between the bank’s senior executives and a delegation from Nigeria’s Federal Ministry of Budget and Economic Planning, held on the sidelines of the Global Gateway Forum in Brussels, Belgium.
According to the EIB’s Director of International Partnerships, Ms. Thourayya Tricki, the initiative forms part of the EU’s ongoing efforts to strengthen Nigeria’s agricultural value chains, with a particular focus on cocoa and dairy production.
Tricki stated that the new facility will enable Nigerian banks and Development Finance Institutions (DFIs) to expand their lending portfolios to the agricultural subsector, while also offering technical assistance to improve financial management and risk assessment practices.
She said, “The credit line will support climate-smart agricultural production and processing in Nigeria. Our goal is to ensure that the country’s agri-food products become more sustainable and competitive in both domestic and export markets.”
Tricki, who was joined at the meeting by the EIB’s Head of Sub-Saharan Africa Relations, Mr. Diedrick Zambon, also reaffirmed the EU’s commitment to supporting Nigeria’s digital transformation agenda, describing it as a critical enabler for growth across multiple sectors of the economy.
Beyond agriculture, Nigeria is already benefiting from other EU-supported programmes, including an €18 million Technical Assistance grant to strengthen the country’s regulatory framework and capacity for vaccine manufacturing, as well as a €50 million facility to expand Nigeria’s credit portfolio for the pharmaceutical industry.
The Nigerian delegation at the meeting comprised the Special Assistant to the Minister of Budget and Economic Planning, Mr. Bolaji Onalaja, and the Focal Officer, EU Unit, Mr. Benjamin Galadima. Both officials outlined ongoing policy reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda and the forthcoming National Development Plan (2026–2030), which aim to attract sustainable investments and foster community-level growth through the Ward-Based Development Programme.
The delegation, representing the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu—who was on an official assignment in Vienna, Austria—expressed Nigeria’s appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum.
The Nigerian team also held a series of bilateral meetings with key European institutions, including the EU Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD), to explore opportunities for deeper cooperation and project financing.
The Global Gateway Forum serves as the EU’s flagship platform for implementing the Global Gateway Investment Package, which mobilises governments, development finance institutions, and the private sector to advance sustainable investments in connectivity, digital transformation, green energy, and human capital development across partner regions.
In her keynote address at the Forum, the President of the European Commission, Ursula von der Leyen, announced the expansion of the Global Gateway Investment Package to €400 billion. She said the initiative would now include a dedicated Investment Hub designed to accelerate project delivery and improve access to funding across partner countries, particularly in Africa.
Von der Leyen said, “The European Union remains committed to building partnerships that are based on trust, sustainability, and shared prosperity. Through the Global Gateway Strategy, we are deepening cooperation with our partners to deliver tangible results that drive inclusive growth.”
The €190 million facility is expected to strengthen Nigeria’s agricultural financing framework, improve value chain productivity, and create more inclusive opportunities for farmers and agri-businesses, in line with the government’s broader economic diversification and food security agenda.
