EU, Nigeria sign €900mn funding package
… Emzor Pharmaceuticals gets €14mn EU loan
By Patience Ikpeme
A financial package of over €900 million will be provided by the European Union (EU) to support various sectors in Nigeria.
Two financial agreements were established to provide support to private companies in Nigeria. These agreements include a €50 million credit facility for female entrepreneurs in partnership with Access Bank and a €14 million loan intended for Emzor Active Pharmaceutical Ingredients to facilitate the construction of a manufacturing facility dedicated to producing anti-malarial drugs.
The funding coming under the European Union’s Global Gateway strategy is aimed at promoting a green, resilient, and digitally inclusive future in Nigeria.
The package covers areas such as climate smart agriculture, sustainable energy, health services, education, social protection, border management, reintegration of returnees, disarmament and reintegration of Boko Haram combatants, and efforts to improve the criminal justice system and fight corruption.
Additionally, there are two loans to support Nigerian private companies, one for female entrepreneurs and another for pharmaceutical manufacturing to combat malaria.
These investments are intended to stimulate economic growth, improve healthcare access, and enhance sustainability in Nigeria.
The European Union’s Global Gateway strategy plays a significant role in fostering sustainable connections with partner countries, including Nigeria.
Speaking to this development, European Commissioner for International Partnerships, Jutta Urpilainen said her visit to Nigeria will “strengthen our partnership, and I look forward to launching a package of new actions, as part of the Global Gateway strategy and EU support to Government priorities.
“Building on our long-standing cooperation, and in the best spirit of shared responsibility, commitment and accountability, the EU will continue to invest in our common future and priorities of security, democracy and prosperity for all – not least through the package of loans and grants I am signing and launching here today that will benefit the Nigerian businesses, farmers, youth and the society a as whole”.
The Minister of Budget and Economic Planning in Nigeria, Senator Abubakar Bagudu, stated that the partnership with Emzor pharmaceutical Industries is a significant step towards speeding up malaria treatments and improving healthcare access in the region, while also decreasing reliance on imported essential medicines.
Bagudu expressed pride in supporting the growth of a pioneering company committed to strengthening the supply chain and production of antimalarial drugs.
He highlighted that the new credit facility from Access Bank aims to enhance finance accessibility for female entrepreneurs, promote job creation, and encourage sustainable business practices aligned with green economy priorities.
The package, developed collaboratively by the EU and Nigeria, consists of various programs facilitated through Global Gateway. These programs include climate smart agriculture, sustainable energy, access to health services, and support for youth education development.
Additionally, the package will aid in building access to the Nigerian social protection safety net, supporting border management and the reintegration of returnees, assisting with the disarmament, demobilization, and reintegration of Boko Haram fighters in the North East region, and improving the criminal justice system and fighting against corruption.
