EU Approves €190m Credit Line to Boost Nigeria’s Agricultural Financing

By Sub Zero ✔

ABUJA — Nigeria’s agriculture sector is poised for a major financing boost as the European Union has approved a €190 million (₦320.5 billion) credit line to expand lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions.

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

Thourayya Tricki, EIB Director for International Partnerships, said the facility underscores the EU’s commitment to supporting Nigeria’s economic diversification, particularly through climate-smart agriculture and value-chain development. She added that the investment will enhance sustainability, competitiveness, and access to finance in sectors like cocoa and dairy.

The credit line includes both financing and technical assistance components aimed at de-risking agricultural lending and building institutional capacity for long-term sector development. Nigeria already benefits from EU-backed programs, including an €18 million technical assistance grant for vaccine production and a €50 million credit facility for the pharmaceutical sector.

Representing Nigeria, Bolaji Onalaja, Special Assistant to the Minister, reaffirmed the government’s commitment to reforms under President Bola Tinubu’s Renewed Hope Agenda, including the National Development Plan (2026–2030) and the Ward-Based Development Programme, to attract sustainable investments and ensure grassroots growth.

The Nigerian delegation also explored opportunities for collaboration in green infrastructure, renewable energy, and industrial development with officials from the European Bank for Reconstruction and Development and EU representatives.

At the Global Gateway Forum, European Commission President Ursula von der Leyen announced plans to expand the Global Gateway Investment Package to €400 billion and launch a dedicated Investment Hub to accelerate project delivery, particularly in Africa.

The €190 million EU–Nigeria financing deal is expected to strengthen bilateral cooperation, modernize Nigeria’s agriculture sector, improve food security, and enhance export competitiveness.

Sub Zero ✔

Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.

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