The European Union (EU) has approved a N320.5 billion (€190 million) credit line for Nigerian banks to strengthen the nation’s agricultural sector.
Gatekeepers News reports that in a statement released on Monday, Bolaji Adebiyi, media adviser to Atiku Bagudu, Minister of Budget and Economic Planning, said the European Investment Bank (EIB) will disburse the funds through Nigerian commercial banks and financial institutions to expand agribusiness financing.
Adebiyi noted that the facility was announced during a meeting between EIB executives and officials of the Federal Ministry of Budget and Economic Planning, held on the sidelines of the Global Gateway Forum in Brussels, Belgium.
According to Thourayya Tricki, EIB’s Director of International Partnerships, the initiative reflects the EU’s commitment to developing Nigeria’s agricultural value chains, particularly in cocoa and dairy production.
Tricki added that the programme supports climate-smart agriculture to enhance sustainability and competitiveness in the agri-food sector.
She further explained that the package includes credit lines and technical assistance to development finance institutions (DFIs) and commercial banks to expand lending capacity in the agricultural subsector. Diedrick Zambon, Head of Sub-Saharan Africa Relations at the EIB, also attended the meeting.
In addition, the EU has allocated €68 million to boost Nigeria’s vaccine manufacturing and pharmaceutical industries — consisting of an €18 million technical assistance grant and a €50 million credit facility.
Bolaji Onalaja, Special Assistant to the Minister, and Benjamin Galadima, EU Unit Focal Officer, highlighted ongoing economic reforms under President Bola Tinubu’s Renewed Hope Agenda.
They also emphasized the upcoming National Development Plan (2026–2030) as a framework for attracting sustainable investment and promoting grassroots development through the ward-based development programme.
The Nigerian delegation held high-level discussions with EU institutions, including the Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD).
On behalf of Minister Bagudu, who was on official duty in Vienna, the delegation expressed appreciation to Gauthier Mignot, Head of the EU Delegation to Nigeria and ECOWAS, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum.
During her keynote address, Ursula von der Leyen, President of the European Commission, announced the expansion of the Global Gateway Investment Package to €400 billion and the establishment of a dedicated Investment Hub to improve project implementation and financing, particularly across Africa.
The Global Gateway Forum serves as a platform for world leaders and stakeholders to foster partnerships and promote sustainable global infrastructure investments.
