James Emejo in Abuja

European Union (EU) has allocated N320.5 billion (€190 million) credit line to Nigerian commercial banks and financial institutions to broaden their lending to the agricultural sector.  

The facility, provided by European Investment Bank (EIB), 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 side-lines of the recently concluded Global Gateway Forum in Brussels, Belgium.  

EIB’s Director, International Partnerships, Ms Thourayya Tricki, said the credit facility was part of EU’s commitment to the development of the country’s agricultural value chain, particularly in cocoa and dairy.

Tricki reaffirmed EU’s commitment to supporting Nigeria’s ambitions and initiatives for digital transformation, given its potential to catalyse growth in other sectors of the economy.

Tricki, who attended the bilateral meeting alongside the bank’s Head, Sub-Saharan Africa Relations, Mr. Diedrick Zambon, stated that the Nigerian investment package for climate-smart agricultural production and processing was at an advanced stage for approval.

The fund aimed at ensuring sustainability and competitiveness of agri-food products.

Tricki also explained that the package included credit lines and technical assistance to relevant Development Finance Institutions (DFIs) and commercial banks in the country to expand their lending portfolios to the agricultural subsector.

Nigeria already benefits from a €18 million -technical assistance grant to strengthen the 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, including Special Assistant to the Minister of Budget and Economic Planning, Mr Bolaji Onalaja, and Focal Officer, EU Unit, Mr. Benjamin Galadima, highlighted ongoing reforms under the Renewed Hope Agenda of President Bola Tinubu.

They also discussed the forthcoming National Development Plan (2026–2030) as frameworks for attracting sustainable investments and strengthening community-level development through Ward-Based Development Programme.

The Nigerian team also engaged in a series of high-level sessions and conducted bilateral meetings with key EU institutions, including officials from the Directorate of International Partnerships (INTPA) and European Bank for Reconstruction and Development (EBRD), among others.

On behalf of Minister of Budget and Economic Planning, Senator Abubakar Bagudu, who was on another official assignment in Vienna, Austria, the team expressed Nigeria’s gratitude to Head of the EU Delegation to Nigeria and ECOWAS, Gauthier Mignot, for the excellent facilitation of Nigeria’s participation at the 2025 Global Gateway Forum.

Essentially, Global Gateway Forum acts as the main platform for turning the Global Gateway Investment Package into actionable partnerships and viable projects.

The forum unites governments, development finance institutions, and the private sector to coordinate priorities, mobilise resources, and speed up sustainable investments that enhance connectivity, green transition, digital transformation, and human capital development across partner regions.

In her keynote address, President of the EU Commission, Ursula von der Leyen, reaffirmed the block’s commitment to developing mutually beneficial partnerships based on trust, sustainability, and shared prosperity under the Global Gateway Strategy.

In a statement, Leyen announced the expansion of the Global Gateway Investment Package to €400 billion and the creation of a dedicated Investment Hub to facilitate improved transactions and accelerate project delivery across partner regions, especially in Africa.

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