Abuja, Oct. 15, 2035 – The European Union has approved a €190 (about N320.5bn) credit line to Nigeria to expand lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions.
Bolaji Adeniyi, the Special Adviser to the Minister of Budget and Economic Planning, disclosed this in a statement.
The statement said the facility, to be provided by the European Investment Bank (EIB), was announced during a bilateral meeting between senior EIB executives and a delegation from Nigeria the just concluded Global Gateway Forum in Brussels, Belgium.
It quoted Thourayya Tricki, the EID Director for International Partnerships, as saying that the initiative underscored the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.
“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy.
“The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products,” she said.
Tricki, who was accompanied by the EIB Head of Sub-Saharan Africa Relations, Diedrick Zambon, explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.
She said the goal was to de-risk agricultural lending and build institutional capacity for long-term financing in the sector.
Representing Nigeria, Bolaji Onalaja, the Special Assistant to the Minister of Budget and Economic Planning, and the EU Unit Focal Officer, Benjamin Galadima, reaffirmed the country’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.
“Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, which will ensure that growth reaches communities at the grassroots,” Onalaja said.
