EU, Nigeria Sign ₦320bn Credit Agreement to Boost Agricultural Development

Nigeria’s agricultural sector is set to receive a major boost following the approval of a €190 million (approximately ₦320.5 billion) credit line by the European Union to enhance lending to farmers and agribusinesses through local commercial banks and development finance institutions.

The facility, provided by the European Investment Bank (EIB), was unveiled during a bilateral meeting between senior EIB officials and representatives of Nigeria’s Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum in Brussels, Belgium.

According to a statement from the Minister of Budget and Economic Planning’s Special Adviser on Media, Bolaji Adeniyi, the initiative reflects the EU’s growing commitment to Nigeria’s economic diversification agenda.

EIB Director for International Partnerships, Thourayya Tricki, said the funding aims to strengthen Nigeria’s agricultural value chains, particularly in cocoa and dairy, while advancing climate-smart and sustainable farming practices. “This credit line will expand access to finance and enhance the competitiveness of Nigeria’s agri-food products,” she noted.

Tricki, accompanied by EIB’s Head of Sub-Saharan Africa Relations, Diedrick Zambon, explained that the facility combines credit and technical support components designed to “de-risk agricultural lending and build institutional capacity for long-term financing.”

Nigeria currently benefits from multiple EU-backed programmes, including an €18 million grant to enhance local vaccine production and a €50 million credit line to improve access to finance in the pharmaceutical sector.

Representing Nigeria, Special Assistant to the Minister of Budget and Economic Planning, Bolaji Onalaja, and EU Unit Focal Officer, Benjamin Galadima, reaffirmed the government’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.

“Our administration is focused on creating an enabling investment environment through the upcoming National Development Plan (2026–2030) and the Ward-Based Development Programme to drive inclusive growth,” Onalaja stated.

The Nigerian delegation also met with officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development to explore collaboration opportunities in renewable energy, green infrastructure, and industrial development.

Speaking on behalf of Minister of Budget and Economic Planning Senator Abubakar Bagudu, who was on an official visit to Vienna, the delegation expressed gratitude to the EU Delegation to Nigeria and ECOWAS, led by Ambassador Gauthier Mignot, for supporting Nigeria’s participation in the Global Gateway Forum.

The Global Gateway Forum, the EU’s flagship investment platform, convenes governments, investors, and development institutions to mobilise resources for sustainable projects in digitalisation, green transition, and human capital growth. European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to “building partnerships founded on trust and shared prosperity,” adding that the Global Gateway Investment Package has been expanded to €400 billion with a new Investment Hub to fast-track project delivery, particularly in Africa.

The EU–Nigeria credit agreement is expected to further strengthen bilateral ties under the Global Gateway Strategy while advancing Nigeria’s agricultural transformation, food security, and export competitiveness.