The European Union (EU) has allocated N320.5 billion (€190
million) credit line to Nigerian banks to strengthen the country’s agricultural
sector.
In a statement on Monday, Bolaji Adebiyi, special adviser on
media to Atiku Bagudu, minister of budget and economic planning, said the
European Investment Bank (EIB) is providing the credit line, which will be
channelled through Nigerian commercial banks and financial institutions to
increase lending for agribusinesses.
According to the minister’s aide, the EIB announced the
facility at a meeting between the bank’s senior executives and the federal
ministry of budget and economic planning, on the sidelines of the Global
Gateway Forum in Brussels, Belgium.
Thourayya Tricki, EIB’s director of international
partnerships, said the credit facility is part of the EU’s commitment to
developing Nigeria’s agricultural value chains, particularly in cocoa and
dairy.
Tricki said the Nigerian investment package for
climate-smart agriculture is at an advanced stage, ensuring the sustainability
and competitiveness of agri-food products.
Also, the director explained that the package includes
credit lines and technical assistance to development finance institutions
(DFIs) and commercial banks to expand lending portfolios to the agricultural
subsector.
Diedrick Zambon, the bank’s head of Sub-Saharan Africa
relations, was present at the meeting.
‘NIGERIA RECEIVED €68M EU FUNDING FOR VACCINE
MANUFACTURING, PHARMACEUTICAL INDUSTRY GROWTH’
According to the statement, the European Union has allocated
€68 million to boost Nigeria’s vaccine manufacturing and pharmaceutical
industry, comprising an €18 million technical assistance grant and a €50
million credit facility.
Also, Bolaji Onalaja, special assistant to the minister, and
Benjamin Galadima, focal officer of the EU unit, highlighted ongoing reforms
under President Bola Tinubu’s Renewed Hope Agenda.
The Nigerian delegation also mentioned the forthcoming
National Development Plan (2026–2030) as a framework for attracting sustainable
investments and strengthening community-level development through the
ward-based development programme.
Also, the team held high-level sessions and bilateral
meetings with EU institutions, including officials of the Directorate of
International Partnerships (INTPA) and the European Bank for Reconstruction and
Development (EBRD).
On behalf of Bagudu, who was on an official assignment in
Vienna, Austria, the team thanked Gauthier Mignot, head of the EU delegation to
Nigeria and ECOWAS, for the excellent facilitation of Nigeria’s participation
at the 2025 Global Gateway Forum.
In her keynote address, Ursula von der Leyen, president of
the EU Commission, announced the expansion of the Global Gateway Investment
Package to €400 billion.
Leyen also declared the creation of a dedicated Investment
Hub to facilitate improved transactions and accelerate project delivery across
partner regions, especially in Africa.
The Global Gateway Forum is an event hosted by the European
Union to promote global investment in sustainable infrastructure.
The event brings together leaders and stakeholders from
around the world to discuss and launch partnerships in key areas.
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