By Esohe Aifuwa
EU Injects N320.5bn to Boost Nigeria’s Farming Sector
Nigerian farmers and agribusinesses are set to benefit from a €190 million (approximately N320.5 billion) credit facility from the European Union, aimed at expanding access to finance through local banks and development institutions.
The announcement came during a high-level meeting between Nigerian officials and the European Investment Bank (EIB) at the recent Global Gateway Forum in Brussels, Belgium.
The funding, provided by the EIB, will focus on strengthening Nigeria’s agricultural sector, particularly in cocoa and dairy production, while promoting climate-smart practices and enhancing the competitiveness of agri-food products.
EIB’s Director for International Partnerships, Thourayya Tricki, emphasized that the initiative is designed to support Nigeria’s push for economic diversification. “This credit line will empower farmers and businesses by improving access to finance and building stronger agricultural value chains,” she said during the meeting.
The facility includes technical support to help local banks and financial institutions manage risks associated with agricultural lending. This move is expected to encourage long-term investment in the sector, enabling farmers to scale operations and adopt sustainable practices.
Representing Nigeria, Bolaji Onalaja, Special Assistant to the Minister of Budget and Economic Planning, highlighted the government’s commitment to creating a favorable environment for such investments. “Under President Bola Tinubu’s Renewed Hope Agenda, we are working to ensure growth reaches every corner of Nigeria, especially through initiatives like the upcoming National Development Plan (2026–2030),” Onalaja said.
The Nigerian delegation also held discussions with other European officials, exploring partnerships in renewable energy, green infrastructure, and industrial development. The talks underscored Nigeria’s growing role in the EU’s Global Gateway Strategy, a €400 billion investment platform aimed at fostering sustainable projects worldwide.
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This new financing deal builds on existing EU support, including an €18 million grant for vaccine production and a €50 million credit line for Nigeria’s pharmaceutical sector.
The agreement is expected to bolster food security, modernize agriculture, and enhance Nigeria’s export capabilities, marking a significant step in deepening EU-Nigeria ties.
