The European Union has boosted its development cooperation with Nigeria by allocating a N320.5 billion (EUR 190 million) credit line to support Nigerian banks and financial institutions in increasing lending to the agricultural sector.
In a statement, Bolaji Adebiyi, media aide to the minister of Budget and National Planning said the facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning also attended the Global Gateway Forum in Brussels, Belgium, where they engaged in discussions on international cooperation and economic development.
Ms Thourayya Tricki, the bank’s Director of International Partnerships, reaffirmed the EU’s dedication to supporting Nigeria’s digital transformation efforts, highlighting its potential to drive growth across various sectors. She stated that the credit facility is part of the EU’s broader commitment to developing Nigeria’s agricultural value chains, with a focus on cocoa production. Tricki, accompanied by the bank’s Head of Sub Saharan Africa Relations, Mr Diedrick Zambon, noted that the Nigerian investment package for climate smart agriculture is nearing completion, aiming to enhance the sustainability and competitiveness of the country’s agricultural products.
She explained that, the package includes credit lines and technical assistance to relevant Development Finance Institutions (DFIs) and commercial banks in Nigeria to expand their The package, she explained, includes credit lines and technical assistance to relevant Development Finance Institutions (DFIs) and commercial banks in Nigeria to expand their credit facilities to agricultural businesses
Nigeria already benefits from an EUR 18m Nigeria already benefits from an EUR 18m Technical Assistance grant will support vaccine manufacturing regulatory framework and capacity building, complemented by a EUR 50m facility for pharmaceutical industry credit expansion.
The Nigerian delegation, including the Special Assistant to the Minister, Mr. Bolaji Onalaja, and the Focal Officer, EU Unit, Mr. Benjamin Galadima, highlighted ongoing reforms under the Renewed Hope Agenda of President Bola Ahmed Tinubu, as well as the forthcoming National Development Plan (2026–2030), as strategic frameworks for attracting sustainable investments and strengthening community-level development through the Ward-Based Development Programme. The Nigerian team also participated in a series of high-level sessions and held bilateral meetings with key EU institutions, including officials from the Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD), among others. These engagements provided an avenue to deepen strategic partnerships, explore new areas of cooperation, and reaffirm Nigeria’s commitment to fostering inclusive growth and sustainable development through enhanced collaboration with European counterparts.
Austria, on behalf of the Minister of Budget and Economic planning, Senator Abubakar Atiku Bagudu, who was on another official assignment in Vienna, expressed Nigeria’s appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for the excellent facilitation of Nigeria’s participation at the 2025 Global Gateway Forum.
The Global gateway forum acts as the main platform for turning the Global Gateway Investment Package into actionable partnerships and viable projects.
It combines efforts of governments, development finance institutions, and private sector, it coordinates goals, leverages resources, and fast-tracks investments promoting connectivity, environmental sustainability, digital innovation, and human development.
She stated in her keynote address, the President of the EU Commission, Ursula von der Leyen, reaffirmed the European Union’s commitment to developing mutually beneficial partnerships based on trust, sustainability, and shared prosperity under the Global Gateway Strategy. She 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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