BRUSSELS (Chatnewstv.com) — The European Union has approved a €190 million (₦320.5 billion) credit line for Nigerian banks to boost financing in the nation’s agricultural sector, according to officials from the European Investment Bank (EIB) and Nigeria’s Ministry of Budget and Economic Planning.
In a statement Monday, Bolaji Adebiyi, media adviser to Minister Atiku Bagudu, said the EIB will channel the funds through Nigerian commercial banks and financial institutions to expand lending for agribusiness.
The announcement followed a meeting between EIB executives and Nigerian officials on the sidelines of the Global Gateway Forum in Brussels.
“This initiative reflects the EU’s commitment to strengthening Nigeria’s agricultural value chains, particularly in cocoa and dairy production,” said Thourayya Tricki, the EIB’s Director of International Partnerships.
Tricki added that the program would promote climate-smart agriculture aimed at enhancing sustainability and competitiveness in the agri-food sector. She said the package includes both credit lines and technical assistance for development finance institutions and commercial banks.
Diedrick Zambon, EIB’s Head of Sub-Saharan Africa Relations, also attended the meeting.
In addition, the EU announced a separate €68 million package to support Nigeria’s vaccine manufacturing and pharmaceutical industries — including an €18 million technical assistance grant and a €50 million credit facility.
Bolaji Onalaja, special assistant to the minister, and Benjamin Galadima, EU Unit focal officer, noted that the new funding aligns with ongoing economic reforms under President Bola Tinubu’s Renewed Hope Agenda and Nigeria’s upcoming National Development Plan (2026–2030).
The Nigerian delegation held talks with the EU Directorate of International Partnerships (INTPA) and the European Bank for Reconstruction and Development (EBRD).
On behalf of Minister Bagudu, who was on official duty in Vienna, the delegation thanked Gauthier Mignot, Head of the EU Delegation to Nigeria and ECOWAS, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum.
During her keynote address, European Commission President Ursula von der Leyen announced that the Global Gateway Investment Package will expand to €400 billion and include a new Investment Hub to improve project implementation and financing across Africa.
The Global Gateway Forum brings together governments, investors, and development institutions to promote sustainable and transparent infrastructure investment worldwide.
