The European Union (EU) development cooperation with Nigeria has been strengthened with a N320.5 billion (EUR 190 million) credit line allocated to Nigerian commercial banks and financial institutions to broaden their lending to the agricultural sector.
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, on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.
Expressing the EU’s commitment to support Nigeria’s ambitions and initiatives for digital transformation, given its potential to catalyse growth in other sectors of the economy, the bank’s Director (International Partnerships), Ms Thourayya Tricki, said the credit facility was part of the EU’s commitment to the development of Nigeria’s agricultural value chains, particularly in cocoa and dairy.
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, and the forthcoming National Development
Plan (2026–2030) as frameworks for attracting sustainable investments and strengthening community-level development through the Ward-Based Development Programme.
The Nigerian team also engaged in a series of high-level sessions and conducted 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.
