BRUSSELS, Oct 14 (AGCNewsNet) – The European Union (EU) has strengthened its development cooperation with Nigeria through a ₦320.5 billion (€190 million) credit facility aimed at expanding lending to the country’s agricultural sector.

The funding, provided by the European Investment Bank (EIB), was announced during a meeting between the bank’s senior executives and a Nigerian delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum in Brussels, Belgium.

According to the ministry, the facility will be channeled through Nigerian commercial banks and financial institutions to support the development of agricultural value chains, particularly in cocoa and dairy production.

Thourayya Tricki, EIB Director for International Partnerships, emphasized that the credit line reflects the EU’s commitment to supporting Nigeria’s agricultural transformation and digital growth agenda. She noted that the initiative aligns with the EU’s broader efforts to promote climate-smart agricultural production and enhance the competitiveness of agri-food products.

“The package includes both credit lines and technical assistance for Development Finance Institutions (DFIs) and commercial banks to expand their agricultural lending portfolios,” Tricki said.

Nigeria also benefits from other EU-funded programmes, including an €18 million technical assistance grant to strengthen vaccine manufacturing capacity and a €50 million facility to boost credit access in the pharmaceutical industry.

The Nigerian delegation, led by officials from the Ministry of Budget and Economic Planning, highlighted ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda and the forthcoming National Development Plan (2026–2030). These initiatives aim to attract sustainable investments and promote grassroots development through the Ward-Based Development Programme.

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, expressed appreciation to Ambassador Gauthier Mignot, Head of the EU Delegation to Nigeria and ECOWAS, for facilitating Nigeria’s participation in the Global Gateway Forum.

The Global Gateway Forum serves as the EU’s platform for driving investments that promote connectivity, digital transformation, green transition, and human capital development across partner regions.

European Commission President Ursula von der Leyen reaffirmed the EU’s commitment to building “mutually beneficial partnerships founded on trust, sustainability, and shared prosperity.” She also announced the expansion of the Global Gateway Investment Package to €400 billion, alongside the launch of a dedicated Investment Hub to fast-track projects, particularly across Africa.

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