Nigeria’s agricultural sector is set for a major boost following the European Union’s allocation of ₦320.5 billion (€190 million) in credit lines to local banks and financial institutions to expand lending to farmers and agribusinesses. The initiative, managed by the European Investment Bank, was announced during meetings between Nigerian officials and EU representatives at the Global Gateway Forum in Brussels.
EU officials said the facility aligns with ongoing efforts to strengthen Nigeria’s agricultural value chains, particularly in cocoa and dairy, while promoting climate-smart production. The package also includes technical assistance to improve lending capacity and financial oversight.
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Nigeria’s delegation, led by the Ministry of Budget and Economic Planning, described the initiative as supporting President Tinubu’s Renewed Hope Agenda and the forthcoming National Development Plan aimed at driving inclusive, sustainable economic growth.
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