By Samuel Adeola
The European Union (EU), has approved a ₦320.5 billion (€190 million), credit line to support Nigerian farmers and agribusinesses through local commercial and development banks.
Announced during a bilateral meeting between the European Investment Bank (EIB), and Nigeria’s Ministry of Budget and Economic Planning in Brussels, the facility aims to expand access to finance and promote climate-smart, sustainable agriculture.
EIB Director for International Partnerships, Thourayya Tricki, said the loan reflects the EU’s commitment to Nigeria’s economic diversification, noting it will strengthen value chains in cocoa, dairy, and other agri-food products.
The package also includes technical assistance to help banks de-risk agricultural lending and build capacity for long-term financing.
Nigeria’s delegation reaffirmed commitment to reforms under President Bola Tinubu’s Renewed Hope Agenda, emphasizing that agriculture remains key to inclusive growth and food security.
