EIB Global and BOI sign US$92 million financing deal to boost Nigeria’s cocoa and dairy value chains
EIB Global and BOI partner to finance Nigeria’s cocoa and dairy sectors, supporting SMEs, sustainable agriculture and value chain development under the EU Global Gateway initiative.
NIGERIA – EIB Global, the development arm of the European Investment Bank, and Nigeria’s Bank of Industry (BOI) have signed an €85 million (US$92 million) financing agreement to support private-sector businesses across agricultural value chains.
The funding will primarily target cooperatives and micro, small and medium-sized enterprises (MSMEs), with at least 70% of the lending directed towards cocoa and dairy supply chains. The European Investment Bank said the financing will support projects focused on sustainable cocoa production and improved dairy supply management.
The credit line will be channelled through BOI and is backed by the European Union’s Global Gateway initiative. The EIB noted that the programme will be implemented in line with established environmental and social standards.
In addition to financing, the partnership includes technical assistance aimed at strengthening BOI’s climate action strategy and enhancing its capacity to manage environmental and social risks within the agriculture sector.
BOI Managing Director and Chief Executive Olasupo Olusi said the initiative is designed to expand access to finance for key sectors. The partnership is intended to provide long-term, affordable finance for priority industries, he said.
EIB Vice President Ambroise Fayolle stated that the bank is supporting the development of agricultural value chains in Nigeria, including sustainable cocoa production.
European Commissioner for International Partnerships Jozef Sikela added that the investment will help strengthen cocoa and dairy value chains while supporting local processing capabilities.
The European Investment Bank also highlighted its longstanding presence in Nigeria, noting that it has invested €2.3 billion (US$2.5 billion) in the country since beginning operations in 1978.
The agreement comes amid calls for stronger Africa–Europe economic collaboration. Nigeria’s Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, has urged increased technology transfer and local production partnerships with European countries.
Kalu advocated for a near-shoring approach, emphasising the relocation of technology, finance and industrial capacity closer to raw material sources in Africa to drive job creation and economic development.
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