Nigeria’s agricultural sector is set for a major financing boost as the European Union has approved a €190 m (about N320.5bn) credit line to expand lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions.
The facility, provided by the European Investment Bank, was announced during a bilateral meeting between senior EIB executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the Global Gateway Forum held recently in Brussels, Belgium.
A statement issued on Monday by the Minister of Budget and Economic Planning’s Special Adviser on Media, Bolaji Adeniyi, confirmed the development.
Speaking at the session, the EIB’s Director for International Partnerships, Thourayya Tricki, said the initiative underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.
