European Union yesterday announced a significant expansion of its strategic partnership with Nigeria, unveiling a €290 million investment package under its Global Gateway Strategy to support digital infrastructure, healthcare manufacturing, agricultural value chains, and migration management.
The announcement was made during the Eighth Nigeria–EU Ministerial Dialogue held in Abuja and co-chaired by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and EU High Representative for Foreign Affairs and Security Policy and Vice President of European Commission, Kaja Kallas.
On the side-lines of the summit in Abuja, EIB Global, the development arm of European Investment Bank (EIB), and Bank of Industry (BoI) announced the signing of a €50 million financial agreement to boost the local healthcare sector in Nigeria to address unmet medical needs.
In addition, the parties signed an €85 million agreement to boost the development of Nigeria’s agricultural value chains. At least 70 per cent of the loans will target cocoa and dairy value chains.
The health financing intervention will be delivered through a credit line to support local manufacturers of medicinal products and devices, such as pharmaceuticals, vaccines, and diagnostics.
