EIB Global, the international development arm of the European Investment Bank Group, and First City Monument Bank (FCMB) have announced €85 million in financing to support Nigerian businesses across agricultural value chains, with at least 70% of the funding earmarked for the cocoa and dairy sectors.
The financing is expected to help farmers, cooperatives, and agribusinesses increase production, expand local processing, and reach new markets. It also aims to improve access to long-term funding for businesses that often struggle to secure the capital needed to grow.
The announcement was made during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok. Those present included EIB Group President Nadia Calviño, Nigeria’s Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, EIB Vice-President Ambroise Fayolle, European Commissioner for International Partnerships Jozef Síkela, and FCMB Chief Executive Officer Yemisi Edun.
The deal marks EIB Global’s first investment in the dairy sector outside the European Union. It is designed to address funding gaps in Nigeria’s dairy industry while supporting the growth of businesses that need a more reliable supply of locally produced milk.
For the cocoa sector, the financing will support processing capacity, provide liquidity to farmers and cooperatives, and improve the traceability of cocoa products. These measures are intended to help Nigerian producers meet international market requirements and retain more value locally instead of relying primarily on raw commodity exports.
The initiative also includes measures to support compliance with the European Union Deforestation Regulation (EUDR), which seeks to prevent products linked to deforestation from entering the EU market. By strengthening traceability and environmental safeguards, the programme aims to protect biodiversity while supporting rural livelihoods.
Alongside the financing, EIB Global will provide technical assistance to help FCMB strengthen its climate strategy and improve the agricultural sector’s capacity to manage environmental and social risks.
“The EIB Group invests in agricultural value chains in Africa main drivers of food security and economic growth,” said EIB Group President Nadia Calviño. “These projects also open business opportunities for EU companies in Nigeria, building a truly a win-win partnership.”
EIB Vice-President Ambroise Fayolle said the partnership would help Nigerian agribusinesses expand while meeting international environmental and social standards.
He added that investment in agriculture could support employment, improve livelihoods, and contribute to Nigeria’s economic development. He also described the initiative as an example of the EU’s Global Gateway investment strategy in Africa.
European Commissioner for International Partnerships Jozef Síkela said Nigeria needed to retain more value from its agricultural production by expanding local processing and helping businesses grow.
He said the investment would give companies across the cocoa and dairy value chains access to the financing needed to expand operations, create jobs, and strengthen commercial ties between Nigeria and the European Union.
For FCMB, the partnership is intended to address one of the persistent challenges facing farmers and agribusinesses: access to affordable, long-term financing.
“For farmers and agribusinesses, access to finance can make the difference between selling raw produce and building businesses that process more, earn more and create more jobs,” said FCMB Chief Executive Officer Yemisi Edun.
She said the funding would help businesses increase production, expand processing capacity, and reach new markets, while technical support would strengthen rural livelihoods and improve the resilience of Nigeria’s agricultural sector.
The investment also aligns with Nigeria’s development priorities and the EU’s efforts to promote sustainable food systems and reduce dependence on external food supplies. It forms part of the Team Europe Initiative on Green Economy, which supports climate-smart agriculture, inclusive agribusiness, and improved access to rural and agricultural markets.
EIB Group’s investments in Nigeria
The European Investment Bank Group has invested €2.3 billion in Nigeria since beginning operations in the country in 1978.
Its investments have supported projects in sustainable urban transport, climate adaptation, digitalisation, innovation, agricultural logistics, and financing for small and medium-sized enterprises, as well as mid-sized companies.
The latest financing adds to those efforts by focusing on two agricultural value chains with significant potential to support rural employment, local processing, and export growth.
About EIB Global
EIB Global is the international development arm of the European Investment Bank Group, the European Union’s long-term lending institution owned by its member states. It supports investments that advance EU policy objectives and strengthen international development partnerships.
The institution aims to support €100 billion in investment by the end of 2027 and works with development finance institutions, civil society organisations, and other partners under the EU’s Team Europe approach.
About FCMB
First City Monument Bank provides personal, business, and corporate banking services across Nigeria. Its services support individuals and businesses while promoting inclusive and sustainable growth in the communities it serves.
Global Gateway is the European Union’s international investment strategy, designed to improve connections and support investment in digital infrastructure, energy, transport, health, education, and research.
The initiative brings together the EU, its member states, and European development finance institutions, with a target of mobilising up to €300 billion in public and private investment between 2021 and 2027.