EIB Global, the international development division of the European Investment Bank Group, and First City Monument Bank (FCMB) have secured €85 million to finance private firms in Nigeria’s agricultural sectors. Premium Times reported that at least 70% of this capital will flow into cocoa and dairy operations. The deal was unveiled in Bangkok during the International Monetary Fund and World Bank Group annual meetings, with EIB President Nadia Calviño and Nigerian Finance Minister Taiwo Oyedele in attendance.
This transaction marks the first time EIB Global has invested in the dairy industry outside the European Union. According to Premium Times, the funding aims to close market gaps by increasing milk supply for EU-based businesses operating in Nigeria. In the cocoa sector, the money will enhance industrial processing capabilities and offer liquidity to cooperatives and farmers. The structure ensures compliance with the EU Regulation on Deforestation, helping to conserve biodiversity and lower environmental costs while supporting rural development.
Technical assistance accompanies the credit line to help FCMB advance its climate strategy and manage environmental risks in the agricultural sector. Calviño noted that these projects create opportunities for EU companies in Nigeria, fostering a mutually beneficial partnership. EIB Vice-President Ambroise Fayolle described the deal as a practical demonstration of the EU Global Gateway initiative, a strategy aiming to mobilize up to €300 billion in public and private investment by 2027.
The initiative supports the Team Europe Initiative on Green Economy, promoting climate-smart agriculture and inclusive agribusiness. Premium Times stated that the project aligns with EU geopolitical goals and Nigeria’s plans for strategic food autonomy. Since 1978, the EIB Group has invested €2.3 billion in Nigeria, backing urban transport, climate adaptation, and digital innovation. This new financing provides long-term capital to help businesses expand processing capacity, reach new markets, and strengthen rural livelihoods through sustainable growth.