BOI Secures €60M from EIB for Cocoa and Dairy Value Chains

The Bank of Industry (BOI) has secured a €60 million credit facility from the European Investment Bank (EIB) to support Nigeria's cocoa and dairy value chains. Dr. Olasupo Olusi, Managing Director and CEO of BOI, disclosed this on Tuesday, July 14, during the Africa Cocoa Summit held in Abuja.

The initiative aims to transition Africa from exporting raw cocoa beans to local processing and branding, enhancing the cocoa value addition. The summit's theme focused on establishing the Cocoa Value Addition Alliance (CVAA), with leaders from Nigeria, Ghana, Côte d'Ivoire, and Cameroon in attendance.

The €60 million is part of an €85 million financing facility backed by the European Union's Global Gateway initiative, designed to strengthen critical sectors in Nigeria. This agreement reinforces BOI's commitment to unlocking long-term affordable financing for priority sectors, driving inclusive growth, and creating jobs while retaining foreign exchange earnings.

The initiative is expected to improve the income of thousands of Nigerian farmers and processors.