EIB and FCMB Launch €85M Funding for Nigeria's Agriculture

The European Investment Bank (EIB) Group and First City Monument Bank (FCMB) have announced €85 million in financing aimed at supporting private-sector businesses within Nigeria’s agricultural value chains, with at least 70 percent allocated to cocoa and dairy production and processing. This funding, unveiled during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand, is intended to enhance local processing capacity, improve access to long-term credit for farmers and agribusinesses, create jobs, and strengthen agricultural value chains in Nigeria.

The investment, facilitated by EIB Global, will address financing gaps in the cocoa and dairy sectors, enabling businesses to increase production and comply with international environmental and social standards. Notably, this marks EIB Global’s first investment in the dairy sector outside the European Union.

The initiative is expected to promote biodiversity conservation and support inclusive rural development, with EIB Group President Nadia Calviño emphasizing the importance of agricultural value chains for food security and economic growth in Africa.