EIB Global and FCMB Launch N127.4bn Agricultural Financing

EIB Global, the international development arm of the European Investment Bank Group, and First City Monument Bank (FCMB) announced a financing initiative totaling €85 million (N127.4bn) to support private-sector companies in Nigeria's agricultural value chains. At least 70% of this financing will target cocoa and dairy sectors.

This announcement was made during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, attended by key figures including EIB Group President Nadia Calviño and Nigerian Minister of Finance Taiwo Oyedele. This investment marks EIB Global's first foray into the dairy sector outside the European Union and aligns with Nigeria's sustainable agriculture goals.

The financing aims to address market gaps in the dairy sector and enhance cocoa processing capacities, providing liquidity support to cooperatives and farmers. Compliance with EU regulations on deforestation will be ensured, promoting biodiversity and rural development.

EIB Global will also provide technical assistance to FCMB's climate action strategy.