- EIB Global and BOI signs an €85 million agreement to boost the development of agricultural value chains.
- The operation will focus on the agriculture sector in compliance with Environmental and Social Standards (ESS).
- The project, supported by the EU Global Gateway initiative, is aligned with Nigeria's development objectives in sustainable agriculture and financial inclusion.
Today, on the sidelines of the Nigeria-EU Ministerial Summit in Abuja, EIB Global, the development arm of the European Investment Bank (EIB), and the Bank of Industry (BOI) announced the EUR 85 million financial agreement to support private sector companies across the agricultural value chains, including cooperatives, and MSMEs. At least 70% of the loans will target cocoa and dairy value chains.
The announcement was made in Abuja in the presence of EIB Head of Unit, Mrs Svetla Stoeva, Managing Director/CEO BOI, Dr. Olasupo Olusi, His Excellency, the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Ambassador of European Union in Nigeria and ECOWAS, Mr Gautier Mignot.
The financing is fully dedicated to strengthening agricultural value chains with a focus on sustainable cocoa production and dairy supply management. Through its partnership with BOI, EIB Global will support increased value addition, improved productivity and stronger linkages across value chains while enhancing incomes and livelihoods for processors and agribusinesses. Furthermore, the project will support the sustainable transformation of Nigeria's targeted value chains and ensure compliance with the EIB's environmental and social standards, the EU Regulation on Deforestation (EUDR) and EU standards. It will foster biodiversity conservation and reduce environmental externalities while supporting inclusive rural development in line with the EIB Climate Roadmap and the EU Green Deal.
Alongside the credit line, EIB is providing technical assistance to support BOI’s climate action strategy and to support capacity building of the agriculture sector in managing environmental and social risks.
“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth,” said Dr. Olasupo Olusi, Managing Director/CEO of the Bank of Industry. “By partnering with EIB Global, BOI is scaling support for sustainable agriculture, strengthening critical value chains and enabling Nigerian agribusinesses to grow competitively while meeting international environmental and social standards”.
“I am delighted that EIB is financing this project with the Bank of Industry (BOI) for the development of agricultural value chains in Nigeria, including sustainable cocoa. Such investment is important for the country in terms of employment, health, and economy, with real impact on local population.” said EIB Vice President Ambroise Fayolle. He added: “Our ambition is to support and accompany the sustainable transformation of Nigeria's targeted value chains, in line with EU Global Gateway Initiative of which EIB, as the EU bank, is a key actor and partner in Africa.”
Jozef Sikela, Commissioner for International Partnership of the European Commission stated “This investment strengthens cocoa and dairy value chains in Nigeria, where both sectors already employ thousands of farmers and workers and have clear potential for local processing and growth. This way, we help create more jobs and ensure that more value stays in Nigeria”.
The project is in line with the EU`s geopolitical goals and Nigeria's development plans, focusing on sustainable food systems and strategic food autonomy, the main agricultural objectives of the EU. The investment is also strongly aligned with the Team Europe Initiative (TEUI) Green Economy which promotes climate smart agriculture, inclusive agribusiness, rural access and agriculture market.
Overall, in Nigeria, EIB has invested EUR 2.3B since the start of its activities in the country in 1978, supporting impactful and transformative investments in crucial areas for the country such as sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics and small and medium enterprises (SMEs) and Midcaps financing.
Background information
About EIB Global
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.
https://www.linkedin.com/company/european-investment-bank/
About BOI
The Bank of Industry (BOI) is Nigeria’s leading development finance institution, established in 1959 and reconstituted in 2001 to drive industrial growth and inclusive economic development. The Bank provides long-term financing and advisory support to enterprises across key sectors, strengthening local production, value chains and job creation.
Between 2023 and 2025, BOI supported over 1 million enterprises and disbursed more than ₦1.27 trillion to businesses nationwide, helping to expand productive capacity and improve access to finance for underserved segments of the economy.
Through its nationwide footprint and strong international partnerships, BOI continues to play a central role in accelerating sustainable private-sector-led growth and economic diversification in Nigeria.
https://www.linkedin.com/company/bank-of-industry-limited/
https://www.instagram.com/boinigeria/
About Global Gateway:
Global Gateway is the EU's positive offer to reduce the worldwide investment disparity and boost smart, clean, and secure connections in digital, energy and transport sectors, and to strengthen health, education, and research systems.
The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.
For more information: https://international-partnerships.ec.europa.eu/