EIB and FCMB Launch €85 Million Fund for Nigerian Agriculture

The capital injection, announced during the IMF and World Bank Group meetings, marks a significant shift in EIB Global’s development strategy. Specifically, this is the institution’s first investment covering the dairy sector outside the European Union. At least 70% of the funds are earmarked for cocoa and dairy businesses, providing the long-term liquidity required to build processing facilities and improve supply chains. FCMB Chief Executive Officer Yemisi Edun noted that this access to finance is crucial for creating jobs and enabling businesses to retain more economic value within the country.

Beyond direct funding, the program integrates technical support to align Nigerian agribusinesses with international standards, including the EU Regulation on Deforestation. This focus on sustainability extends to climate-smart agricultural practices and biodiversity conservation, supported by the European Green Deal. For Nigeria, which has been a partner of the EIB since 1978, the initiative represents a strategic effort to boost food autonomy and industrial capacity. The project forms part of the broader Global Gateway initiative, connecting EU development priorities with Nigeria’s domestic goals for economic growth and rural development.