Nigeria's Bank of Industry (BOI) has secured a €60 million credit line from the European Investment Bank (EIB) to finance the industrialization of cocoa processing and dairy supply chains.
The agreement, signed with EIB Global, the development arm of the EU lender, is supported by the European Union's Global Gateway strategy, which seeks to boost infrastructure and private sector development in partner countries.
The financing is designed to address structural bottlenecks in Nigeria's agricultural sector, where raw commodity exports often dominate over value-added processing.
The financing is designed to address structural bottlenecks in Nigeria's agricultural sector, where raw commodity exports often dominate over value-added processing.
By targeting cocoa and dairy, the facility aims to enhance local processing capacity, improve supply chain efficiency, and create jobs within the agribusiness ecosystem.
This aligns with broader Nigerian government efforts to diversify the economy beyond oil and gas.
This deal follows a pattern of increased EIB engagement in emerging markets.