• The European Investment Bank and Bank of Industry signed €135 million ($156.3 million) in loans targeting healthcare manufacturing and agriculture.

• €50 million will support local production of pharmaceuticals, vaccines, and diagnostic tools.

• €85 million will finance cocoa and dairy value chains, with 70% allocated to these sectors.

The European Investment Bank, through EIB Global, and the Bank of Industry signed two loan agreements totaling €135 million ($156.3 million). The parties signed the agreements on the sidelines of the eighth Nigeria–European Union dialogue held on Monday, March 23, in Abuja.

The financing targets medical production and agricultural value chains. Authorities aim to strengthen private sector production capacity and improve supply systems.

The first agreement allocates €50 million as a credit line for local manufacturers of pharmaceuticals, vaccines, and diagnostic equipment. The facility aims to meet domestic healthcare needs while supporting local production to reduce import dependence.

The mechanism mobilizes long-term financing for priority segments in the health sector.

“At the BOI, we consider healthcare product manufacturing both as a public health imperative and as a strategic economic opportunity. Through this collaboration with EIB Global under the Human Development Accelerator program, we are establishing a sustainable financing architecture that enables Nigerian companies to grow, innovate, and meet international quality standards,” said Olasupo Olusi, Managing Director of the Bank of Industry.

The second agreement allocates €85 million to private sector companies, including cooperatives and SMEs involved in cocoa production and dairy supply. The program directs 70% of the funding to these two sectors.

The financing aims to strengthen value chain organization, production capacity, and supply systems. It also includes technical assistance for the Bank of Industry’s climate strategy and for environmental and social risk management in agriculture.

“Our ambition is to support and advance the sustainable transformation of targeted value chains in Nigeria, in line with the EU’s Global Gateway initiative,” said Ambroise Fayolle.

The European Investment Bank has operated in Nigeria since 1978. The institution states that it has committed €2.3 billion across sectors including urban transport, climate adaptation, innovation, agri-logistics, and financing for SMEs and mid-sized companies.

Chamberline Moko