EIB Global and BOI Partner to boost sustainable agriculture in Nigeria

EIB Global and the Bank of Industry (BOI) have signed an US$98.64mn agreement to strengthen agricultural value chains in Nigeria, with a strong focus on sustainability and private sector development.

The partnership, announced during the Nigeria-EU Ministerial Summit in Abuja, targets cooperatives, MSMEs, and private sector companies, with at least 70 percent of loans directed to the cocoa and dairy sectors.

The initiative, supported under the EU Global Gateway programme, aligns with Nigeria’s goals for sustainable agriculture, financial inclusion, and rural development. The funding is dedicated to enhancing productivity, improving value addition, and creating stronger linkages across the agricultural value chains, ultimately boosting incomes and livelihoods for processors and agribusinesses.

Olasupo Olusi, Managing Director and CEO of BOI, said,“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth.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.”

The project also emphasises compliance with environmental and social standards, the EU Regulation on Deforestation, and EU environmental guidelines. It aims to conserve biodiversity, reduce environmental impacts, and promote inclusive rural development, consistent with the EIB Climate Roadmap and the EU Green Deal. In addition, EIB Global will provide technical assistance to support BOI’s climate action strategy and strengthen the agriculture sector’s capacity to manage environmental and social risks.

Ambroise Fayolle, Vice President of EIB, said, “I am delighted that EIB is financing this project with the Bank of Industry 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.” He added that the initiative aligns with the EU Global Gateway strategy and supports the sustainable transformation of Nigeria’s agricultural sector.

Jozef Sikela, Commissioner for International Partnership of the European Commission, added, “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.”

Since 1978, EIB has invested US$2.67bn in Nigeria, supporting transformative projects in sustainable urban transport, climate adaptation, innovation, digitalisation, and agribusiness, helping to drive long-term economic growth.