EIB Global and BOI Partner to boost sustainable agriculture in Nigeria.(Image credit: EIB)

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.

Nigeria launches US$50mn fund to support startups. (Image credit: NSIA)

Nigeria is taking a significant step to strengthen its startup ecosystem with the launch of a new US$50mn Impact Innovation Fund.

The initiative is a joint effort between the Nigeria Sovereign Investment Authority and the Japan International Cooperation Agency, designed to support early stage businesses working to solve key social challenges.

The fund will focus on startups operating in areas such as agriculture, healthcare, education, energy, waste and water management. By targeting these sectors, the initiative aims to support solutions that directly improve everyday life while also driving economic growth.

JICA will contribute US$14mn in grant funding, while NSIA will provide up to US$20mn to match the support. The fund will operate as a public investment platform within Nigeria, combining financial backing with technical support. This approach is intended to help startups develop their products, strengthen their operations and expand into new markets.

Beyond funding, the initiative is expected to play a wider role in job creation and improving livelihoods. By backing innovative businesses at an early stage, the fund aims to unlock new opportunities and encourage long term development across the country.

Aminu Umar Sadiq,Managing Director and CEO of NSIA,said, “The Fund represents a transformative step for Nigeria’s startup ecosystem. By providing early-stage ventures in high-impact sectors with the capital and support they need to grow, we are enabling innovators to tackle some of Nigeria’s most pressing challenges. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development.”

Work is already underway to put the fund into action, with plans to identify and support promising startups ready for investment. The focus will be on building a strong pipeline of businesses that can deliver real impact while also scaling sustainably.

NSIA continues to position itself as a key driver of economic progress through partnerships that expand access to funding, encourage innovation and support inclusive growth across Nigeria.

Ethiopia pushes private investment to strengthen agribusiness. (Image credit: ENA)

Ethiopia is increasing its focus on transforming the agribusiness sector, with government leaders encouraging greater private investment to improve food security and reduce dependence on imports.

The move reflects a wider national effort to strengthen domestic production and build a more resilient agricultural system.

Agriculture Minister Addisu Arega highlighted the important role private investors play in driving change across the sector. Speaking at a stakeholder consultation forum in Addis Ababa, he noted that Ethiopia’s Medemer State philosophy places strong emphasis on achieving food self sufficiency and supporting long term growth.

“The concept of Medemer is primarily focused on ensuring that the country achieves sufficient food production and becomes self-sufficient,” Addisu said.

The country is currently rolling out reforms under its updated Agricultural and Rural Development Policy, where agricultural investment has been identified as a key priority. The government is looking to increase both the scale and quality of production by encouraging more participation from private businesses.

At present, around 8,742 investors are active in the sector, with close to 2.3 million hectares of land allocated for agricultural use. However, performance remains uneven, with only a portion of the land being fully utilised.

“Only about 45 percent of the allocated land is currently under active use, which shows the need to strengthen productivity and operational efficiency,” he said.

Addisu also pointed out that Ethiopia still trails behind several countries in agribusiness development, particularly in adopting modern technology and innovative farming methods. He referenced Vietnam, Malaysia and Indonesia as examples where innovation has helped boost productivity and competitiveness.

State Minister of Agriculture Meles Mekonen reinforced the sector’s importance to the national economy, especially in creating jobs and supporting livelihoods.

“Agriculture not only provides a foundation for food security but also creates employment opportunities, particularly for a large number of youths and women,” Meles said.

He added that improving access to modern techniques, better land use and continued government support will be key to unlocking the sector’s full potential and ensuring reliable access to safe and affordable food.

Dangote Gas Deal signals new era for Ethiopia’s fertiliser industry. (Image credit: Dangote)

Dangote Group has moved decisively to reshape Ethiopia’s agricultural future by securing a long term gas supply agreement to support a major fertiliser project in the east of the country.

The deal, announced on 16 March, spans 25 years and was signed with GCL Group. Valued at around US$4.2bn, it will provide the energy needed for a large fertiliser plant currently being built in Gode.

Gas for the project will come from the Calub field and will be transported through a 108 kilometre pipeline directly to the plant. This direct link is expected to reduce supply risks and improve efficiency, something that has often been a challenge for industrial developments across the continent.

Aliko Dangote, chairman and chief executive of Dangote Industries Limited, said, "Through seamless integration and strategic cooperation with GCL, we will achieve an efficient closed-loop value chain from natural gas extraction to fertiliser production, taking a crucial step toward enabling Africa to secure greater autonomy over its food security."

GCL has been working with the Ethiopian government on the Ogaden gas project since 2013. The first phase began operations on 2 October 2025 and can produce 111 million litres of liquefied natural gas each year. Plans for a second phase aim to increase output significantly, although no timeline has been confirmed.

The fertiliser plant in Gode is expected to start operating by 2029, with an annual capacity of three million tonnes of urea. The project represents an investment of US$2.5bn and is intended to reduce Ethiopia’s reliance on imported fertilisers while supplying neighbouring markets.

At present, Ethiopia produces no inorganic fertilisers domestically and imported about 2.32 million tonnes in 2024. Once completed, this project could transform the country’s agricultural supply chain and strengthen food production across the region.