EIB Global and FCMB Team Up to Boost Nigerian Agriculture with €85 Million Funding

EIB Global, the international development arm of the European Investment Bank Group, and First City Monument Bank (FCMB) have announced they will provide €85 million to support private-sector companies in Nigeria's agricultural value chains. About 70% of this funding will focus on the cocoa and dairy sectors.

This announcement took place during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok. Key figures present included EIB Group President Nadia Calviño, Nigerian Minister of Finance Taiwo Oyedele, EIB Vice-President Ambroise Fayolle, European Commissioner for International Partnerships Jozef Síkela, and FCMB CEO Yemisi Edun.

This is EIB Global’s first investment in the dairy sector outside the European Union. It aligns with Nigeria’s goals for sustainable agriculture and inclusion, as well as environmental and social standards. The funding aims to fill gaps in the dairy market, helping EU businesses in Nigeria boost milk supply.

Since Nigeria is one of the world’s biggest cocoa exporters, this funding from EIB Global through FCMB will enhance industrial processing along the entire cocoa value chain. It will also provide support to cocoa cooperatives and farmers, improving product traceability. The investment will comply with the EU Regulation on Deforestation, promoting biodiversity and reducing environmental impacts while supporting rural development, in line with EU standards and the EIB Group’s Climate Roadmap.

In addition to the funding, EIB Global will offer technical support to FCMB’s climate action strategy and help the Nigerian agriculture sector manage environmental and social risks.

EIB Group President Nadia Calviño said, "The EIB Group invests in agricultural value chains in Africa, main drivers of food security and economic growth. These projects also open business opportunities for EU companies in Nigeria, building a truly win-win partnership."

EIB Vice-President Ambroise Fayolle noted, "With this financial partnership with First City Monument Bank, EIB Global concretely supports Nigerian agribusinesses to grow competitively while meeting international environmental and social standards. Such investment is important for the country in terms of employment, health and the economy, with real impact on the local population. It is a concrete example of the EU Global Gateway initiative in which the EIB Group, as the EU bank, is a key actor and partner in Africa."

European Commissioner for International Partnerships Jozef Sikela stated, "Nigeria has enormous potential in agriculture. To turn that potential into more jobs, stronger businesses and new economic opportunities, we need to ensure that more value is created and retained in Nigeria. This Global Gateway investment with EIB Global and First City Monument Bank will help businesses across the cocoa and dairy value chains access the finance they need to grow and expand local processing. That is how we build stronger value chains and deepen the EU-Nigeria partnership for the benefit of both sides."

FCMB CEO Yemisi Edun added, "For farmers and agribusinesses, access to finance can make the difference between selling raw produce and building businesses that process more, earn more and create more jobs. Through our partnership with EIB Global, businesses across Nigeria’s cocoa and dairy value chains will have access to the long-term funding needed to increase production, expand processing capacity and reach new markets. By combining financing with technical support, we aim to strengthen rural livelihoods, promote sustainable growth and help build a more resilient agricultural sector."

The project aligns with the EU’s geopolitical priorities and Nigeria’s development plans by supporting sustainable food systems and strategic food autonomy. It also contributes to the Team Europe Initiative on Green Economy, which promotes climate-smart agriculture, inclusive agribusiness, rural access, and access to agricultural markets.

Overall, the EIB Group has invested €2.3 billion in Nigeria since starting its activities in the country in 1978. This funding has supported important projects in areas like sustainable urban transport, climate adaptation, innovation, digitalisation, agribusiness logistics, and support for small and medium enterprises.