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The European Union Monday announced expansion of its strategic partnership with Nigeria, unveiling a €290 million investment package.
The announcement was made during the Eighth Nigeria–EU Ministerial Dialogue held in Abuja and co-chaired by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and EU High Representative for Foreign Affairs and Security Policy and Vice President of European Commission, Kaja Kallas.
According to a statement by the Ministry, the investments, under its Global Gateway Strategy, will support digital infrastructure, healthcare manufacturing, agricultural value chains, and migration management.
The EIB Global, the development arm of European Investment Bank (EIB), and Bank of Industry (BoI) also announced the signing of a €50 million financial agreement to boost the local healthcare sector in Nigeria to address unmet medical needs.
In addition, the parties signed an €85 million agreement to boost the development of Nigeria’s agricultural value chains.
At least 70 per cent of the loans will target cocoa and dairy value chains.
The health financing intervention will be delivered through a credit line to support local manufacturers of medicinal products and devices, such as pharmaceuticals, vaccines, and diagnostics.
The project is part of the Global Gateway strategy and responds to Nigeria’s national priorities in health and development sectors.
The healthcare deal was witnessed by Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Ambassador of European Union in Nigeria and ECOWAS, Mr. Gautier Mignot; Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi; and EIB Head of Unit, Svetla Stoeva.
Olusi said, “This partnership marks a pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains.
“By mobilising long-term, patient capital into local pharmaceutical, vaccine and diagnostics manufacturing, we are not only strengthening health security but also catalysing industrial growth, skills development and high-quality job creation.
“At the Bank of Industry, we view healthcare manufacturing as both a public health imperative and a strategic economic opportunity. Through this collaboration with EIB Global under the Human Development Accelerator, we are building a sustainable financing architecture that empowers Nigerian enterprises to scale, innovate, and meet international quality standards.”
He added, “ This initiative demonstrates how development finance, when aligned with national priorities and strong international partnerships, can unlock transformative impact-improving lives today while laying the foundation for a more resilient and self-reliant healthcare system for future generations.”
EIB Vice President, Ambroise Fayolle, said, “I am very pleased to announce this partnership with the Bank of Industry to improve public health and daily lives in Nigeria. By financing the development and local manufacture of essential medicinal and nutritional products, we enhance access to affordable, safe, and high-quality treatments for diseases.
“We support national health security while improving the resilience of supply chains. This is a concrete example of the added value of the EIB’s action in Africa as a key partner of Global Gateway.”
European Commission’s Commissioner for International Partnership, Jozef Sikela, said, “This investment strengthens local manufacturing of medical products in Nigeria, giving companies better access to finance and the capacity to scale up production.
“We are investing so that Nigeria can produce more of what it needs at home and build stronger healthcare systems and regional value chains instead of relying on imports.”
The operation is part of the Global Gateway Health Package and aligns with the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+).
It also aligns with national and continental priorities, including Nigeria’s goal to improve self-sufficiency in healthcare and the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, as well as supports regional industrialisation under African Continental Free Trade Area (AfCFTA), with potential export opportunities in ECOWAS market.
In addition, EIB Global stated that it had invested €2.3 billion since the start of its activities in Nigeria in 1978, supporting impactful and transformative investments in crucial areas for the country, such as sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics and small and medium enterprises (SMEs), and Midcaps financing.
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Separately, EIB Global and BoI also signed an €85 million agreement to boost the development of Nigeria’s agricultural value chains and support private sector companies across the agricultural value chains, including cooperatives and MSMEs. It said at least 70 per cent of the loans will target cocoa and dairy value chains.
The operation will focus on the agriculture sector in compliance with Environmental and Social Standards (ESS).
The project, supported by the EU Global Gateway initiative, is aligned with Nigeria’s development objectives in sustainable agriculture and financial inclusion.
In a joint statement, EIB and BoI explained that the financing was fully dedicated to strengthening agricultural value chains with a focus on sustainable cocoa production and dairy supply management.
Through its partnership with BoI, EIB Global will support increased value addition, improved productivity, and stronger linkages across value chains, while enhancing incomes and livelihoods for processors and agribusinesses.
Furthermore, the project will support the sustainable transformation of Nigeria’s targeted value chains and ensure compliance with the EIB’s Public environmental and social standards, EU Regulation on Deforestation (EUDR), and EU standards.
It will also foster biodiversity conservation and reduce environmental externalities, while supporting inclusive rural development in line with the EIB Climate Roadmap and the EU Green Deal.
Olusi 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.”
Fayolle said, “I am delighted that EIB is financing this project with the Bank of Industry (BoI) 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. Our ambition is to support and accompany the sustainable transformation of Nigeria’s targeted value chains, in line with EU Global Gateway Initiative of which EIB, as the EU bank, is a key actor and partner in Africa.”
Alongside the credit line, EIB is providing technical assistance to support BoI’s climate action strategy and to support capacity building of the agriculture sector in managing environmental and social risks.
Alongside the broader investment package, the development arm of European Investment Bank, EIB Global, signed a €50 million financing agreement with BoI to boost healthcare manufacturing in Nigeria.
The facility will support local companies producing pharmaceuticals, vaccines, diagnostic products, and other medical devices through a dedicated credit line aimed at addressing financing gaps in the sector.
The initiative is financed under the Human Development Accelerator programme backed by the European Commission and implemented by the European Investment Bank in partnership with the Bill & Melinda Gates Foundation.
Vice President of the European Investment Bank, Ambroise Fayolle, said the partnership demonstrated the EU’s commitment to strengthening health systems across Africa.
“By financing the development and local manufacture of essential medicinal and nutritional products, we enhance access to affordable, safe and high-quality treatments for diseases while improving the resilience of supply chains,” Fayolle said.
The EU investment package also includes €86 million to support agricultural development, particularly in Nigeria’s cocoa and dairy value chains.
The financing will provide easier access to credit for smallholder farmers and agribusiness companies through the Bank of Industry while supporting climate-smart agriculture policies and sustainable production.
Another €16 million will support migration management programmes, including reintegration support for returning migrants and efforts to combat human trafficking networks.
The funding will provide social, economic, and psychological assistance for voluntary returnees while strengthening Nigeria’s capacity to tackle smuggling and trafficking networks.
With the new package, total Team Europe commitments to Nigeria since 2025 reached €962.5 million.
European Investment Bank alone had invested more than €2.3 billion in Nigeria since beginning operations in the country in 1978, supporting projects in infrastructure, climate resilience, innovation, agribusiness, and small business financing.
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