From Premium Times Nigeria · Press Release · · 3m
EIB Global, FCMB join forces for €85m sustainable agriculture funding
EIB Global and FCMB partner to fund Nigerian dairy and cocoa value chains with €85m.
In brief
EIB Global and FCMB partner to fund Nigerian dairy and cocoa value chains with €85m. EIB Global and FCMB provide €85 million to support private-sector companies in Nigeria's dairy and cocoa value chains, aligning with EU environmental standards and sustainable agriculture goals. Originally reported by Premium Times…
EIB Global and FCMB announce €85m funding
EIB Global and First City Monument Bank (FCMB) have announced €85 million financing to support private-sector companies across agricultural value chains in Nigeria.
70% targets cocoa and dairy value chains
At least 70% of the financing will target cocoa and dairy value chains in Nigeria.
First EU investment outside EU for dairy sector
The operation is EIB Global’s first investment covering the dairy sector outside the European Union.
Aligned with Nigeria’s development goals
The financing is fully aligned with Nigeria’s development objectives in sustainable agriculture and inclusion as well as environmental and social standards (ESS).
Announced at IMF/World Bank meetings
The announcement was made during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok.
Key officials present
EIB Group President Nadia Calviño, Nigerian Minister of Finance Taiwo Oyedele, EIB Vice-President Ambroise Fayolle, and FCMB CEO Yemisi Edun attended.
Addresses dairy market gaps
The EIB Global financing will address market gaps in the dairy sector, enabling growth of EU businesses in Nigeria requiring increased milk supply.
Strengthening cocoa processing
With Nigeria being one of the world’s largest cocoa exporters, the investments will strengthen industrial processing capacities along the value chain.
Supports cocoa cooperatives and farmers
The financing provides liquidity support to cocoa cooperatives and farmers and improves product traceability.
Compliance with EU deforestation regulation
Compliance with the EU Regulation on Deforestation (EUDR) will be ensured, fostering biodiversity conservation and reducing environmental externalities.
Technical assistance for climate action
EIB Global is providing technical assistance to support FCMB’s climate action strategy and the Nigerian agriculture sector’s capacity to manage environmental and social risks.
EIB Group President statement
EIB Group President Nadia Calviño stated that the EIB Group invests in agricultural value chains in Africa, main drivers of food security and economic growth.
EIB Vice-President statement
EIB Vice-President Ambroise Fayolle said the investment supports Nigerian agribusinesses to grow competitively while meeting international environmental and social standards.
European Commissioner statement
European Commissioner for International Partnerships Jozef Sikela stated that Nigeria has enormous potential in agriculture and needs to create value in Nigeria.
FCMB CEO statement
FCMB CEO Yemisi Edun said access to finance can make the difference between selling raw produce and building businesses that process more.
Project aligns with EU geopolitical priorities
The project aligns with the EU’s geopolitical priorities and Nigeria’s development plans by supporting sustainable food systems and strategic food autonomy.
Contribution to Team Europe Initiative
The investment also contributes to the Team Europe Initiative (TEI) on Green Economy, promoting climate-smart agriculture and inclusive agribusiness.
EIB Group’s total investment in Nigeria
Overall in Nigeria, the EIB Group has invested €2.3 billion since 1978, supporting sustainable urban transport, climate adaptation, innovation, and agribusiness logistics.
The key point
EIB Global and FCMB provide €85 million to support private-sector companies in Nigeria's dairy and cocoa value chains, aligning with EU environmental standards and sustainable agriculture goals.
