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The European Union’s development cooperation with Nigeria has been strengthened by a N320.5 billion (EUR 190 million) credit line allocated to Nigerian commercial banks and financial institutions to broaden their lending to the agricultural sector.
The facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning, on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.
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Expressing the EU’s commitment to support Nigeria’s ambitions and initiatives for digital transformation, given its potential to catalyse growth in other sectors of the economy, the bank’s Director (International Partnerships), Ms Thourayya Tricki, said the credit facility was part of the EU’s commitment to the development of Nigeria’s agricultural value chain.
