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European development finance institutions have reaffirmed their confidence in Nigeria’s ongoing economic reforms, announcing expanded investments exceeding €500 million across critical sectors, with additional financing expected in the coming months.
The commitment was made during the 10th Nigeria-European Union (EU) Business Forum in Lagos, where development financiers said Nigeria’s reform agenda has strengthened investor confidence and positioned the country for increased long-term investment.
Speaking during a financing session at the forum, Senior Investment Officer (Corporate Division) at the European Investment Bank (EIB), Mr Loic Le Ruyet, disclosed that the bank signed more than €500 million in financing for Nigeria over the past year, covering both public and private sector operations.
According to him, the financing supports sustainable transport, healthcare manufacturing, agriculture, renewable energy, digital infrastructure and small and medium-sized enterprises (SMEs).
“Last year, we signed over €500 million of financing in the country, in the public sector and in the financial sector mostly. There is more coming this year,” Le Ruyet said.
He noted that some of the projects include support for Lagos waterways transportation, financing for the Development Bank of Nigeria (DBN) to boost lending to priority sectors, investments in healthcare manufacturing through the Bank of Industry (BoI), and facilities aimed at strengthening cocoa and dairy value chains.
Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, in her remarks, attributed the growing investment pipeline to the Federal Government’s ongoing economic reforms.
She said reforms such as the removal of fuel subsidies, foreign exchange unification, tax reforms and improvements in public financial management have laid the foundation for sustained economic growth.
According to the minister, the latest financing initiatives align with the Renewed Hope National Development Plan (2026–2030) and are designed to accelerate Nigeria’s long-term economic transformation.
“The facilities being announced today take on their strategic significance. They are not isolated initiatives. These are integral to the Renewed Hope National Development Plan 2026 to 2030,” she said.
Uzoka-Anite explained that the investments would strengthen digital transformation, healthcare value chains, infrastructure development and access to finance for businesses.
She described the funding as strategic investments that would boost productivity, competitiveness and economic resilience.
“They speak to the confidence that the European Union has in this government’s reforms, the credibility of our economic agenda and the capabilities of Nigerian businesses,” she added.
The forum also witnessed the launch of a €20 million Nigeria country window, jointly implemented by FMO, the Dutch entrepreneurial development bank, and the European Development Finance Institutions Management Company (EDFI MC) under the European Union’s AgriFI and ElectriFI blended finance programmes.
Speaking on the initiative, Edilberto Jose Baquero of FMO said combining agriculture and energy financing reflects Nigeria’s most pressing development priorities.
He noted that while agriculture remains a major driver of the Nigerian economy, access to reliable energy continues to limit growth, particularly in rural communities.
“Bringing together these two facilities creates an opportunity to support more integrated and sustainable investment that aligns with the needs and priorities of Nigeria,” he said.
Also speaking, William Barrault of EDFI MC said the programme would provide direct financing to SMEs operating in agribusiness and rural electrification while mobilising additional investments from other European development finance institutions.
“We want to be catalytic. This is the entire ecosystem we try to develop,” Barrault said.
The new commitments underscore the deepening Nigeria-EU economic partnership, with both sides increasingly focusing on investment-led growth by leveraging public finance, blended finance mechanisms and strategic partnerships to attract private capital into sectors critical to Nigeria’s long-term development.
