EIB, FCMB announce €85m financing for Nigeria’s Cocoa, dairy value chains

The European Investment Bank Group’s international development arm, EIB Global, and First City Monument Bank (FCMB) have announced €85 million in financing to support private-sector businesses across Nigeria’s agricultural value chains, with at least 70 per cent earmarked for the cocoa and dairy sectors.

The financing was announced during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand, in the presence of EIB Group President Nadia Calviño; Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; EIB Vice-President Ambroise Fayolle; European Commissioner for International Partnerships, Jozef Síkela; and FCMB Chief Executive Officer, Yemisi Edun.

The investment marks EIB Global’s first financing operation in the dairy sector outside the European Union.
It aligns with Nigeria’s development priorities for sustainable agriculture and inclusive growth, as well as the EIB’s environmental and social standards.

The funding is expected to address gaps in Nigeria’s dairy market, increase milk supply and create opportunities for European businesses operating in the country.
In the cocoa sector, the investment will support Nigeria’s position as one of the world’s major cocoa exporters by strengthening industrial processing capacity, providing liquidity to cocoa cooperatives and farmers, and improving product traceability.
The EIB Group will also promote compliance with the European Union Deforestation Regulation (EUDR), encourage biodiversity conservation and reduce environmental impacts associated with agricultural production.

The initiative is further expected to support inclusive rural development in line with EU standards, the EIB Group’s Climate Roadmap and the European Green Deal.

In addition to the credit facility, EIB Global will provide technical assistance to strengthen FCMB’s climate action strategy and improve Nigeria’s agricultural sector’s capacity to manage environmental and social risks.
The EIB Group invests in agricultural value chains in Africa – main drivers of food security and economic growth,” said EIB Group President Nadia Calviño. “These projects also open business opportunities for EU companies in Nigeria, building a true win-win partnership.”

“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,” said EIB Vice-President Ambroise Fayolle. “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.”
“Nigeria has enormous potential in agriculture,” said European Commissioner for International Partnerships Jozef Sikela. “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.”

“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,” said FCMB Chief Executive Officer Yemisi Edun.  

“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. The investment also contributes to the Team Europe Initiative (TEI) 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 it began activities in the country in 1978. The financing has supported impactful, transformative investments in crucial areas for Nigeria, such as sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics,  and small and medium enterprises (SMEs) and mid-caps.

The European Investment Bank (EIB) is the European Union’s long-term lending institution, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. Through our offices worldwide, EIB Global brings the EIB Group closer to people, companies, and institutions. High-quality, up-to-date photos of our headquarters for media use are available here. 
FCMB provides personal, business, and corporate banking services across Nigeria. Its financial solutions empower individuals and businesses to pursue their goals with confidence. In this way, FCMB brings “My Bank & I” to life while fostering inclusive and sustainable growth in the communities it serves.

Global Gateway is the EU’s positive offer to reduce global investment disparities, boost smart, clean, and secure connections in the digital, energy, and transport sectors, and strengthen health, education, and research systems. 

The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.