The European Union has announced a significant increase in its strategic cooperation with Nigeria, unveiling a €290 million investment package under its Global Gateway Strategy. This initiative is set to support advancements in digital infrastructure, healthcare manufacturing, agricultural value chains, and migration management.
The official announcement occurred during the Eighth Nigeria–EU Ministerial Dialogue in Abuja, which was jointly led by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and the EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas.
On the sidelines of the summit in Abuja, EIB Global, the European Investment Bank's development arm, and the Bank of Industry (BoI) signed a €50 million financial agreement. This accord is designed to bolster Nigeria's local healthcare sector, addressing unmet medical needs.
Furthermore, an €85 million agreement was also signed to support the development of Nigeria’s agricultural value chains, with a significant portion, at least 70 per cent of the loans, specifically allocated to the cocoa and dairy sectors.
The health financing initiative will operate through a credit line aimed at supporting domestic manufacturers of medicinal products and devices, including pharmaceuticals, vaccines, and diagnostic tools.
This project is a component of the Global Gateway strategy and directly addresses Nigeria’s national priorities concerning health and development.
The health sector agreement was formalised in the presence of key officials, including the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the EU Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot; the Managing Director/Chief Executive of BoI, Dr. Olasupo Olusi; and EIB Head of Unit, Mrs. Svetla Stoeva.
Dr. Olusi stated, "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."
He further elaborated, "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."
"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,” he added.
EIB Vice President, Ambroise Fayolle, commented, "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,” Fayolle continued.
Jozef Síkela, European Commission’s Commissioner for International Partnership, remarked, "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,” Síkela stated.
The initiative aligns with the Global Gateway Health Package and the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+).
It also supports Nigeria's national objectives for greater healthcare self- sufficiency and the African Union's goal of producing 60 per cent of vaccines and essential medicines locally by 2040, while also fostering regional industrialisation under the African Continental Free Trade Area (AfCFTA) and opening export opportunities within the ECOWAS market.
EIB Global has invested €2.3 billion in Nigeria since 1978, supporting critical investments in areas such as urban transport, climate adaptation, innovation, digitalisation, agribusiness, and SMEs.
Additionally, EIB Global and BoI signed an €85 million agreement to advance Nigeria’s agricultural value chains. This financing will support private sector entities, including cooperatives and MSMEs, within the agricultural sector, with a focus on cocoa and dairy value chains for at least 70 per cent of the loans.
The project will adhere to Environmental and Social Standards (ESS) and is aligned with Nigeria’s sustainable agriculture and financial inclusion goals.
The EIB and BoI jointly stated that the financing is dedicated to strengthening agricultural value chains, emphasising sustainable cocoa production and dairy supply management.
Through this collaboration, EIB Global aims to boost value addition, enhance productivity, and strengthen value chain linkages, thereby improving incomes for processors and agribusinesses.
This project will also promote the sustainable transformation of Nigeria's targeted value chains, ensuring compliance with EIB's Public Environmental and Social Standards, EU Regulation on Deforestation (EUDR), and other EU standards.
It is also expected to foster biodiversity conservation, reduce environmental impacts, and support inclusive rural development in line with the EIB Climate Roadmap and the EU Green Deal.
Dr. Olusi affirmed, "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."
Mr. Fayolle expressed, "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."
EIB is also providing technical assistance to support BoI's climate action strategy and enhance the capacity of the agriculture sector in managing environmental and social risks.
European officials highlighted that these new investment operations signify a strengthened commitment to collaboration and support for Nigeria's development agenda.
"In the current geopolitical context, the European Union is keen to enhance its partnership with Nigeria,” stated Kaja Kallas. “Bringing more EU investment to Nigeria, aligning with the Renewed Hope agenda for the Nigerian Federal Government is a key priority for both sides,” she added.
Jozef Síkela reiterated that the investments were structured to foster long- term economic growth and bolster essential sectors. "Together with Nigeria, we are investing in the modernisation of the digital sector, a stronger health system and in the development of agriculture,” Síkela said. "These Global Gateway investments create quality infrastructure, sustainable jobs and long- term economic opportunities that benefit the Nigerian people while also creating new opportunities for Europe."
The digital sector will receive the largest portion of the investment, with €131 million allocated to enhancing connectivity, expanding digital services, and improving digital skills.
This programme will support the deployment of approximately 90,000 kilometres of fibre-optic cable across Nigeria, in collaboration with the European Bank for Reconstruction and Development.
The project aims to provide secure and affordable internet access to an estimated 33 million Nigerians currently lacking reliable connectivity.
It will also facilitate the development of secure and interoperable digital public infrastructure and contribute to Nigeria's technical talent development initiatives.
Separately, EIB Global signed a €50 million financing agreement with BoI to boost healthcare manufacturing in Nigeria, supporting local companies in producing pharmaceuticals, vaccines, diagnostic products, and medical devices through a dedicated credit line to address sector-specific financing gaps.
This agreement was announced in the presence of senior officials including Dr. Olusi, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, and EU Ambassador to Nigeria and ECOWAS, Gautier Mignot.
Dr. Olusi noted that this initiative represents a significant stride towards building Nigeria's domestic capacity in pharmaceutical and medical manufacturing.
"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," he stated. "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."
The initiative is financed under the Human Development Accelerator programme, supported by the European Commission and implemented by the European Investment Bank in partnership with the Bill & Melinda Gates Foundation.
Ambroise Fayolle, Vice President of the European Investment Bank, confirmed the EU's dedication to enhancing health systems across Africa through this partnership.
"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 explained.
The EU investment package also includes €86 million dedicated to agricultural development, with a specific focus on Nigeria’s cocoa and dairy value chains.
This funding will offer improved access to credit for smallholder farmers and agribusiness companies via the Bank of Industry, while promoting climate-smart agriculture policies and sustainable production practices.
Officials indicated that the initiative aligns with Nigeria’s objectives to expand dairy production and strengthen cocoa exports to European markets.
An additional €16 million is designated for migration management programmes, which include reintegration support for returning migrants and efforts to combat human trafficking networks.
This funding will provide social, economic, and psychological assistance for voluntary returnees and enhance Nigeria’s capacity to combat smuggling and trafficking operations.
These new commitments build upon previous EU investments in Nigeria, which have covered areas such as urban transportation in Lagos, renewable energy, democratic governance, and initiatives to combat gender-based violence.
With the addition of this new package, total Team Europe commitments to Nigeria since 2025 have reached €962.5 million.
Officials stated that this expanding portfolio underscores the EU's commitment to deepening economic cooperation with Nigeria and fostering sustainable development, industrialisation, and private sector growth.
The European Investment Bank has invested over €2.3 billion in Nigeria since commencing operations in 1978, supporting vital projects in infrastructure, climate resilience, innovation, agribusiness, and small business financing.
European officials anticipate that these new investments will enhance Nigeria's ability to develop resilient industries, create employment opportunities, and expand regional trade across West Africa.
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