EIB and FCMB Announce €85 Million Agricultural Financing Facility in Nigeria
The European Investment Bank and FCMB have launched an €85 million credit facility targeting Nigeria's cocoa and dairy value chains, supporting EUDR compliance and processing.
New €85 Million Agricultural Credit Facility Established
The European Investment Bank (EIB) and First City Monument Bank (FCMB) have formally announced an €85 million financing facility designed to back the private sector in Nigeria's agricultural landscape.
This credit line is structured to channel dedicated capital into sustainable agribusiness initiatives. By deploying funds through FCMB, the arrangement creates a commercial lending mechanism for agricultural enterprises seeking to upgrade their infrastructure, expand operational reach, and satisfy demanding international standards.
Priority Allocation for Cocoa and Dairy Value Chains
Under the terms of the facility, at least 70% of the €85 million funding envelope is earmarked specifically for investments within the cocoa and dairy value chains.
A central objective of this targeted financial support is the expansion of industrial processing capacities. By dedicating the strong majority of resources to these two sectors, the initiative aims to strengthen midstream and downstream activities, enabling operators to add value locally rather than relying solely on raw commodity production.
Strengthening Traceability and EUDR Compliance
Beyond industrial processing capacity, the financing program provides critical support for regulatory compliance, specifically targeting the requirements established by the EU Regulation on Deforestation (EUDR).
As export markets enforce deforestation-free verification across agricultural supply networks, access to targeted capital under this facility assists cocoa producers and commercial operators in aligning their operations with EU standards. This focus supports both sustainable land-use management and uninterrupted trade integration between Nigerian producers and European buyers.
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