EIB Global and FCMB Launch €85M Facility to Support Nigerian Agricultural Value Chains

The European Investment Bank’s first dairy sector investment outside the EU targets cocoa and dairy processing, bolstering climate-smart agriculture and compliance with EU deforestation regulations.

BANGKOK & LAGOS — EIB Global, the international development arm of the European Investment Bank, has partnered with Nigeria's First City Monument Bank (FCMB) to launch an €85 million (~$92.6 million) credit facility dedicated to strengthening agricultural value chains across Nigeria.

Announced during the International Monetary Fund and World Bank Group Annual Meetings in Bangkok, the facility allocates at least 70% of total funds specifically to cocoa and dairy value chains. The operation marks EIB Global's inaugural investment covering the dairy sector outside the European Union and forms part of the EU’s Global Gateway investment strategy.

Sector Focus & Regulatory Compliance

The €85 million facility combines long-term liquidity with dedicated technical assistance to address critical capital deficits in local processing and sustainability standards:

Cocoa Value Chain Enhancement: Funding will support local industrial processing capacity, provide working capital liquidity to cocoa cooperatives and farmers, and establish end-to-end product traceability systems. The framework ensures full compliance with the EU Regulation on Deforestation (EUDR), protecting access to European export markets.
Dairy Supply Expansion: Addressing structural supply gaps in domestic milk production, the line enables Nigerian dairy agribusinesses to expand local milk collection networks and support EU enterprise operations in Nigeria requiring increased raw milk supply.
Technical Assistance & Risk Management: EIB Global will provide technical advisory services to enhance FCMB's climate action strategy, capacity building, and environmental and social risk management (ESRM) frameworks across its agricultural loan portfolio.

Strategic Alignment & Executive Commentary

The transaction contributes to the Team Europe Initiative on Green Economy, advancing Nigeria's food autonomy goals while deepening trade ties between the EU and West Africa. Since entering Nigeria in 1978, the EIB Group has invested over €2.3 billion in national infrastructure, SME access to finance, and green transition initiatives.

“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,” said Yemisi Edun, Chief Executive Officer of FCMB.

“The EIB Group invests in agricultural value chains in Africa—main drivers of food security and economic growth. These projects also open business opportunities for EU companies in Nigeria, building a truly win-win partnership,” added Nadia Calviño, President of the EIB Group.