EIB Global and First City Monument Bank (FCMB) have entered into a partnership to provide €85 million in funding aimed at bolstering Nigeria’s private sector and sustainable agriculture initiatives.
The collaboration marks EIB Global’s first investment specifically targeting the dairy sector outside of the European Union. The funding is designed to support Nigeria’s development objectives, focusing on sustainable agricultural practices, social inclusion, and the maintenance of rigorous environmental and social standards (ESS).
The partnership was formalised during a meeting involving Yemisi Edun, the Managing Director and Chief Executive Officer of FCMB; Ambroise Fayolle, Vice-President of the European Investment Bank (EIB); and Marjeta Jager, Deputy Director-General of the European Commission. The €85 million funding initiative to support Nigeria’s private sector will be deployed to address critical gaps in the agricultural value chain.
Support for Nigeria’s dairy and agricultural sectors
The investment comes at a time when Nigeria is seeking to strengthen domestic food production to reduce its reliance on imported dairy and other agricultural commodities. By focusing on the dairy sector, the partnership aims to improve productivity and supply chain efficiency for local producers.
The EIB Global facility is intended to provide much-needed credit to small and medium-sized enterprises (SMEs) and larger agri-businesses. This access to capital is expected to enable farmers to adopt modern technologies and sustainable methods that increase yields while complying with international environmental standards.
Through FCMB, the funds will be directed toward businesses that demonstrate a commitment to social inclusion and environmental stewardship. This approach ensures that agricultural expansion contributes to local economic stability without compromising ecological integrity.
FCMB will manage the distribution of these funds to eligible participants in the agricultural sector, facilitating the implementation of the project’s sustainability goals. The bank’s involvement is expected to bridge the financing gap currently faced by many agricultural entrepreneurs in the country.
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