EIB Global and FCMB Fund €85m for Sustainable Nigerian Agriculture

EIB Global and First City Monument Bank (FCMB) have launched a €85 million initiative to support private-sector agricultural enterprises in Nigeria. This partnership aims to bolster sustainable development across the agricultural value chains, focusing on dairy and cocoa sectors.

The investment marks EIB Global’s initial foray into the dairy sector beyond the European Union, emphasizing Nigeria’s sustainable agriculture goals and adherence to environmental and social standards. It is designed to enhance milk supply and support EU businesses operating in the country.

The funding will also fortify cocoa processing capabilities, offer financial assistance to cooperatives and farmers, and improve product traceability. Additionally, it ensures compliance with the EU Regulation on Deforestation, promoting biodiversity and sustainable rural development.