EIB, FCMB Target Nigeria’s Cocoa, Dairy Sectors With €85m Financing

The European Investment Bank Group’s international development arm, EIB Global, and First City Monument Bank (FCMB) have announced an €85 million financing facility to strengthen Nigeria’s agricultural value chains, with cocoa and dairy businesses expected to receive at least 70 per cent of the funding.

The partnership is expected to help agricultural businesses increase production, expand processing capacity and gain access to new markets.

The financing will support cocoa cooperatives and farmers with liquidity while helping to improve industrial processing and traceability across Nigeria’s cocoa value chain.

In the dairy sector, the investment will address financing gaps and support efforts to increase milk supply, making it EIB Global’s first investment covering the dairy sector outside the European Union.

FCMB’s Chief Executive Officer, Yemisi Edun, said access to long-term financing could help farmers and agribusinesses move beyond the sale of raw produce to developing businesses that process agricultural products and create jobs.

She said the partnership would combine financing with technical support to strengthen rural livelihoods and promote a more resilient agricultural sector.

EIB Global will also provide technical assistance to support FCMB’s climate action strategy and help businesses in Nigeria’s agricultural sector improve their management of environmental and social risks.