We’ve signed over €500m financing for Nigeria, more investments underway – EIB

The European Investment Bank (EIB) has disclosed that it signed more than €500 million in financing for strategic investments across Nigeria over the past year, with additional funding already in the pipeline, signalling growing international confidence in the country’s ongoing economic reforms.

The announcement was made on Tuesday at the 10th Nigeria-European Union (EU) Business Forum in Abuja, where European development finance institutions unveiled fresh investment initiatives aimed at accelerating Nigeria’s economic transformation through expanded support for infrastructure, healthcare, agriculture, renewable energy, digital innovation and small businesses.

Speaking during a high-level session on financing sustainable growth, Senior Investment Officer (Corporate Division) at the European Investment Bank, Mr Loic Le Ruyet, said the bank’s investment portfolio reflects its long-term commitment to supporting both public and private sector development in Africa’s largest economy.

“We have signed last year over €500 million of financing in the country, in the public sector and in the financial sector mostly,” Le Ruyet said.

“There is more coming this year.”

According to him, the financing has been channelled into projects designed to strengthen critical sectors of the Nigerian economy, including sustainable urban transport, healthcare manufacturing, agriculture, renewable energy, digital infrastructure and access to finance for small and medium-sized enterprises (SMEs).

Among the projects highlighted are financing for the Lagos Waterways Transport Project, support for the Development Bank of Nigeria to expand lending to priority sectors, investment in healthcare manufacturing through the Bank of Industry, and facilities to strengthen agricultural value chains, particularly in cocoa and dairy production.

The EIB’s announcement formed part of a broader package of financing unveiled by European development finance institutions, underscoring a growing shift in the Nigeria-European Union partnership from traditional development assistance towards investment-led economic growth.

Also speaking at the forum, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, described the new financing commitments as a strong endorsement of Nigeria’s economic reform programme under the Renewed Hope Agenda.

She said recent reforms, including the removal of fuel subsidies, foreign exchange market unification, ongoing tax reforms and improvements in public financial management, were laying the foundation for sustainable economic growth and restoring investor confidence.

“The facilities being announced today take on their strategic significance,” she said.

“They are not isolated initiatives. These are integral to the Renewed Hope National Development Plan 2026 to 2030.”

According to the minister, the investments will strengthen digital transformation, healthcare value chains, infrastructure development and access to finance for businesses, while enhancing productivity, competitiveness and economic resilience. “They represent strategic investments in productivity, competitiveness and resilience,” she said.

Describing the financing announcements as a vote of confidence in Nigeria’s economic direction, Uzoka-Anite added: “They speak to the confidence that the European Union has in this government’s reforms, the credibility of our economic agenda and the capabilities of Nigerian businesses.”

The forum also witnessed the launch of a €20 million Nigeria Country Window, jointly implemented by the Dutch entrepreneurial development bank, FMO, and the European Development Finance Institutions Management Company (EDFI MC) under the European Union’s AgriFI and Electrifi blended finance programmes.

The initiative is expected to provide direct financing for businesses operating in agribusiness and rural electrification while mobilising additional private capital into sectors considered critical to Nigeria’s long-term development.

Speaking on the initiative, Edilberto Jose Baquero of FMO said integrating agriculture and energy financing reflects Nigeria’s most pressing development priorities.

“It is important to recognise that in Nigeria agriculture is a key driver of the economy, and access to energy remains a challenge, specifically in rural communities,” he said.

“Bringing together these two facilities creates an opportunity to support more integrated and sustainable investment that aligns with the needs and priorities of Nigeria.”

On his part, William Barrault of EDFI MC said the programme is designed to unlock additional investment by supporting viable enterprises while attracting other European development finance institutions to co-invest.

“We want to be catalytic,” Barrault said.

“This is the entire ecosystem we try to develop.”

The announcements at the Nigeria-EU Business Forum collectively signal a deepening economic partnership between Nigeria and the European Union, with development financiers increasingly deploying blended finance, strategic partnerships and private capital to support sectors capable of driving inclusive growth, job creation and long-term economic resilience.