Nigeria’s Bank of Industry (BoI) secures European Investment Bank (EIB) support for agribusiness investment aimed at boosting local value addition in cocoa and dairy. Multiple reports say BoI and EIB Global sign an €85 million agribusiness credit line, with at least 70% allocated to cocoa and dairy value chains. A dedicated €60 million credit facility within the package is earmarked for cocoa processing and dairy industrialisation. The remaining portion supports broader agribusiness-related activities under the credit line, according to the coverage.
BoI’s chief executive, Dr. Olasupo Olusi, says the funding focuses on scaling processing capacity and manufacturing related products, including cocoa ingredients and chocolate production, as well as dairy industrialisation. The announcements also link the initiative to Nigeria’s policy objective of increasing domestic processing rather than exporting raw cocoa beans, and of developing indigenous brands to compete more effectively in international markets.
Overall, the sources describe a structured EIB-backed financing arrangement managed by BoI, with most resources targeted at cocoa and dairy industries.
