The Bank of Industry (BOI) and EIB Global, the European Investment Bank’s development arm, have signed two separate financing agreements worth a combined 135 million euros aimed at strengthening healthcare manufacturing and agricultural value chains, in a push to reduce import dependence and deepen industrial capacity in Africa’s most populous economy.

The agreements were signed Monday on the sidelines of the Nigeria–EU ministerial summit in Abuja, with BOI represented by Managing Director and CEO Olasupo Olusi, and EIB Global by Head of Unit, Svetla Stoeva.

The first facility, valued at 50 million euros, targets Nigeria’s healthcare sector, providing a credit line to support local manufacturers of pharmaceuticals, vaccines, and diagnostics.

It aims to create a sustainable financing mechanism for Nigerian SMEs to scale production of quality-assured medicines, vaccines, and diagnostics.

The second, an 85 million euros
line of credit, is focused on the agricultural sector, supporting private sector companies, cooperatives, and Micro Small and Medium-scale Enterprises (MSMEs) across cocoa and dairy value chains.

Together, the agreements are designed to improve productivity, encourage value addition, and foster local capacity while reducing reliance on imports.

Speaking at the event, Olusi said the partnerships represent a “pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains.”

He emphasised that the financing will not only strengthen health security but also “catalyse industrial growth, skills development and high-quality job creation.”

Olusi explained that the deals will provide patient capital to Nigerian enterprises, allowing them to scale, innovate, and meet international quality standards.

The agreements fall under the European Union’s Global Gateway strategy and the Human Development Accelerator (HDX) programme, an initiative backed by the European Commission and implemented by EIB in partnership with the Gates Foundation.

“By mobilising long-term, patient capital into local pharmaceutical, vaccine and diagnostics manufacturing,
we are not only strengthening health security but also catalysing industrial growth, skills development and high-quality job creation. At the Bank of Industry, we view healthcare
manufacturing as both a public health imperative and a strategic economic opportunity,” the MD stated.

The agricultural component of the agreements will strengthen cocoa and dairy value chains in Nigeria, providing financial support to agribusinesses and cooperatives to enhance productivity, ensure compliance with environmental and social standards, and encourage sustainable practices.

Under this facility, at least 70% of the loans will target cocoa and dairy. The initiative also aligns with the African Union’s goal to produce 60% of vaccines and essential medicines locally by 2040, and it supports regional industrialisation under the African Continental Free Trade Area (AfCFTA).

This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth,” Olusi said.

“By partnering with EIB Global,
BOI is scaling support for sustainable agriculture, strengthening critical value chains and enabling Nigerian agribusinesses to grow competitively while meeting international
environmental and social standards”.

Olusi described agriculture and healthcare as strategic industries that can drive job creation, export growth, and regional competitiveness. “This initiative demonstrates how development finance, when aligned with national priorities and strong international partnerships, can unlock transformative impact — improving lives today while laying the foundation for a more resilient and self-reliant healthcare system for future generations,” he added.

Through this partnership, BOI and EIB Global aim to build globally competitive healthcare and agricultural industries while creating high-quality employment opportunities. Technical assistance from EIB will support BOI’s climate action strategy and enhance the capacity of Nigerian agribusinesses to manage environmental and social risks.

According to Olusi, the agreements signal a shift from short-term financing to long-term investment in critical sectors. “Our goal is clear: to build globally competitive industries, create jobs at scale, and improve the quality of life for Nigerians,” he said, noting that such collaborations could be a model for future development initiatives.

On his part, Ambroise Fayolle, EIB Vice President, said the partnership will improve access to safe, high-quality treatments while supporting national health security and resilience of supply chains.

“I am very pleased to announce this partnership with the Bank of Industry to improve public health and daily lives in Nigeria. By financing the development and local manufacture of essential medicinal and nutritional products, we enhance access to affordable, safe, and high-quality treatments for diseases,” he said.

Fayolle also expressed his enthusiasm for the agriculral partnership with BOI, saying, “I am delighted that EIB is financing this project for the development of agricultural value chains in Nigeria, including sustainable cocoa. Such investment is important for the country in terms of employment, health, and economy, with real impact on local populations.”

“Our ambition is to support and accompany the sustainable transformation of Nigeria’s targeted value chains, in line with EU Global Gateway Initiative of which EIB, as
the EU bank, is a key actor and partner in Africa,” he added.

The officials believe that the deal would allow local enterprises to meet international standards and contribute to regional value chains, reducing dependency on imported products.

Emphasising the broader impact of the health financing deal, Jozef Sikela, commissioner for International Partnerships at the European Commission noted, “This investment strengthens local manufacturing of medical products in Nigeria, giving
companies better access to finance and the capacity to scale up production.

“We are investing so that Nigeria can produce more of what it needs at home and build stronger healthcare
systems and regional value chains instead of relying on imports.”

He further noted that the agriculture investment “strengthens cocoa and dairy value chains in Nigeria, where both sectors already employ thousands of farmers and workers and have clear potential for local processing and growth. This way, we help create more jobs and ensure that more value stays in Nigeria.”