In Abuja, on the sidelines of the Nigeria-EU Ministerial Summit, EIB Global—the development arm of the European Investment Bank—and Nigeria's Bank of Industry (BOI) have strengthened their partnership to support the private sector and sustainable agriculture. This renewed commitment channels vital financing to bolster economic resilience in Africa's largest economy. The collaboration expands EIB Global's footprint in Nigeria, where it has invested €2.3 billion since 1978 across sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics, and small and medium enterprises (SMEs) and Midcaps financing.
HEALTHCARE PACT SIGNALS BROADER ALLIANCE
A fresh €50 million agreement signed this week underscores the partnership's momentum. This credit line will fund local manufacturing of pharmaceuticals, vaccines, and diagnostics, addressing Nigeria's heavy reliance on imports for essential health commodities. Announced in the presence of EIB Head of Unit Svetla Stoeva, BOI Managing Director/CEO Dr. Olasupo Olusi, Nigeria's Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu, and EU Ambassador to Nigeria and ECOWAS Gautier Mignot, the deal forms part of the EU's Global Gateway strategy and Nigeria's health priorities. The operation is financed under the Human Development Accelerator (HDX) programme, an initiative backed by the European Commission and implemented by EIB in partnership with the Gates Foundation.
Dr. Olasupo Olusi hailed the initiative as “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 emphasized its role in “mobilising long-term, patient capital into local pharmaceutical, vaccine and diagnostics manufacturing,” fostering industrial growth, skills development, and job creation. Olusi added that it builds “a sustainable financing architecture that empowers Nigerian enterprises to scale, innovate and meet international quality standards,” aligning development finance with national priorities for a self-reliant healthcare system. He further noted: “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.”
EIB Vice-President Ambroise Fayolle echoed this optimism: “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. We support national health security while improving resilience of supply chains. This is a concrete example of the added value of the EIB’s action in Africa as a key partner of Global Gateway.” The operation ties into the Global Gateway Health Package and the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+), supporting Nigeria's self-sufficiency goals and the African Union's ambition to produce 60% of vaccines and essential medicines locally by 2040.
AGRICULTURE AND PRIVATE SECTOR PRIORITIES
The strengthened ties aim to boost sustainable agriculture and private sector expansion—core engines for Nigeria's economic diversification. BOI, with its nationwide network, has disbursed more than ₦1.27 trillion to over one million enterprises between 2023 and 2025, helping to expand productive capacity and improve access to finance for underserved segments of the economy. Through its nationwide footprint and strong international partnerships, BOI continues to play a central role in accelerating sustainable private-sector-led growth and economic diversification in Nigeria. This partnership amplifies such efforts, channeling EIB Global's expertise into agribusiness logistics and SME financing.
European Commission Commissioner for International Partnerships Jozef Sikela reinforced the angle: “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.” Spillover effects include strengthened regional value chains, improved trade balances across West Africa, and support for stronger business linkages with European companies when possible. It supports regional industrialisation under the African Continental Free Trade Area (AfCFTA), with potential export opportunities in the ECOWAS market.
GLOBAL GATEWAY'S NIGERIA FOOTHOLD
EIB Global, tasked with supporting €100 billion of investment by the end of 2027 through Team Europe partnerships, positions this alliance within broader Africa strategies. Through its nationwide footprint and strong international partnerships, BOI continues to play a central role in accelerating sustainable private-sector-led growth and economic diversification in Nigeria. For BOI, the collaboration cements its role in private-sector-led growth, leveraging international backstops to de-risk investments in agriculture and manufacturing.
IMPLICATIONS FOR ECONOMIC RESILIENCE
This partnership arrives at a pivotal juncture for Nigeria's economic diversification. EIB Global's agribusiness focus could modernize value chains, from logistics to SME scaling. The healthcare angle fortifies health security, with potential for exports strengthening regional ties. By aligning EU capital with local institutions, it addresses financing gaps and seeds long-term competitiveness. Dr. Olusi's vision of “transformative impact—improving lives today while laying the foundation for a more resilient and self-reliant” economy captures the stakes. With EIB's historical €2.3 billion commitment, this evolution signals deepening EU-Nigeria bonds, poised to yield inclusive growth across West Africa.