EIB Global and FCMB Launch €85 Million Facility for Nigeria's Cocoa and Dairy Chains

The European Investment Bank's development arm, EIB Global, and Nigeria's First City Monument Bank have launched an €85 million facility to finance private companies across Nigerian agricultural value chains, with at least 70% of the money earmarked for cocoa and dairy.

The facility, announced on the sidelines of the International Monetary Fund and World Bank annual meetings in Bangkok, marks EIB Global's first investment covering the dairy sector outside the European Union. It is part of the EU's Global Gateway investment strategy and strengthens EU-Nigeria economic ties.

How the financing splits

On cocoa, the funding is intended to strengthen industrial processing capacity along the value chain, provide working capital to cooperatives and farmers, and improve product traceability. Compliance with the EU Regulation on Deforestation is built into the framework, protecting Nigerian exporters' access to European markets.

On dairy, the facility addresses structural gaps in domestic milk production, enabling agribusinesses to expand local milk collection networks and support EU companies operating in Nigeria that need more raw milk supply. The operation combines long-term liquidity with technical assistance to help lenders and operators manage environmental and social risks.

Why access to finance is the binding constraint

Nigerian farmers and processors frequently cite the cost and tenor of credit as a barrier to moving from raw produce to higher-value processing. Short-term, high-interest loans are ill-suited to cocoa processing and dairy operations, which need capital that matches long asset cycles.

"For farmers and agribusinesses, access to finance can make the difference between selling raw produce and building businesses that process more, earn more and create more jobs," said FCMB Chief Executive Officer Yemisi Edun.

European Commissioner for International Partnerships Jozef Sikela said the goal is to ensure more value is created and retained in Nigeria. EIB Group President Nadia Calviño framed the investment as a "win-win" that also opens opportunities for EU companies.

The wider context

Nigeria is one of the world's largest cocoa exporters, but it ships much of its crop as raw beans, capturing a fraction of the final value. The EUDR, which requires proof that products are deforestation-free, is raising the compliance bar for exporters, and financing that supports traceability is increasingly a condition of market access.

The facility follows an earlier €85 million agreement between EIB Global and Nigeria's Bank of Industry in March 2026 with the same cocoa and dairy focus, suggesting the EU development bank is building a repeatable financing model in the sector.

The outlook

Disbursement and uptake will determine the impact. The test is whether the facility reaches cooperatives and smallholder-linked processors at a cost and tenor they can service, and whether traceability investments convert into higher-value European sales for Nigerian cocoa.