EIB Global and FCMB Secure €85 Million for Nigeria’s Cocoa and Dairy Value Chains

EIB Global and First City Monument Bank have announced €85 million in financing for private-sector businesses in Nigeria’s agricultural value chains. At least 70% of the funding is earmarked for cocoa and dairy businesses. The facility is expected to provide longer-term funding for farmers, cooperatives and agribusinesses to increase production, expand local processing and improve access to markets. It will also support liquidity for cocoa cooperatives and product traceability needed to meet international standards. The partnership includes technical assistance for FCMB’s climate strategy and for managing environmental and social risks in agriculture. The investment is EIB Global’s first dairy-sector financing outside the European Union.

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