Nigeria’s Bank of Industry plans to deploy existing European Investment Bank credit lines into agriculture and local health care manufacturing in 2027, Premium Times reported, as it seeks to expand domestic production.
Managing Director and Chief Executive Officer Olasupo Olusi outlined the plan at a Lagos media meeting on Oct. 22, Premium Times, BusinessDay and TheCable reported. Premium Times said Olusi linked the plan to increasing Nigerian production of food and medical goods.
EIB Global and BOI announced the facilities on March 23. The €85 million agricultural line will provide financing through BOI to businesses across agricultural supply chains, including cooperatives and micro, small and midsize enterprises. The EIB set a combined target of at least 70% for lending tied to cocoa and dairy, without detailing the division. The announcement described the program as support for private enterprise and sustainable agriculture.
A separate €50 million line is for Nigerian producers of medical products and devices, including pharmaceuticals, vaccines and diagnostic products. The EIB said the financing is intended to widen access to funds for local manufacturers and reduce reliance on imported health products.
For agriculture, the EIB said the financing is intended to improve business productivity and help retain more value as goods move through supply chains.
The 2027 deployment would come in the final year of BOI’s 2025–2027 corporate strategy, Olusi said. BOI has not given a 2027 disbursement figure for the EIB lines or a date for when borrowers can apply.
