Lagos, Nigeria – European development finance institutions signalled growing confidence in Nigeria's economic reforms at the 10th Nigeria-EU Business Forum, expanding investment across key sectors and indicating that additional financing is in the pipeline as they deepen support for Africa's largest economy.
The clearest indication came from the European Investment Bank (EIB), which said it had signed more than €500 million in financing for Nigeria over the past year across public and private sector operations, with further investments expected.
Presenting the Bank's portfolio, Mr Loic Le Ruyet, Senior Investment Officer (Corporate Division), European Investment Bank, said the financing spans sustainable transport, healthcare manufacturing, agriculture, renewable energy, digital infrastructure and support for small and medium-sized enterprises.
"We have signed last year over €500 million of financing in the country, in the public sector and in the financial sector mostly," Le Ruyet said. "There is more coming this year."
Among the projects highlighted were support for Lagos waterways transport, financing for the Development Bank of Nigeria to expand lending to priority sectors, investment in healthcare manufacturing through the Bank of Industry, and facilities to strengthen agricultural value chains in cocoa and dairy.
Speaking at the Forum's financing session, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said the investment pipeline reflects the progress of Nigeria's economic reform agenda.
She highlighted reforms including the removal of fuel subsidies, foreign exchange unification, tax reforms and improvements in public financial management, describing the new financing initiatives as part of the government's broader strategy for long-term economic transformation.
"The facilities being announced today take on their strategic significance," she said. "They are not isolated initiatives. These are integral to the Renewed Hope National Development Plan 2026 to 2030."
Uzoka-Anite said the facilities would strengthen digital transformation, healthcare value chains, infrastructure development and access to finance for businesses, adding that they "represent strategic investments in productivity, competitiveness and resilience."
Describing the announcements as evidence of growing international confidence, she said: "They speak to the confidence that the European Union has in this government's reforms, the credibility of our economic agenda and the capabilities of Nigerian businesses."
The Forum also marked the launch of a €20 million Nigeria Country Window, jointly implemented by FMO, the Dutch entrepreneurial development bank, and the European Development Finance Institutions Management Company (EDFI MC) under the European Union's Agrifi and Electrifi blended finance programmes.
Edilberto Jose Baquero of FMO said bringing agriculture and energy financing together responds directly to Nigeria's development priorities.
"It is important to recognise that in Nigeria agriculture is a key driver of the economy, and access to energy remains a challenge, specifically in rural communities," he said. "Bringing together these two facilities creates an opportunity to support more integrated and sustainable investment that aligns with the needs and priorities of Nigeria."
Representing EDFI MC, William Barrault said the programme would provide direct investment to small and medium-sized enterprises in agribusiness and rural electrification while attracting additional investment alongside other European development finance institutions.
"We want to be catalytic," Barrault said. "This is the entire ecosystem we try to develop."
Taken together, the announcements point to a broader evolution in the Nigeria-European Union partnership, shifting from development cooperation towards investment-led growth. By combining public finance, blended finance instruments and strategic partnerships, European development financiers are seeking to mobilise private capital into sectors considered critical to Nigeria's long-term economic transformation.
