By Benson Daniel
The Bank of Industry (BoI) has announced plans to channel 70 per cent of funding secured under its financing arrangement with the European Investment Bank (EIB) to support Nigeria’s cocoa and dairy value chains, as part of efforts to strengthen agricultural production and industrial development.
The initiative is expected to provide long term financing for businesses involved in cocoa processing, dairy production and other agro based enterprises, helping to improve productivity, create jobs and expand export opportunities.
BoI said the intervention is designed to address financing constraints facing operators in the agricultural sector while encouraging value addition and reducing the country’s dependence on imports. The bank noted that prioritising cocoa and dairy aligns with the Federal Government’s strategy to diversify the economy through non oil exports and agribusiness development.
Officials explained that the facility will support investments in modern production equipment, processing infrastructure and sustainable farming practices, enabling businesses to improve efficiency and compete more effectively in regional and global markets.
The financing programme is also expected to benefit small and medium sized enterprises operating across the agricultural value chain by improving access to affordable credit and technical support. Industry stakeholders believe the intervention will enhance local production capacity, strengthen food security and increase Nigeria’s export earnings.
Analysts say the partnership between the Bank of Industry and the European Investment Bank represents a significant step towards unlocking investment in key agricultural sectors with strong growth potential. They noted that increased financing for cocoa and dairy could stimulate rural economic development, generate employment and contribute to the country’s broader economic diversification agenda.
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