The Bank of Industry will allocate 70% [2] of an €85 million [1] European Investment Bank facility to support Nigeria’s cocoa and dairy sectors.
This investment represents a strategic shift toward value-addition, aiming to transform Nigeria from a raw material exporter into a producer of finished goods. By funding local processing, the government intends to create jobs, and increase the economic yield of agricultural exports.
The initiative focuses on expanding the capacity for domestic cocoa processing and chocolate manufacturing. Officials said they intend to build indigenous brands that can compete in global markets, reducing the country's long-standing dependence on shipping raw cocoa beans abroad [1].
President Bola Tinubu said Nigeria was committed to processing more of its cocoa locally, expanding chocolate manufacturing, building indigenous brands, and competing more effectively in international markets [1].
Beyond cocoa, the facility will target the dairy sector to strengthen sustainable agriculture. The funding is designed to provide the private sector with the capital necessary to modernize production, and improve the efficiency of dairy value chains [3].
The partnership between the Bank of Industry and the European Investment Bank seeks to stabilize the agricultural economy by diversifying the sources of national income. This financial injection is expected to encourage private investment in agro-industrial complexes across the country [3].
“The Bank of Industry will allocate 70% of an €85 million European Investment Bank facility to support Nigeria’s cocoa and dairy sectors.”
This move signals a transition toward industrialization in Nigeria's agricultural sector. By shifting focus from raw exports to processed goods, Nigeria aims to capture a larger share of the global cocoa value chain and reduce vulnerability to volatile raw commodity prices.
