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- Olusi: partnership transitions Nigeria from major importer of essential health commodities to competitive producer, unlocking long-term, affordable finance for priority sectors
The European Union has deepened its strategic engagement with Nigeria, announcing a €290 million investment package under its Global Gateway Strategy to accelerate development across key sectors including digital infrastructure, healthcare manufacturing, agricultural value chains, and migration management.
The announcement was made at the Eighth Nigeria–EU Ministerial Dialogue in Abuja, co-chaired by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and the EU High Representative for Foreign Affairs and Security Policy and Vice President of the European Commission, Kaja Kallas.
On the sidelines of the dialogue, EIB Global, the development arm of the European Investment Bank, signed a €50 million financing agreement with the Bank of Industry to strengthen Nigeria’s healthcare ecosystem and address critical gaps in access to quality medical services.
The broader investment underscores the EU’s commitment to supporting Nigeria’s economic diversification and digital transformation agenda, while fostering sustainable development and inclusive growth.
In addition, the parties signed an €85 million agreement to boost the development of Nigeria’s agricultural value chains.
At least 70 per cent of the loans will target cocoa and dairy value chains.
The health financing intervention will be delivered through a credit line to support local manufacturers of medicinal products and devices, such as pharmaceuticals, vaccines, and diagnostics.
The project is part of the Global Gateway strategy and responds to Nigeria’s national priorities in health and development sectors.
The healthcare deal was witnessed by Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Ambassador of European Union in Nigeria and ECOWAS, Mr. Gautier Mignot; Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi; and EIB Head of Unit, Mrs Svetla Stoeva.
Olusi said,
“This partnership marks a pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains.
“By mobilising long-term, patient capital into local pharmaceutical, vaccine and diagnostics manufacturing, we are not only strengthening health security but also catalysing industrial growth, skills development and high-quality job creation.
“At the Bank of Industry, we view healthcare manufacturing as both a public health imperative and a strategic economic opportunity. Through this collaboration with EIB Global under the Human Development Accelerator, we are building a sustainable financing architecture that empowers Nigerian enterprises to scale, innovate and meet international quality standards.”
He added,
“This initiative demonstrates how development finance, when aligned with national priorities and strong international partnerships, can unlock transformative impact-improving lives today while laying the foundation for a more resilient and self-reliant healthcare system for future generations.”
EIB Vice President, Ambroise Fayolle, said, “I am very pleased to announce this partnership with the Bank of Industry to improve public health and daily lives in Nigeria. By financing the development and local manufacture of essential medicinal and nutritional products, we enhance access to affordable, safe and high-quality treatments for diseases.
“We support national health security while improving the resilience of supply chains. This is a concrete example of the added value of the EIB’s action in Africa as a key partner of Global Gateway.”
European Commission’s Commissioner for International Partnership, Jozef Sikela, said, “This investment strengthens local manufacturing of medical products in Nigeria, giving companies better access to finance and the capacity to scale up production.
“We are investing so that Nigeria can produce more of what it needs at home and build stronger healthcare systems and regional value chains instead of relying on imports.”
The operation is part of the Global Gateway Health Package and aligns to the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+).
It also aligns with national and continental priorities, including Nigeria’s goal to improve self-sufficiency in healthcare and the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, as well as supports regional industrialisation under African Continental Free Trade Area (AfCFTA), with potential export opportunities in ECOWAS market.
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