BOI to Channel 70% of €85m EIB Facility to Drive Nigeria’s Cocoa, Dairy Sectors

Nigeria’s foremost Development finance institution, Bank of Industry (BOI) has secured a €60 million credit facility from the European Investment Bank to fund Nigeria’s cocoa and dairy value addition drive, with a focus on processing, ingredients and chocolate manufacturing.

The Managing Director/ CEO of BOI, Dr. Olasupo Olusi, disclosed this on Tuesday, July 14, during the Africa Cocoa Summit convened in Abuja on July 14 by the Federal Ministry of Industry, Trade and Investment with the aim of transitioning Africa from exporting raw beans to local processing and branding.

Also known as the Cocoa Value Addition Summit with the theme: ‘From Bean to Brand,’ it was attended by leaders and stakeholders from Nigeria, Ghana, Côte d’Ivoire, and Cameroon who signed the Abuja Declaration to establish the Cocoa Value Addition Alliance (CVAA).

According to Olusi, the €60 million forms part of the €85 million EIB–BOI facility, backed by the European Union under the Global Gateway initiative, and designed specifically to strengthen these critical sectors in Nigeria.

“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth. Approximately 70% of the €85 million financing facility will be channelled to Nigeria’s cocoa and dairy sectors, which BOI considers among the industries with the greatest potential to create jobs and retain foreign exchange earnings.”

“We are particularly focused on cocoa value chains, which provide livelihoods for thousands of Nigerians. Through this initiative, we aim to enhance productivity, value addition, and market linkages that will directly improve the incomes of farmers and processors,” he said.

The BOI MD said that the bank would prioritise lending to processors, cooperatives, and MSMEs that add value locally, rather than only to traders exporting raw beans, adding that the era of celebrating volume of raw exports must end, as Nigeria loses billions by shipping beans and importing finished chocolate. According to him, the goal is to create factories around cocoa communities so that value, jobs, and taxes remain in Nigeria.

However, Olusi noted that financing alone is not enough, and as such, BOI will complement the loans with technical assistance on compliance, climate standards, and access to the EU market. BOI, he said, will also support farmers and processors to meet the EU Deforestation Regulation and other international environmental and social standards.