BOI to channel 70% of €85m EIB facility to drive Nigeria’s cocoa, dairy sectors

Nigeria's Bank of Industry (BOI) is set to channel a significant portion of a new €85 million European Investment Bank (EIB) facility towards revitalizing the country's cocoa and dairy industries. Approximately 70% of the funds will be dedicated to these key agricultural sectors.

President Bola Tinubu highlighted Nigeria's strategic focus on adding value to its agricultural output. He affirmed the nation's dedication to processing more cocoa domestically, thereby fostering the growth of its chocolate manufacturing industry. The goal is to cultivate strong, local brands capable of competing effectively on the global stage, moving away from the traditional model of exporting raw cocoa beans.

This initiative represents a concerted effort to deepen the value chain within Nigeria's agricultural economy. By investing in local processing and manufacturing, the country aims to capture more value domestically, create jobs, and strengthen its position in international commodity markets. The partnership with the EIB underscores a commitment to sustainable development and economic diversification.

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Nigeria was committed to processing more of its cocoa locally, expanding chocolate manufacturing, building indigenous brands, and competing more effectively in international markets, rather than continuing to export raw cocoa beans.