The European Union Delegation to Nigeria and ECOWAS has launched the EU-Nigeria Agribusiness Platform to boost private investments in Nigeria’s agribusiness sector. This initiative aims to reduce food insecurity and poverty, while promoting sustainable economic development in Nigeria.
The EU-Nigeria Agribusiness Platform will enhance exploration and exploitation of agribusiness opportunities between Nigeria and the EU by creating a network of active members from agribusinesses in both regions. This digital platform will facilitate marketing, trading, and investment activities, fostering interactions and cooperation in the agri-food system between Nigerian and European SMEs.
The primary focus of the platform is to create linkages between agribusiness stakeholders in Nigeria and the EU, particularly among SMEs, to promote trade and investment. This concept was highlighted by Myriam Ferran, Deputy Director General, Directorate of International Partnerships (INTPA) at the European Commission, who mentioned that the idea originated from the commitments made during the November 2020 EU-Nigeria Ministerial Dialogue.
The Nigerian government, in partnership with Agribusiness Register Limited, a private sector entity familiar with the agribusiness ecosystem, will manage the platform. This decision was made during a stakeholders’ consultative meeting in April 2023. Agribusiness Register Limited will collaborate with selected agribusinesses, farmer groups, aggregators, and other key stakeholders, including the Federal Ministry of Agriculture, the Federal Ministry of Industry, Trade, and Investment, and the Nigeria Export Promotion Council (NEPC).
In addition, the European Union and Eurocham Nigeria signed a €300,000 grant agreement to support the development of the European Business Chamber. This grant, signed during the 9th EU-Nigeria Business Forum in Abuja, aims to enhance Eurocham’s capacity to promote European business interests in Nigeria.
Furthermore, the Dutch entrepreneurial development bank FMO and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement to expand funding for agricultural, youth, and women-owned SMEs. This guarantee, funded by the European Commission, aims to support high-risk groups typically deemed too risky by banks, enabling them to start and grow their businesses.
Additionally, FMO will provide FCMB with a syndicated loan of $60 million to grow its SME loan portfolio. This investment is expected to play a catalytic role in leveraging private sector investments for economic diversification and job creation in Nigeria, especially for youth and women.
