The European Union (EU) has unveiled a €288 million funding package to support key sectors of Nigeria’s economy, including healthcare, agriculture, digital infrastructure, and migration.
The announcement was made during the EU-Nigeria Ministerial meeting in Abuja, as part of efforts to strengthen bilateral cooperation under the EU’s Global Gateway Strategy
Speaking at the event, Mr Stefano Signore, Director-General for International Partnerships at the European Commission said the initiative reflects the EU’s commitment to boosting investments and accelerating development in Nigeria.
He highlighted healthcare and agriculture as priority areas, noting that the intervention would improve infrastructure, support local manufacturing, and enhance inclusion.
Signore also emphasised collaboration on migration, particularly in providing better opportunities for returnees and addressing irregular migration challenges.
On the Nigerian side, Minister of Budget and Economic Planning, Mr Abubakar Bagudu, represented by Dr Doris Anite-Uzoka, said the partnership builds on the momentum of the 2023 EU-Nigeria Strategic Dialogue
He described the funding as a sign of deepening relations, adding that Nigeria is implementing economic reforms under President Bola Tinubu to promote fiscal stability and private sector growth.
According to him, the reforms focus on improving revenue generation, enhancing transparency, and strengthening the foreign exchange market
The Bank of Industry (BoI)also welcomed the initiative, with its Managing Director, Dr Olasupo Olusi stating that the partnership would channel long-term financing into critical sectors like healthcare and agriculture.
Further support is expected in Nigeria’s digital transformation, with Finland leading efforts under a new Team Europe initiative to strengthen public digital services and expand technical skills training.
Additional contributions from partners such as the Gates Foundation will focus on improving local healthcare manufacturing capacity.
Breakdown of the funding shows that €23 million will support digital public infrastructure, while €108 million will go to government-backed programmes through grants and loans.
Another €50 million is allocated to healthcare manufacturing via the Bank of Industry, alongside €85 million for agribusiness financing, particularly in dairy and cocoa value chains.
Other allocations include €5 million for training in health and nutrition sectors, €16 million for migration governance, and smaller grants for climate and agriculture partnerships.
The EU said the funding package is aimed at promoting sustainable development, economic resilience, and inclusive growth in Nigeria.
