By Abdullahi Lukman
Dr. Heike Harmgart, Managing Director for Sub-Saharan Africa at the European Bank for Reconstruction and Development (EBRD), has reaffirmed the bank’s commitment to Nigeria’s agricultural transformation, following the approval of a landmark N1.5 trillion ($1 billion) funding package for the sector.
During a high-level meeting in Abuja, Harmgart emphasized the EBRD’s role in strengthening Nigeria’s agricultural financing and food security.
She highlighted plans to collaborate with local banks to create tailored financial products aimed at improving postharvest storage, irrigation infrastructure, and yield enhancement.
“Nigeria’s agricultural sector has enormous potential, and we are eager to support its growth by facilitating better access to finance,” Harmgart stated.
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The new funding, approved by President Bola Ahmed Tinubu and the National Assembly, marks a significant step in addressing critical challenges in agriculture.
Minister of Agriculture and Food Security, Sen. Abubakar Kyari, described the investment as a “game changer” that will help revolutionize agricultural financing in the country.
In addition to the N1.5 trillion allocation to the Bank of Agriculture, the government has earmarked N500 billion ($300 million) for the Bank of Industry to support agri-processing and businesses.
A key focus will be leveraging the Nigerian banking sector to create dedicated agri-financing facilities with first-law cover, encouraging banks to take on more risk in the sector.
As part of its expansion efforts, the EBRD is also preparing to open an office in Lagos and is actively recruiting Nigerian talent.
Harmgart revealed that a proposal to designate Nigeria as an official EBRD investment country will be presented to the bank’s board in May, a move that could unlock even greater foreign investment in the sector.
