EU Commits €500m to Upgrade Nigeria’s Transport, Other Key Sectors

The European Union EU has pledged over €500 million to scale up investment in Nigeria’s economy, with a major focus on *transport infrastructure, healthcare, agriculture, and SMEs*.

The commitment was one of the key outcomes of the 10th Nigeria-European Union Business Forum held in Lagos. European financial institutions said the funding reflects growing confidence in the economic reforms of President Bola Tinubu’s administration.

Confirming the investment, Senior Investment Officer at the European Investment Bank, EIB, Mr. Loic Le Ruyet, said the bank signed over €500 million in financing last year across Nigeria’s public and financial sectors, “and there is more coming this year.”

He listed some of the transport-related projects already supported to include the *development of Lagos waterways transportation* and new financing lines to expand lending to priority infrastructure sectors through the Development Bank of Nigeria, DBN.

Other funded areas include healthcare manufacturing via the Bank of Industry, BoI, and value chain support for cocoa and dairy.

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Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, said the investments are tied directly to federal reforms such as fuel subsidy removal, FX unification, tax restructuring, and improved public financial management.

According to her, the facilities align with the *Renewed Hope National Development Plan 2026-2030* and are designed to boost productivity, infrastructure, and access to finance for businesses.

“They are strategic investments in productivity, competitiveness and resilience. This is a strong endorsement of Nigeria’s policy direction,” she stated.

Also at the forum, William Barrault of EDFI MC said the programme would channel direct financing to SMEs in agribusiness and rural electrification, while mobilising more capital from other European development finance institutions.

“We want to be catalytic. This is the entire ecosystem we are trying to develop,” he said