Nigeria’s Bank of Industry (BoI) has secured a €60 million credit facility from the European Investment Bank (EIB) to strengthen cocoa and dairy value addition in the country.
The funding, part of a broader €85 million EIB–BoI package backed by the European Union’s Global Gateway initiative, will support local processing, ingredient production, and chocolate manufacturing.
BoI Managing Director, Olasupo Olusi, disclosed this at the Africa Cocoa Summit held in Abuja on July 14. The summit, organized by the Federal Ministry of Industry, Trade, and Investment, focused on shifting Africa from exporting raw cocoa to producing finished goods.
Leaders from Nigeria, Ghana, Côte d’Ivoire, and Cameroon signed the Abuja Declaration, establishing the Cocoa Value Addition Alliance (CVAA) to drive regional collaboration.
President Bola Tinubu, represented by Agriculture Minister Abubakar Kyari, urged cocoa-producing nations to move beyond raw exports and capture more value from the global chocolate market.
