Nigeria and the European Union have announced fresh investment commitments exceeding €250 million to strengthen key sectors of the economy, including digital infrastructure, healthcare, agriculture and migration governance.
The announcement was made on the sidelines of the Nigeria-EU Ministerial meeting in Abuja signalling a deepening of economic cooperation under the EU’s Global Gateway Strategy.
Speaking on behalf of the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, the Minister of State for Budget and Economic Planning, Dr Doris Anite-Uzoka, reaffirmed Nigeria’s commitment to leveraging the partnership for economic transformation.
“Nigeria remains firmly committed to deepening this strategic relationship. We are implementing bold reforms to strengthen fiscal sustainability and create an enabling environment for private sector-led growth,” she said.
She added that the reforms are already yielding positive signals, including renewed investor confidence.
Under the Global Gateway initiative, the EU announced significant investments in Nigeria’s digital economy, including support for public digital infrastructure and the development of three million technical talents.
A key component is the BRIDGE project, backed by a €22 million grant and an €86 million loan, aimed at deploying about 90,000 kilometres of fibre optic cable nationwide to boost connectivity and innovation.
In the health sector, a €50 million facility has been approved to support local production of pharmaceuticals, vaccines and diagnostic equipment.
The funding, to be delivered through BOI, will provide long-term financing to Nigerian manufacturers, helping to reduce reliance on imports and improve access to affordable healthcare.
Managing Director of BOI, Dr. Olasupo Olusi, described the intervention as transformative.
“This partnership marks a pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains,” he said.
Vice President of the EIB, Ambroise Fayolle, said the initiative would enhance access to quality healthcare.
RN
