Bank of Industry invests US$68.5M to support cocoa & dairy sectors

NIGERIA – Nigeria’s foremost Development finance institution, Bank of Industry (BOI), has secured a US$68.5 million (€60 million) credit facility from the European Investment Bank to fund Nigeria’s cocoa and dairy value addition drive, with a focus on processing, ingredients and chocolate manufacturing.

 The Managing Director/CEO of BOI, Dr. Olasupo Olusi, disclosed this during the Africa Cocoa Summit convened in Abuja by the Federal Ministry of Industry, Trade and Investment with the aim of transitioning Africa from exporting raw beans to local processing and branding.

Also known as the Cocoa Value Addition Summit with the theme: ‘From Bean to Brand,’ it was attended by leaders and stakeholders from Nigeria, Ghana, Côte d’Ivoire, and Cameroon who signed the Abuja Declaration to establish the Cocoa Value Addition Alliance (CVAA).

According to Olusi, the €60 million forms part of the €85 million EIB–BOI facility, backed by the European Union under the Global Gateway initiative, and designed specifically to strengthen these critical sectors in Nigeria.

“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth. Approximately 70% of the €85 million financing facility will be channeled to Nigeria’s cocoa and dairy sectors, which BOI considers among the industries with the greatest potential to create jobs and retain foreign exchange earnings.”

The bank would prioritise lending to processors, cooperatives, and MSMEs that add value locally, rather than only to traders exporting raw beans, adding that the era of celebrating volume of raw exports must end, as Nigeria loses billions by shipping beans and importing finished chocolate.

Nigeria targets US$70B livestock economy to reduce dairy imports

Recently, the Kwara State Government unveiled a livestock industrialisation plan aimed at transforming Nigeria’s animal production sector into a projected US$70 billion economy while reducing the country’s dependence on imported dairy products valued at more than US$1.5 billion annually.

The Commissioner for Livestock Development, Oloruntoyosi Thomas, has described livestock as a strategic sector capable of stimulating economic growth, creating jobs and driving industrial development across Nigeria.

She explained that the state government was repositioning livestock production from traditional subsistence practices to a modern commercial and industrial system designed to attract investment and improve productivity.

Kwara State is targeting the production of 100,000 metric tons of milk with an estimated economic value of US$150 million within its livestock ecosystem.

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