Nigeria continues to play a central role in the European Investment Bank’s engagement across Sub-Saharan Africa. During his first official visit to the country, EIB Vice-President, Ambroise Fayolle, announced new financing initiatives to support small and medium-sized enterprises, healthcare, sustainable transport and green finance. In this interview with THISDAY, Fayolle discusses the EIB’s growing partnership with Nigeria, the role of development finance in mobilising private investment, and how the Bank, working as part of the European Union’s Global Gateway strategy and Team Europe approach, is supporting the country’s long-term development priorities. He also highlights the importance of the 10th Nigeria–EU Business Forum as a platform for strengthening trade and investment ties and invites investors, policymakers and business leaders to participate in shaping the next chapter of the Nigeria–EU economic partnership.

Mr. Vice-President, could you briefly explain what the European Investment Bank is and its role in Africa and more particularly in the West African region? 

The European Investment Bank (EIB), known as the EU Bank, is the financing arm of the European Union and one of the biggest multilateral financial institutions in the world. Through our activities, we aim to accelerate the green transition, technological innovation, social infrastructure. Our priority is to support an inclusive and sustainable growth across the EU and around the world. As the EU Bank, we finance and implement our activities in close cooperation with the European Commission and our partners in a Team Europe spirit, multilateral and national development finance institutions. Africa is a key partner for EIB and the biggest continent beneficiary with a total of €3.1 billion of new investments in 2025, of which 40% in West Africa.

In 2025, Nigeria was our first country of operations in sub-Saharan Africa. Beyond the figures, our priority via EIB Global, our branch for development and international partnerships, is to finance high-impact projects promoting sustainable and resilient growth, employment and the quality of people’s daily lives. This includes enhanced access to health, water, energy (both on-grid and off-grid), transport and digital inclusion. It also includes a financing focus on renewable energy, sustainable agriculture, food security and support for the local private sector, including by improving access to finance for MSMEs. Our strong presence in Africa falls under the EU Global Gateway strategy in which the EIB remains a key finance provider.  

This is your first visit to this country. What is the objective of this visit? How would you define the EIB’s partnership with Nigeria? 

EIB has a strong and very long partnership with Nigeria, which is one of the largest economies in Sub-Saharan Africa. EIB has invested €2.3billion since the first operation in 1978, supporting concrete and impactful projects in key areas for the country such as sustainable transport, access to agri-markets, flooding and erosion protection, digital systems, health, SMEs and Midcaps financing, green energy, innovation and new technologies, agriculture.  It was important for me to come to Nigeria and review our ongoing and future activity with high government representatives and private sector counterparts. This first visit is also a nice opportunity to announce new investments in both private and public sectors and to visit projects financed by EIB on the ground such as the emblematic Waterways OMI EKO project in Lagos.

What are the new investments announced during this visit? 

Yesterday in Abuja, we announced a €200 million financial partnership with the Development Bank of Nigeria to strengthen the competitiveness of Nigeria’s private sector, especially for SMEs and Midcaps in the green and digital sectors. It will concretely support entrepreneurs and job creation by easing access to suitable finance for local enterprises.   And today, I will sign the first transaction with Wema Bank to strengthen youth employment, gender equality and women’s empowerment. With this financing, we also offer technical assistance to support and accompany entrepreneurs in the process of adopting the best practices in green financing. This is one of our key actions as EU climate bank. A few months after signing the health financing agreement of €50million with the Bank of Industry, I will also visit one of the first beneficiaries of this credit line: FIDSON HEALTHCARE, one of the leading pharmaceutical manufactories campaniles in Nigeria.  In public sector, today we will confirm our strong commitment of €170 million Investments to develop sustainable Waterways transport. As the largest funder of the Omi Eko Project, the bank is very happy to finance this flagship green project, which will have a real impact on the daily lives of Lagos’ large population.  In developing a more safe, clean, efficient and affordable public transport, we also develop socio-economic and environmental benefits for the population.  It is a concrete demonstration of our action on the ground with the EU and our partners of Team Europe  – the project is indeed also supported by the European Commission and the French Development Agency.

In your engagement with Nigerian stakeholders, what sectors are currently developing as the most important for the country? What role can development finance institutions like the EIB play in de-risking investments in Nigeria and catalysing greater participation from private sector investors, particularly in infrastructure and energy?

Various sectors as healthcare, agriculture, mobility, digital transformation and innovation, emerge as very important to the country’s long-term development: And these sectors are deeply interconnected. A stronger healthcare system improves human capital and productivity; a more competitive agricultural sector enhances food security and livelihoods; better mobility infrastructure facilitates the movement of people and goods, connecting markets and creating economic opportunities; and digital technologies act as an enabler across all sectors, driving efficiency, innovation, and access to services. They can accelerate inclusive growth, create jobs, strengthen resilience, and support Nigeria’s ambition to become a more diversified and competitive economy. And our role aims to mobilise greater private sector investment in Nigeria, particularly in infrastructure and energy, where financing needs are significant and investment horizons are often long-term. The EIB can help bridge financing gaps and increase investor confidence in strategic projects by providing long-term and concessional capital. This can encourage additional private investors to come on board. Beyond financing, we can also support project preparation, develop technical assistance and institutional capacity building. Our role is to act as a catalyst, unlocking private capital, supporting sustainable infrastructure development, and contributing to Nigeria’s long-term economic growth.

Looking ahead, what is the EIB’s strategic outlook for Nigeria over the next three to five years, and under what conditions would you expect to significantly scale up investment commitments into the country?

Looking ahead, Nigeria will remain a strategic priority for the EIB given its economic scale, market potential, and pivotal role as a regional trade hub. Over the next three to five years, we will continue supporting Nigeria’s development ambitions through investments that are aligned with both the country’s priorities and those of the European Union. This includes working closely with local commercial and public banks through dedicated long-term credit facilities to expand financing for sectors such as sustainable infrastructure, clean energy, digital transformation, innovation, and support for MSMEs and Midcaps. We are also mobilized to support investments that strengthen Nigeria’s digital economy and foster innovation-led growth. This aligns closely with the EU’s Strategic Corridors agenda, where Nigeria is well positioned as a gateway for regional integration, trade, and economic growth across West Africa.

 

The 10th Nigeria–EU Business Forum takes place in Lagos this week. What message would you like to share with investors and business leaders attending the Forum?

The Nigeria–EU Business Forum has become one of the leading platforms for strengthening economic cooperation between Nigeria and the European Union. As we celebrate its tenth edition, it reflects a shared commitment to building partnerships that deliver sustainable growth, create jobs and unlock new investment opportunities.

For the European Investment Bank, the Forum provides an important opportunity to engage directly with policymakers, financial institutions and private sector leaders to better understand investment needs and identify areas where we can work together. It is also a platform to showcase how the European Union’s Global Gateway strategy is translating into concrete investments that support businesses, infrastructure and innovation in Nigeria.

I encourage investors, entrepreneurs and business leaders to take advantage of this opportunity to build new partnerships, explore investment opportunities and contribute to Nigeria’s long-term economic transformation. The EIB remains committed to supporting projects that are economically viable, environmentally sustainable and capable of delivering lasting benefits for the Nigerian people.