BoI to channel 70% of EIB facility to drive cocoa, dairy sectors

Nigeria's Bank of Industry (BoI) secured a €60 million credit facility from the European Investment Bank (EIB) to finance cocoa and dairy value addition, part of an €85 million EIB-BoI facility backed by the EU. The announcement was made at the Africa Cocoa Summit in Abuja on July 14, where producing countries signed the Abuja Declaration to establish the Cocoa Value Addition Alliance. President Tinubu urged a shift from exporting raw beans to local processing and branding.