LAGOS, June 19 – Nigeria has secured a €200 million ($230 million) financing facility from European Investment Bank (EIB) Global through a partnership with the Development Bank of Nigeria to expand access to credit for small businesses and support the country’s green and digital economy.
The agreement was signed at the Development Bank of Nigeria’s headquarters in Lagos in the presence of EIB Vice-President, Ambroise Fayolle.
According to EIB Global, the funding will be channelled through local financial institutions to finance micro, small and medium-sized enterprises, as well as mid-sized companies operating in agriculture, renewable energy, digitalisation and innovation.
The financing comes as Nigerian businesses continue to face limited access to affordable long-term capital amid elevated borrowing costs and persistent financing gaps that have constrained private sector expansion.
EIB Global said the investment programme is intended to strengthen private sector development while supporting businesses driving Nigeria’s green and digital transformation.
The facility will provide financing for enterprises in renewable energy and agribusiness, sectors viewed as critical to sustainable economic growth.
The agriculture component is expected to improve productivity, strengthen domestic supply chains and enhance food security, while investments in renewable energy are aimed at expanding clean energy access, reducing carbon emissions and improving climate resilience, particularly in underserved communities.
Fayolle said the partnership would strengthen the competitiveness of Nigeria’s private sector while promoting inclusive economic growth.
He added that supporting green projects and women-led businesses would contribute to climate action and broader economic inclusion.
The financing also aligns with EIB Global’s strategy of supporting sustainable and resilient growth in Nigeria under the Global Gateway.
Tony Okpanachi described the facility as a significant milestone in expanding financing for entrepreneurs and supporting sustainable economic development.
According to Okpanachi, the partnership will help local financial institutions increase lending to businesses across key sectors while accelerating Nigeria’s transition toward a digitally enabled and innovation-driven economy.
Access to affordable finance remains one of the biggest challenges facing Nigerian MSMEs, which account for a substantial share of employment and economic activity but continue to face difficulties securing long-term funding from commercial lenders.
