LAGOS, June 24 – The EIB Global, the development arm of the European Investment Bank, and Wema Bank has signed a €50 million financing agreement to improve access to funding for small and medium-sized businesses in Nigeria.
The agreement, signed at Wema Bank’s headquarters in Lagos, marks the first partnership between the two institutions with the funding to focus on businesses owned by women and young entrepreneurs, in line with Nigeria’s Financial Inclusion Strategy and the European Union’s Global Gateway programme.
Under the arrangement, at least 50% of the facility will be set aside for youth-owned businesses to support entrepreneurship, job creation and economic growth. The remaining half will go to businesses owned, managed by, employing or primarily serving women.
Alongside the credit facility, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector programme. The initiative is designed to strengthen the bank’s climate finance capabilities and encourage more environmentally sustainable investments.
The financing will be available to eligible Wema Bank customers as well as graduates of selected accelerator programmes, including the Investing in Young Businesses in Africa initiative, a Team Europe programme that supports young entrepreneurs, especially women and youths.
EIB Vice President Ambroise Fayolle said the agreement will help strengthen youth employment, promote gender equality and support women-owned businesses, while also encouraging green financing.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the facility will allow the bank to expand financing for underserved groups and create more opportunities for women and young entrepreneurs to grow sustainable businesses.
According to EIB Global, it has invested about €2.3 billion in Nigeria since 1978, supporting projects in transport, climate adaptation, innovation, digitalisation, agribusiness logistics and SME financing.
