Wema Bank has secured a €50 million (approximately ₦78.5 billion) financing facility from EIB Global, the development arm of the European Investment Bank (EIB), to strengthen access to finance for small and medium-sized enterprises (SMEs) across Nigeria.
The agreement, signed at Wema Bank’s headquarters in Lagos, marks the first partnership between the two institutions and is expected to drive financial inclusion, entrepreneurship, and sustainable economic growth, particularly among women- and youth-led businesses.
Under the financing arrangement, at least 50 percent of the facility will be directed toward youth-owned enterprises, supporting job creation, innovation, and business expansion among young entrepreneurs.
The remaining portion will target businesses owned, managed by, employing, or primarily serving women, reinforcing efforts to close gender financing gaps in Nigeria.
The initiative is backed by the European Union’s Global Gateway strategy and aligns with Nigeria’s broader financial inclusion objectives.
Beyond the credit facility, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector (GFS) Programme.
The support is designed to enhance the bank’s climate finance capabilities and encourage investments in environmentally sustainable projects.
Eligible beneficiaries will include existing Wema Bank SME customers and participants in selected entrepreneurship programmes, including the Investing in Young Businesses in Africa (IYBA) initiative, which supports young entrepreneurs, particularly women and youth-led ventures.
Speaking during the signing ceremony, Ambroise Fayolle, vice president of the European Investment Bank, described the partnership as a strategic investment in Nigeria’s future workforce and entrepreneurial ecosystem.
According to Fayolle, the facility will help strengthen youth employment, advance gender equality, and empower women entrepreneurs while encouraging the adoption of sustainable financing practices.
Moruf Oseni, managing director and chief executive officer of Wema Bank, said the agreement reinforces the bank’s longstanding commitment to empowering underserved segments of the economy.
He noted that the facility would enable Wema Bank to deepen support for SMEs while creating more opportunities for women and young Nigerians to access capital, build businesses, and participate actively in economic development.
“This partnership presents a significant opportunity to scale our impact by helping more businesses access the financing they need to grow, while addressing gender disparities and youth unemployment,” Oseni said.
Both institutions said the collaboration reflects a shared commitment to expanding financial access, promoting inclusive growth, supporting entrepreneurship, and advancing environmental sustainability.
Since commencing operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in projects spanning transport infrastructure, climate resilience, digital transformation, innovation, agribusiness logistics, and SME financing.
