Wema Bank has secured a €50 million (approximately N78.5 billion) financing facility from EIB Global, the development arm of the European Investment Bank (EIB), to expand access to credit for small and medium-sized enterprises (SMEs) across Nigeria, with a special focus on businesses owned by women and young entrepreneurs.
The landmark agreement, signed in Lagos, marks the first partnership between EIB Global and Wema Bank, underscoring a shared commitment to fostering economic inclusion, entrepreneurship, and sustainable business development in Nigeria.
Under the arrangement, at least 50 per cent of the funds will be allocated to youth-owned enterprises, while the remaining portion will support businesses that are owned, managed by, employ, or primarily serve women. The initiative is designed to address financing gaps faced by underserved groups and stimulate job creation across key sectors of the economy.
Speaking at the signing ceremony, EIB Vice President Ambroise Fayolle described the partnership as a significant step towards promoting economic opportunities for young people and women in Nigeria.
“This first financial agreement with Wema Bank is an important contribution to strengthening youth employment, advancing gender equality, and empowering women in Nigeria,” Fayolle said.
He noted that beyond expanding access to finance, the collaboration would also encourage entrepreneurs to embrace environmentally sustainable business practices.
“We are equally supporting entrepreneurs in adopting best practices in green financing. As the European Union’s climate bank and a major partner of the Global Gateway initiative, we consider this an important responsibility,” he added.
According to EIB Global, the financing facility is supported by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy, which seeks to broaden access to financial services for individuals and businesses.
In addition to the funding, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector Programme. The assistance is aimed at enhancing the bank’s capacity to promote climate-related lending and support investments that contribute to environmental sustainability.
Commenting on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the partnership aligns with the bank’s longstanding commitment to empowering individuals and businesses.
“As a bank whose legacy is rooted in empowerment, this agreement presents a remarkable opportunity to expand our impact and reach more entrepreneurs across the country,” Oseni said.
He explained that the facility would not only increase access to much-needed funding for SMEs but would also help bridge gender disparities in business financing while creating opportunities for young Nigerians to become self-employed and economically productive.
“This initiative is strategically designed to ensure that more businesses can access critical financial support, while also addressing gender gaps and providing pathways for Nigerian youths to build sustainable enterprises,” he stated.
Oseni further assured that eligible businesses, including participants in entrepreneurship development programmes, would benefit from the facility as part of efforts to strengthen Nigeria’s SME sector and drive inclusive economic growth.
The financing package is expected to provide a major boost to small businesses, which remain a critical driver of employment, innovation, and economic development in Nigeria.
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