Wema Bank has secured a €50 million (N78.5 billion) financing facility from EIB Global, the development arm of the European Investment Bank, aimed at broadening credit access for small and medium-sized enterprises (SMEs), with particular emphasis on businesses owned by women and young Nigerians.
The deal, formalised at a signing ceremony in Lagos, marks the first partnership between EIB Global and Wema Bank. Under its terms, a minimum of 50 per cent of disbursed loans will target youth-owned businesses, while the remainder will support enterprises owned, managed, or primarily serving women.
EIB Vice President Ambroise Fayolle described the agreement as a significant step toward advancing youth employment, gender equality, and women’s economic empowerment in Nigeria. He also noted the facility’s alignment with green financing principles, in line with EIB’s role as the EU’s climate bank and its commitment to the Global Gateway initiative.
The arrangement is backed by the European Union’s Global Gateway programme and ties into Nigeria’s broader Financial Inclusion Strategy. Beyond the credit facility, EIB Global will provide Wema Bank with technical assistance under its Greening the Financial Sector Programme, designed to strengthen climate-conscious lending and promote sustainable investment practices.
Wema Bank Managing Director and CEO Moruf Oseni said the deal builds on the bank’s long-standing commitment to empowerment, describing it as an opportunity to deepen financial support for underserved businesses. He stressed that the facility would not only bridge gender gaps in access to finance but also help young Nigerians attain economic independence and self-employment. Oseni added that participants in entrepreneurship programmes would be among those eligible to benefit from the funding.
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