EIB Global and Wema Bank have signed a €50 million credit line agreement to expand financing for small and medium-sized enterprises in Nigeria, with a strong focus on youth-owned and women-focused businesses. The agreement marks the first transaction between EIB Global, the European Investment Bank’s international development arm, and Wema Bank, Nigeria’s oldest indigenous national bank and the pioneer of ALAT, Africa’s first fully digital bank.
The financing facility is designed to support eligible businesses across Nigeria and contribute to inclusive private sector growth. At least 50 percent of the loans will be directed to youth-owned businesses, helping promote youth entrepreneurship, job creation and economic participation among young Nigerians.
The remaining 50 percent of the facility will focus on gender equality by supporting businesses that are women-owned, women-led, employ women or primarily serve women. The partnership is expected to help address financing gaps faced by female entrepreneurs and improve women’s access to financial services.
Alongside the credit line, EIB Global will provide technical assistance to Wema Bank through the Greening the Financial Sector Programme. This support will help the bank strengthen green lending, improve risk management practices and expand financing for environmentally sustainable investments.
The facility will also be available to eligible Wema Bank customers and graduates of selected accelerator programmes, including the Investing in Young Businesses in Africa initiative. This Team Europe Initiative supports young businesses and entrepreneurs across Africa, with particular attention to women and young people.
EIB Vice President Ambroise Fayolle said the agreement will support youth employment, gender equality and women’s empowerment in Nigeria, while also helping entrepreneurs adopt best practices in green financing. He described the initiative as part of EIB’s role as the EU climate bank and a key partner of the EU Global Gateway.
Wema Bank Managing Director and CEO Moruf Oseni said the agreement aligns with the bank’s commitment to empowerment and inclusion. He noted that the facility will help more businesses access critical financial support while addressing gender inequality and creating more opportunities for young Nigerians to become economically active and self-employed.
The agreement is aligned with the priorities of the European Union in Nigeria, the EU Global Gateway initiative and Nigeria’s Financial Inclusion Strategy. It supports efforts to improve access to finance for young enterprises, women entrepreneurs and environmentally sustainable businesses.
The facility also contributes to Nigeria’s goal of increasing women’s access to financial services by 15 percent annually. By targeting SMEs, youth entrepreneurs and women-led businesses, the agreement is expected to strengthen financial inclusion and support broader economic development.
EIB has invested EUR 2.3 billion in Nigeria since beginning operations in the country in 1978. Its investments have supported sectors such as sustainable urban transport, climate adaptation, innovation, digitalisation, agribusiness logistics and financing for SMEs and mid-cap companies.
The new partnership with Wema Bank is expected to expand investment in Nigeria’s SME sector and provide businesses with improved access to finance, technical support and green investment opportunities.
