In a major boost for small businesses in Nigeria, Wema Bank has secured a €50 million (about N78.5 billion) financing deal from the European Investment Bank’s development arm, EIB Global, to expand access to funding for entrepreneurs across the country.
The partnership is expected to open new opportunities for thousands of small and medium-sized enterprises (SMEs), particularly businesses owned by young people and women who often struggle to access affordable financing.
The agreement, signed in Lagos, marks the first collaboration between Wema Bank and EIB Global and is aimed at promoting entrepreneurship, job creation and inclusive economic growth.
According to details of the deal, at least 50 percent of the funding will be directed toward youth-owned businesses, while the remaining portion will support enterprises owned, managed or primarily serving women.
The initiative is backed by the European Union’s Global Gateway Programme and aligns with ongoing efforts to improve financial inclusion and support economic development in Nigeria.
Beyond providing loans, EIB Global will also offer technical support to Wema Bank to strengthen climate-focused financing and encourage environmentally sustainable business practices.
The funding is expected to benefit existing Wema Bank customers as well as entrepreneurs participating in selected business accelerator programmes designed to support young innovators and business owners.
Speaking on the partnership, EIB Vice President Ambroise Fayolle said the facility would help create jobs, empower women and encourage sustainable business growth across Nigeria.
Wema Bank Managing Director and CEO, Moruf Oseni, described the agreement as a significant milestone that will allow the bank to increase support for underserved groups while helping more Nigerians build successful businesses.
The latest development is seen as a positive step for Nigeria’s entrepreneurial ecosystem, especially at a time when many SMEs continue to face challenges accessing capital for expansion.
Source: Wema Bank / EIB Global
