Wema Bank has secured a €50 million, about N78.5 billion, financing facility from the European Investment Bank’s development arm, EIB Global, to expand credit access for small and medium-sized enterprises in Nigeria.
The agreement marks the first transaction between EIB Global and Wema Bank. At least 50 per cent of the loans will go to youth-owned enterprises. The remaining funds will support businesses owned, managed, employing, or primarily serving women.
EIB Vice President Ambroise Fayolle said the deal will strengthen youth employment, gender equality, and women’s empowerment in Nigeria. He added that the bank will also support entrepreneurs in adopting green financing practices.
The initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy, according to EIB Global. EIB will also provide technical assistance to Wema Bank through its Greening the Financial Sector Programme to strengthen climate-related lending and promote sustainable investments.
Wema Bank Managing Director and Chief Executive Officer Moruf Oseni said the facility will help more businesses access financial support, address gender gaps, and create opportunities for Nigerian youths to become economically active and self-employed. He said qualified businesses, including participants in entrepreneurship programmes, will benefit from the funding.
