Wema Bank has signed a €50 million (approximately N78.5 billion) financing agreement with EIB Global, the development arm of the European Investment Bank, to expand access to credit for small and medium-sized enterprises (SMEs) across Nigeria.
The agreement, signed on June 19 at Wema Bank’s headquarters in Lagos, marks the first financial partnership between EIB Global and the Nigerian lender.
According to both institutions, the facility is designed to support eligible businesses nationwide, with 50 per cent of the funds earmarked for youth-owned enterprises to promote entrepreneurship, job creation, and inclusive economic growth.
The remaining 50 per cent will be directed toward businesses owned, managed by, employing, or primarily serving women, as part of efforts to address gender gaps in access to finance.
The initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy, which seeks to expand access to formal financial services for underserved populations.
Beyond credit provision, EIB Global said it will also deliver technical assistance to Wema Bank through its Greening the Financial Sector programme, aimed at strengthening climate-conscious lending practices and encouraging sustainable investments.
Beneficiaries of the fund will include existing Wema Bank customers with qualifying businesses, as well as graduates of entrepreneurship support schemes such as the Investing in Young Businesses in Africa initiative, which focuses on youth- and women-led enterprises.
Speaking at the signing ceremony, EIB Vice-President Ambroise Fayolle said the partnership reflects the bank’s commitment to youth employment, gender inclusion, and sustainable finance in Nigeria.
“This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria,” he said.
Managing Director and Chief Executive Officer of Wema Bank Moruf Oseni said the facility would help the bank deepen its support for underserved segments of the economy.
He noted that the agreement aligns with the bank’s long-standing mission of financial empowerment and inclusion, particularly for small businesses and young entrepreneurs.
“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further,” he said.
EIB Global added that it has invested about €2.3 billion in Nigeria since 1978, supporting projects across transport, climate adaptation, digitalisation, agribusiness, and SME financing.
Stakeholders at the signing ceremony, including senior Wema Bank executives and the European Union Ambassador to Nigeria and ECOWAS, described the agreement as a significant step toward strengthening inclusive growth, financial access, and sustainable economic development in Nigeria.
