Wema Bank has secured a €50 million financing deal, valued at about ₦78.5 billion, from the European Investment Bank’s development arm, EIB Global, in a move aimed at expanding credit access for small and medium-sized enterprises across Nigeria, with special attention on women and youth-led businesses.
The agreement, signed in Lagos, represents the first partnership between EIB Global and Wema Bank. Under the arrangement, at least half of the facility will be channelled towards enterprises owned by young entrepreneurs, while the remaining portion will support businesses owned, managed, or largely benefiting women.
Speaking during the signing ceremony, EIB Vice President Ambroise Fayolle described the partnership as a significant step toward boosting youth employment, promoting gender equality, and strengthening women’s economic empowerment in Nigeria.
He further noted that the initiative also encourages entrepreneurs to embrace sustainable practices, adding that it aligns with the European Union’s climate focused agenda and the Global Gateway programme.
According to EIB Global, the facility is part of broader efforts to support Nigeria’s financial inclusion strategy, while also providing technical assistance to Wema Bank under its Greening the Financial Sector Programme. This support is expected to enhance climate related lending and encourage more sustainable investment practices.
Reacting to the development, Wema Bank Managing Director and Chief Executive Officer, Moruf Oseni, said the partnership reflects the bank’s long standing commitment to empowerment and inclusive growth.
He explained that the funding would help expand access to finance for more businesses, while also addressing gender disparities and creating stronger opportunities for young Nigerians to build and sustain their own enterprises.
Oseni also assured that eligible businesses, including those participating in entrepreneurship development programmes, would benefit from the facility as part of the bank’s wider support for economic growth.
