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, with a special focus on businesses owned by women and young entrepreneurs.
The agreement was signed on June 19, 2026, at Wema Bank's headquarters in Lagos, Nigeria, by officials of Wema Bank and EIB Global, including EIB Vice President Ambroise Fayolle and Wema Bank Managing Director and Chief Executive Officer Moruf Oseni. The financing facility, which represents the first transaction between both institutions, is supported by the European Union’s Global Gateway programme and is designed to improve access to finance for SMEs while promoting youth employment, women’s economic empowerment, and inclusive growth.
The partnership comes at a time when many small businesses in Nigeria continue to face challenges accessing affordable financing needed for expansion and sustainability.
According to the terms of the agreement, at least 50 per cent of the loans provided under the facility will be dedicated to youth-owned businesses.
The funding is expected to encourage entrepreneurship among young Nigerians and support job creation across various sectors of the economy.
The remaining 50 per cent of the financing will target businesses owned, managed, or primarily serving women.
The initiative aims to address longstanding barriers that limit women's access to financial resources and economic opportunities.
Officials of both institutions said the programme aligns with Nigeria's broader financial inclusion objectives and efforts to stimulate private sector growth.
Beyond the credit facility itself, EIB Global will also provide technical assistance to Wema Bank through its Greening the Financial Sector Programme.
The support is intended to strengthen the bank’s capacity in climate-related financing and environmentally sustainable lending practices.
The programme is expected to help businesses adopt more sustainable operating models while encouraging investments that support climate resilience.
Beneficiaries of the initiative will include existing Wema Bank customers operating qualified businesses.
Graduates of selected entrepreneurship accelerator programmes will also be eligible to benefit from the facility.
Among such programmes is the Investing in Young Businesses in Africa initiative, a Team Europe programme that supports emerging entrepreneurs, particularly women and youths.
Speaking during the signing ceremony, Ambroise Fayolle described the agreement as an important milestone in promoting inclusive economic development.
He said the partnership would contribute significantly to youth employment, gender equality and women’s empowerment in Nigeria.
Fayolle noted that supporting entrepreneurs in adopting green financing practices remains a key responsibility of EIB Global as the European Union’s climate bank.
According to him, the institution remains committed to supporting sustainable development projects that generate long-term economic benefits.
Wema Bank Managing Director and Chief Executive Officer Moruf Oseni said the facility would enable the bank to deepen its impact across underserved segments of the economy.
He stated that the agreement aligns with the bank’s longstanding commitment to empowerment and financial inclusion.
Oseni explained that the financing package would help more businesses gain access to critical capital required for growth and expansion.
He added that the initiative would also help bridge existing gender gaps in access to finance.
The bank's chief executive further noted that creating opportunities for young Nigerians to become economically productive remains a major priority.
According to him, Wema Bank will work to ensure that qualified businesses fully benefit from the programme.
The agreement highlights growing international support for Nigeria’s entrepreneurial ecosystem and private sector development.
Industry stakeholders have repeatedly identified inadequate access to finance as one of the biggest obstacles confronting SMEs in the country.
Many small businesses struggle to secure affordable loans despite their contribution to employment generation and economic growth.
Financial experts believe targeted funding programmes can help address these challenges by providing entrepreneurs with the resources needed to scale operations.
Women-owned enterprises, in particular, often face additional barriers in accessing conventional financing.
Similarly, many young entrepreneurs encounter difficulties obtaining startup capital and business expansion funding.
The new facility is expected to help reduce some of these obstacles while supporting broader economic participation.
Both institutions said the collaboration reflects a shared commitment to advancing youth employment and financial inclusion.
The partnership also seeks to strengthen opportunities for women-led enterprises and businesses operating in underserved sectors.
Environmental sustainability remains another key component of the agreement.
Through the climate-focused technical assistance component, participating businesses may be encouraged to adopt greener and more sustainable business practices.
EIB Global noted that it has maintained a longstanding presence in Nigeria since beginning operations in the country in 1978.
Over the years, the institution has invested approximately €2.3 billion in projects across multiple sectors.
These investments have supported transportation infrastructure, climate adaptation initiatives, innovation, digitalisation, agribusiness logistics and SME financing.
The signing ceremony was attended by several senior officials from both organisations and development partners.
Among them were Wema Bank Deputy Managing Director Oluwole Ajimisinmi and Executive Director Olukayode Bakare.
Also present was the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot.
As implementation begins, stakeholders will be watching closely to assess the programme’s impact on entrepreneurship, employment generation and financial inclusion.
The initiative is expected to provide much-needed support to businesses seeking growth opportunities while contributing to broader efforts aimed at building a more inclusive and sustainable Nigerian economy.
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