EIB and Wema Bank Launch €50 Million SME Funding Deal in Nigeria

The partnership marks the first transaction between the European Investment Bank’s development arm and Wema Bank, Nigeria’s oldest indigenous national bank and the operator of Africa’s first fully digital bank, ALAT.

EIB Global and Wema Bank have signed a €50 million financing agreement for expanding access to funding for small and medium-sized businesses across Nigeria, with a strong focus on youth entrepreneurs and women-led enterprises. The partnership marks the first transaction between the European Investment Bank's development arm and Wema Bank, Nigeria's oldest indigenous national bank and the operator of Africa's first fully digital bank, ALAT.

Under the agreement, at least half of the funding will be directed to businesses owned by young entrepreneurs. The initiative is expected to support private-sector growth, encourage entrepreneurship, and create employment opportunities for Nigeria's growing youth population. The remaining portion of the facility will be dedicated to businesses owned, managed, employing, or primarily serving women.

Funding Paired With Green Finance Support

Beyond providing capital, the agreement includes technical assistance through the European Investment Bank's Greening the Financial Sector Programme. The support will help Wema Bank strengthen its capacity in sustainable lending and climate-related risk management.

The programme is designed to encourage environmentally responsible investments while helping businesses adopt greener practices. Funding will also be available to qualifying entrepreneurs who have participated in selected accelerator programmes, including Investing in Young Businesses in Africa (IYBA), a Team Europe initiative that supports emerging businesses with a particular focus on women and young founders.

EIB Vice-President Ambroise Fayolle said the partnership reflects a commitment to strengthening youth employment, advancing gender equality, and supporting women's economic participation. He added that helping businesses embrace sustainable financing practices is an important part of the bank's role as the European Union's climate-focused financial institution.

Partnership Supports Financial Inclusion Goals

Wema Bank Managing Director and Chief Executive Officer Moruf Oseni described the agreement as an opportunity to deepen the bank's mission of empowerment and inclusion. He said the facility goes beyond providing access to finance by addressing gender gaps in business funding and creating more opportunities for young Nigerians to build sustainable livelihoods through entrepreneurship and self-employment. He also pledged that the bank would ensure the funding reaches businesses that can benefit most from the programme.

The agreement aligns with Nigeria's Financial Inclusion Strategy, which seeks to expand women's access to financial services and strengthen participation in the formal economy. It also supports the European Union's Global Gateway initiative, which promotes sustainable investment and economic development through international partnerships.

The deal adds to the European Investment Bank's long-standing presence in Nigeria. Since beginning operations in the country in 1978, the EIB has invested more than €2.3 billion in projects covering transport, climate resilience, innovation, digitalisation, agriculture, and SME financing.

Officials believe the new partnership will help unlock fresh opportunities for Nigerian entrepreneurs while supporting broader economic growth and sustainable business development across the country.