LAGOS, Nigeria (FN) — Wema Bank has secured a E50 million (S53 million) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises in Nigeria, with a strong focus on women- and youth-owned businesses.
The agreement, signed in Lagos, marks the first transaction between EIB Global and Wema Bank. Under the arrangement, at least half of the loans will be directed at youth-owned enterprises, while the remainder will support businesses owned, managed, employing, or primarily serving women.
“This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria,” said EIB Vice President Ambroise Fayolle. He added that the initiative also supports entrepreneurs in adopting green financing practices, in line with the bank’s role as the EU’s climate bank.
The financing is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy. EIB Global will also provide technical assistance under its Greening the Financial Sector Programme to strengthen climate-related lending and promote sustainable investments.
Wema Bank Managing Director and CEO Moruf Oseni said the deal reflects the bank’s commitment to empowerment. “This facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed,” he said.
The funding is expected to benefit qualified businesses, including participants in entrepreneurship programmes, and could help reduce barriers to credit that many small firms face in Nigeria.
Internationally, the agreement highlights growing cooperation between African financial institutions and European partners to promote inclusive growth and sustainable development. Analysts say the focus on women and youth is significant in a country where unemployment and underemployment remain high, particularly among younger populations.
The deal also underscores a broader push by the EU’s Global Gateway initiative to strengthen economic ties with Africa while promoting climate-friendly investment.
