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Wema Bank has secured a €50 million (approximately ₦78.5 billion) financing facility from EIB Global, the development arm of the European Investment Bank (EIB), in a move aimed at expanding access to finance for small and medium-sized enterprises (SMEs) across Nigeria.
The financing agreement, signed at Wema Bank’s headquarters in Lagos, marks the first collaboration between both institutions and is expected to accelerate financial inclusion, entrepreneurship, and sustainable economic growth, particularly for women- and youth-led enterprises.
Under the facility, at least 50 per cent of the funding will be allocated to youth-owned businesses, reinforcing efforts to support job creation, business expansion, and innovation among Nigeria’s growing population of young entrepreneurs.
The remaining portion of the fund will be directed toward enterprises owned, managed by, employing, or primarily serving women, helping address long-standing financing gaps affecting female-led businesses.
Facility Targets Inclusive SME Growth
The initiative is supported under the European Union’s Global Gateway strategy and aligns with Nigeria’s broader financial inclusion agenda, which prioritises improved access to capital for underserved business segments.
Beyond capital deployment, EIB Global will also provide technical support to Wema Bank through its Greening the Financial Sector (GFS) Programme.
This support is designed to strengthen the bank’s climate finance capabilities and enhance its ability to finance environmentally sustainable projects.
Eligible beneficiaries include existing Wema Bank SME customers as well as participants in entrepreneurship programmes such as Investing in Young Businesses in Africa (IYBA), an initiative focused on empowering young entrepreneurs, particularly women and youth-led ventures.
The financing arrangement reflects growing demand for innovative funding structures that improve compliance management, strengthen risk assessment, and support long-term business sustainability within Nigeria’s SME ecosystem.
EIB Sees Investment as Strategic for Nigeria’s Future
Speaking at the signing ceremony, Ambroise Fayolle, Vice President of the European Investment Bank, described the partnership as a strategic investment in Nigeria’s entrepreneurial future.
According to Fayolle, the facility is expected to support youth employment, promote gender inclusion, and encourage more sustainable financing practices across the country’s business landscape.
He noted that empowering SMEs remains critical to driving economic resilience, job creation, and inclusive growth in emerging markets such as Nigeria.
The collaboration also aligns with global regulatory technology trends, where financial institutions increasingly integrate sustainability considerations, governance frameworks, and smarter capital allocation into lending decisions.
Wema Bank Deepens Commitment to SME Financing
Speaking on the significance of the partnership, Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, said the facility reinforces the bank’s long-standing commitment to supporting underserved segments of the economy.
He noted that the financing will enable Wema Bank to deepen support for SMEs while expanding opportunities for women and young Nigerians to access growth capital.
“This partnership presents a significant opportunity to scale our impact by helping more businesses access the financing they need to grow, while addressing gender disparities and youth unemployment,” Oseni said.
According to him, improved financing access will empower more entrepreneurs to build resilient businesses and contribute meaningfully to national economic development.
The initiative also highlights the increasing role of financial institutions in deploying RegTech solutions, strengthening financial compliance, and supporting inclusive lending models that promote economic participation.
Both organisations stated that the partnership reflects a shared commitment to improving financial access, supporting entrepreneurship, and advancing environmental sustainability.
Since beginning operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in projects spanning transport infrastructure, climate resilience, digital transformation, innovation, agribusiness logistics, and SME financing.
The latest partnership with Wema Bank further underscores growing international confidence in Nigeria’s SME sector as a key driver of economic development and long-term resilience.
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