Wema Bank Plc has secured a €50 million financing agreement with EIB Global, the development arm of the European Investment Bank, in a move aimed at widening access to credit for small and medium-sized enterprises (SMEs) across Nigeria and strengthening support for youth and women entrepreneurs.
The agreement, signed on June 19, 2026, marks the first financing partnership between the two institutions and reflects growing international efforts to deepen private-sector investment in Africa’s largest economy. Under the terms of the facility, at least half of the funding will be directed toward businesses owned or led by young entrepreneurs, while the remaining portion will support enterprises owned, managed, or significantly staffed by women.
The financing is expected to help address one of the most persistent challenges facing Nigerian SMEs: limited access to affordable long-term capital. Small businesses account for a substantial share of employment and economic activity in Nigeria, yet many continue to struggle with financing constraints that hinder expansion, innovation, and job creation.
Beyond the credit facility itself, EIB Global will provide technical assistance to Wema Bank to strengthen its capacity in sustainable and climate-resilient financing. The support is designed to help the lender develop frameworks that encourage environmentally responsible investments while improving risk management and lending practices.
The transaction is backed by the European Union’s Global Gateway initiative, the bloc’s flagship investment strategy aimed at mobilizing public and private capital for sustainable infrastructure and economic development projects worldwide. The initiative has increasingly focused on supporting African economies through investments that promote inclusive growth and private-sector development.
Speaking on the partnership, EIB Global Vice President Ambroise Fayolle said the financing underscores the European Union’s commitment to supporting entrepreneurship and economic development across Africa. He noted that expanding access to finance remains critical for enabling SMEs to scale operations, create jobs, and contribute more meaningfully to economic growth.
Wema Bank Managing Director and Chief Executive Officer Moruf Oseni described the agreement as a significant milestone in the bank’s strategy to drive inclusive economic transformation. He said the funding would help empower underserved business segments while reinforcing the bank’s role in supporting entrepreneurship and financial inclusion across Nigeria.
For Nigeria’s business ecosystem, the deal arrives at a time when policymakers and financial institutions are seeking new sources of development finance to stimulate private-sector growth. Analysts say targeted funding for youth- and women-led enterprises could generate broader economic benefits, including increased employment, improved business resilience, and stronger participation in the formal economy.
As access to capital remains a critical growth constraint for many SMEs, the Wema Bank-EIB Global partnership could serve as a model for future development-finance collaborations aimed at unlocking entrepreneurial potential and accelerating sustainable economic growth in Nigeria.
