Wema Bank Plc has secured a €50 million (approximately N78.5 billion) financing facility from the European Investment Bank (EIB) through its development arm, EIB Global, to support the growth of small and medium-sized enterprises (SMEs) across Nigeria.
The financing agreement, signed in Lagos on June 19, 2026, marks the first partnership between Wema Bank and the European Investment Bank. The initiative is designed to improve access to affordable funding for businesses, particularly those owned by young entrepreneurs and women.
According to the terms of the agreement, at least 50 percent of the funds will be allocated to businesses owned by young entrepreneurs. The remaining 50 percent will be directed toward enterprises owned, managed, or primarily serving women. The programme aims to address financing challenges faced by these groups while encouraging entrepreneurship, economic growth, and job creation.
The facility is supported by the European Union’s Global Gateway programme, a development initiative focused on strengthening economic opportunities and sustainable growth in partner countries. The arrangement also aligns with Nigeria’s Financial Inclusion Strategy, which seeks to expand access to financial services and credit for underserved populations.
Beyond the financial support, EIB Global will provide technical assistance to Wema Bank through its Greening the Financial Sector programme. This support will help the bank improve its climate-focused lending practices and encourage businesses to adopt environmentally friendly and sustainable investment projects.
The financing will be available to qualified Wema Bank customers operating eligible businesses. Beneficiaries will also include participants from selected entrepreneurship accelerator programmes, such as the Investing in Young Businesses in Africa (IYBA) initiative. The programme focuses on supporting young business owners, especially women and youth-led enterprises.
Speaking during the signing ceremony, EIB Vice President Ambroise Fayolle described the partnership as an important step toward promoting economic inclusion and employment opportunities in Nigeria.
He noted that the agreement would contribute to youth employment, women’s empowerment, and gender equality while helping entrepreneurs embrace green financing practices. Fayolle added that supporting sustainable development remains a key responsibility of the European Investment Bank as the European Union’s climate-focused financial institution.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence that the funding would strengthen the bank’s efforts to support underserved segments of the economy.
According to him, Wema Bank has a long-standing commitment to empowering individuals and businesses, and the new facility will help expand that impact. He explained that the financing will not only increase access to business loans but will also help close gender financing gaps and create more opportunities for Nigerian youths to become self-employed and economically productive.
Oseni assured stakeholders that the bank would work to ensure that qualified businesses across various sectors benefit from the programme.
Both Wema Bank and EIB Global stated that the partnership reflects their shared commitment to expanding access to finance, supporting women entrepreneurs, creating opportunities for young business owners, promoting job creation, and encouraging environmentally sustainable business practices.
The initiative is expected to provide a significant boost to Nigeria’s SME sector, which remains a key driver of economic growth and employment across the country.
