Partnership Targets Financial Inclusion, Job Creation and Sustainable SME Growth in Nigeria
Wema Bank has secured a €50 million 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, particularly businesses owned by women and young entrepreneurs.
The agreement, signed on June 19, 2026, at Wema Bank’s headquarters in Lagos, marks the first transaction between the European development finance institution and the Nigerian lender.
Under the terms of the partnership, at least 50 per cent of the financing facility will be dedicated to youth-owned businesses as part of efforts to stimulate entrepreneurship, support job creation and promote inclusive economic growth. The remaining 50 per cent will be directed toward businesses owned, managed, employing or primarily serving women.
The initiative is supported by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy, which seeks to broaden access to financial services and reduce economic exclusion among underserved segments of the population.
Beyond the credit facility, EIB Global will also provide technical support to Wema Bank through its Greening the Financial Sector programme. The assistance is designed to strengthen the bank’s climate-related lending capabilities and encourage environmentally sustainable investments among beneficiaries.
Eligible recipients of the financing will include qualifying Wema Bank customers as well as graduates of selected entrepreneurship accelerator programmes, including the Investing in Young Businesses in Africa initiative, a Team Europe programme focused on supporting youth entrepreneurship and women-led enterprises across the continent.
Speaking at the signing ceremony, Vice President of the European Investment Bank, Ambroise Fayolle, described the agreement as a significant step toward advancing youth employment, gender inclusion and sustainable development in Nigeria.
“This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria,” Fayolle said.
“We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.”
Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the partnership reinforces the bank’s long-standing commitment to empowerment and financial inclusion.
“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further,” Oseni said.
“In tandem with our commitment to inclusion, 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 added that the bank would work to ensure that qualified businesses across the country benefit from the financing opportunity.
According to both institutions, the partnership reflects a shared commitment to supporting entrepreneurship, expanding access to finance, advancing gender equality and promoting sustainable economic development.
Since commencing operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in projects spanning transport, climate adaptation, innovation, digitalisation, agribusiness logistics and SME financing.
