Wema Bank has secured a €50 million (about N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), 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 50 per cent of the loans will be directed to youth-owned enterprises, while the remainder will support businesses owned, managed by, employing, or primarily serving women.
Speaking at the signing ceremony, EIB Vice President Ambroise Fayolle said the partnership would help drive inclusive economic growth in Nigeria.
“This first financial agreement with Wema Bank is an important contribution to strengthening youth employment, gender equality and women’s empowerment in Nigeria,” he said.
Fayolle added: “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.”
According to EIB Global, the initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy.
As part of the partnership, EIB Global will also provide technical assistance to Wema Bank through its Greening the Financial Sector Programme to strengthen climate-related lending and promote sustainable investments.
Commenting on the agreement, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the facility as a major boost to the bank’s financial inclusion efforts.
“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further,” Oseni said.
He added: “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.”
Oseni assured that qualified businesses, including participants in entrepreneurship programmes, would benefit from the funding.
