June 24 (THEWILL) — Wema Bank has signed a €50 million financing agreement with EIB Global, the development arm of the European Investment Bank (EIB), to expand access to credit for small and medium-sized enterprises (SMEs) across Nigeria, with a strong focus on women- and youth-owned businesses.
The agreement, signed on June 19, 2026, at Wema Bank’s headquarters in Lagos, marks the first transaction between EIB Global and the Nigerian lender.
According to both institutions, the facility is designed to support business growth, job creation, and financial inclusion.
At least 50 percent of the funds will be directed toward youth-owned enterprises, while the remaining 50 percent will support businesses owned, managed by, employing, or primarily serving women.
The initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s efforts to improve financial inclusion and support entrepreneurship.
Beyond the credit facility, EIB Global will provide technical assistance to Wema Bank under its Greening the Financial Sector programme.
The support is expected to strengthen the bank’s climate-related lending practices and encourage environmentally sustainable investments.
Beneficiaries will include eligible Wema Bank customers as well as participants in selected entrepreneurship programmes, including the Investing in Young Businesses in Africa initiative, which focuses on supporting young entrepreneurs, particularly women and youths.
Speaking at the signing ceremony, EIB Vice President Ambroise Fayolle described the partnership as an important step toward promoting youth employment, gender equality, and women’s economic empowerment in Nigeria.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the facility would help the bank deepen support for underserved segments of the economy.
He noted that the funding would not only improve access to finance for businesses but also help address gender gaps and create more opportunities for young Nigerians to become economically active.
The European Investment Bank disclosed that it has invested about €2.3 billion in Nigeria since 1978, supporting projects in transport, climate adaptation, innovation, digitalisation, agribusiness, and SME development.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
