Wema Bank has finalised a significant financing agreement valued at €50 million (approximately N78.5 billion) with EIB Global, the European Investment Bank’s development finance arm. This strategic partnership is designed to substantially expand access to credit for small and medium-sized enterprises (SMEs) across Nigeria, with a deliberate emphasis on businesses owned and operated by women and youth. The agreement, officially executed on June 19, 2026, at Wema Bank’s Lagos headquarters, marks a pivotal first-time collaboration between EIB Global and the Nigerian financial institution.
According to joint statements from both Wema Bank and EIB Global, the facility is structured to support eligible businesses nationwide. A key objective is to channel at least 50 per cent of the allocated funds towards youth-owned enterprises, thereby fostering entrepreneurship, stimulating job creation, and promoting inclusive economic growth. The remaining 50 per cent of the facility will be directed towards businesses that are owned, managed, primarily employ, or predominantly serve women. This initiative is further bolstered by the European Union’s Global Gateway programme and aligns directly with Nigeria’s national Financial Inclusion Strategy.
Beyond the provision of capital, EIB Global will extend crucial technical assistance to Wema Bank through its Greening the Financial Sector (GFS) Programme. This support is specifically aimed at enhancing the bank’s capacity in climate-related lending practices and encouraging investments that are environmentally sustainable. The ultimate beneficiaries of this facility will encompass existing Wema Bank customers with qualifying businesses, as well as graduates from select accelerator programmes, including the Investing in Young Businesses in Africa (IYBA) initiative, a Team Europe programme dedicated to empowering young entrepreneurs, particularly women and youth.
Ambroise Fayolle, Vice President of the European Investment Bank, underscored the agreement’s importance at the signing ceremony, characterising it as a vital step towards advancing youth employment and gender inclusion within 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 stated. “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.”
Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, highlighted the facility’s potential to deepen the bank’s commitment to underserved economic segments. “As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further,” Oseni remarked. “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 assured that Wema Bank would ensure qualified businesses effectively leverage this opportunity.
The partnership between Wema Bank and EIB Global underscores a shared dedication to fostering youth employment, advancing gender equality, improving access to finance for women entrepreneurs and young enterprises, and promoting environmental sustainability. The EIB noted its substantial investment in Nigeria since commencing operations in 1978, totalling approximately €2.3 billion, supporting a diverse range of sectors including transport, climate adaptation, innovation, digitalisation, agribusiness logistics, and SME financing. Notable attendees at the signing ceremony included Wema Bank’s Deputy Managing Director, Oluwole Ajimisinmi; Executive Director, Olukayode Bakare; and the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot.
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