Wema Bank has obtained a €50 million financing facility from the development arm of the European Investment Bank (EIB Global) in a move designed to improve access to capital for small and medium-sized enterprises (SMEs) across Nigeria.
The funding arrangement, which marks the beginning of a working relationship between both institutions, is expected to support businesses that often face difficulties securing affordable financing, particularly enterprises led by young entrepreneurs and women.
Under the programme, a significant portion of the funds will be directed toward businesses owned by young Nigerians, while the remaining allocation will focus on enterprises that are owned, managed, or primarily serve women.
The initiative is expected to encourage entrepreneurship, stimulate job creation, and strengthen economic participation among underserved groups.
The facility aligns with ongoing efforts to deepen financial inclusion and expand economic opportunities for groups that traditionally encounter barriers to formal financing.
Beyond providing capital, the partnership will also include technical support aimed at strengthening sustainable lending practices within the banking sector.
The additional support is expected to help Wema Bank expand financing solutions that promote environmentally responsible investments and climate-conscious business activities.
The programme is also expected to create opportunities for participants in selected entrepreneurship and business development initiatives, providing promising startups and growth-stage businesses with improved access to funding required for expansion.
Speaking on the significance of the partnership, representatives of EIB Global noted that supporting young entrepreneurs and women-owned businesses remains critical to achieving inclusive economic development.
The institution added that expanding access to finance can help unlock business potential while contributing to employment generation and long-term economic resilience.
Wema Bank’s management described the facility as a strategic opportunity to extend support to key segments of the economy that require greater access to capital.
According to the bank, the financing will strengthen its ability to empower entrepreneurs and help bridge existing funding gaps affecting SMEs.
Industry analysts view the agreement as another positive step toward addressing financing challenges facing Nigeria’s SME sector, which plays a vital role in employment generation and economic growth but continues to face constraints in accessing affordable credit.
The European Investment Bank has maintained a presence in Nigeria for several decades, supporting projects across infrastructure, agribusiness, digital development, innovation, climate-related investments, and private sector growth.