Wema Bank has signed a €50 million ($56.9 million) financing agreement with EIB Global to expand lending to small and medium-sized enterprises (SMEs) in Nigeria, with a strong focus on women- and youth-owned businesses.

The agreement, announced in Lagos, marks the first transaction between both institutions. It comes as Nigeria continues to push for wider financial inclusion and improved access to credit for small businesses that often struggle to secure affordable financing from commercial lenders.

Under the arrangement, both institutions said the facility will be deployed across eligible SMEs nationwide. The funding is designed to support job creation, strengthen entrepreneurship, and widen access to formal credit in key parts of the economy.

Loan structure and allocation

At least 50% of the credit line will go to youth-owned businesses, reflecting efforts to support young entrepreneurs entering the formal economy. The remaining share will target companies owned, managed, or largely serving women.

Officials said the structure is intended to address long-standing financing gaps that limit expansion for small businesses, particularly in underserved segments of the market.

Focus on women and youth enterprises

The initiative aligns with Nigeria’s financial inclusion strategy and the European Union’s Global Gateway programme. It also aims to improve access to working capital for women-led enterprises and young founders building early-stage businesses.

EIB Global Vice President Ambroise Fayolle said the agreement is intended to support job creation and expand economic opportunities for young people and women in Nigeria.

Technical assistance and broader support

Beyond lending, EIB Global will provide technical assistance to Wema Bank under its Greening the Financial Sector programme. The support is expected to help the bank strengthen climate-related lending standards and improve sustainability practices in its financing operations.

Wema Bank Chief Executive Officer Moruf Oseni said the partnership would allow the lender to extend credit to more underserved customers while supporting inclusive growth. He added that the bank would focus on ensuring qualified SMEs, including beneficiaries of selected accelerator programmes, gain access to funding.

EIB Global said it has invested about $2.62 billion in Nigeria since 1978, supporting projects in transport, agriculture, innovation, and SME development. The latest agreement adds to its efforts to channel funding toward small businesses and sustainable economic activities in Africa’s largest economy.