Half of the total facility is earmarked for young entrepreneurs, a move designed to stimulate private-sector growth and generate employment for Nigeria’s demographic bulge. The remaining capital is reserved for businesses managed by women or those serving female consumers, directly supporting the national Financial Inclusion Strategy. Beyond the cash injection, Wema Bank will receive technical support via the EIB’s Greening the Financial Sector Programme, building internal capacity for climate-risk management and sustainable lending.
EIB Vice-President Ambroise Fayolle noted that the initiative reinforces the bank’s commitment to gender equality and youth economic participation. Wema Bank CEO Moruf Oseni stated that the deal addresses systemic funding disparities, promising that resources will be funneled to those with the highest potential for sustainable impact. This transaction bolsters the EIB’s historical footprint in Nigeria, where it has deployed over €2.3 billion since 1978, and aligns with the EU’s Global Gateway strategy for sustainable international development.
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