Nigeria has secured a €200 million financing agreement with the European Investment Bank (EIB) to boost support for small and medium-sized enterprises (SMEs) through the Development Bank of Nigeria.
The five-year facility is aimed at expanding access to finance for SMEs and micro, small and medium enterprises (MSMEs) driving green growth, renewable energy, and digital innovation.
The financing agreement is designed to strengthen Nigeria’s private sector and accelerate economic transformation. It places strong emphasis on green and digital initiatives that align with the country’s broader development goals.
A key component of the deal is the allocation of at least 30 per cent of the funding to women-led businesses. This is intended to promote entrepreneurship, job creation, and greater financial inclusion for women across the country.
The initiative is expected to boost private sector development while supporting Nigeria’s transition to a more sustainable and digitally driven economy. Officials believe the facility will help address long-standing challenges of limited access to affordable financing faced by many SMEs.
It is also expected to contribute to job creation, especially among young people and women, while strengthening the capacity of the Development Bank of Nigeria to support the real sector.
The agreement is being viewed as a major boost to Nigeria’s efforts to diversify the economy and reduce over-reliance on oil. It aligns with ongoing reforms aimed at improving the ease of doing business and attracting more development finance into critical sectors.
The European Investment Bank has been a long-standing partner in Nigeria’s development, and this latest facility is expected to further deepen that relationship.
