WEMA BANK, EIB GLOBAL SEAL €50 MILLION DEAL TO BOOST SME FINANCING

Wema Bank has entered into a €50 million financing agreement with EIB Global, the international partnerships arm of the European Investment Bank, to support small and medium-sized enterprises (SMEs) in Nigeria.

The agreement is aimed at expanding access to affordable credit for businesses, particularly those operating in key productive sectors of the economy.

According to the partners, the funding will help address financing gaps that have long constrained the growth and competitiveness of SMEs in the country.

Wema Bank said the initiative aligns with its commitment to supporting entrepreneurship, job creation, and economic development through increased lending to the real sector.

EIB Global noted that the partnership reflects its broader strategy of promoting sustainable private sector growth in emerging markets.

Financial experts say improved access to SME financing is critical for boosting industrial output, supporting innovation, and strengthening Nigeria’s economic resilience.

The deal is also expected to enhance financial inclusion by enabling more small businesses to access structured credit facilities.

Stakeholders have welcomed the development, describing it as a significant step toward improving SME productivity and economic diversification.