The European Investment Bank’s development arm, EIB Global, and the Development Bank of Nigeria (DBN) have signed a €200 million financing agreement aimed at supporting small-scale investments by Nigerian businesses operating in the green and digital economy.
The agreement was formalised at a signing ceremony held on Thursday at DBN’s Lagos office, attended by EIB vice president Ambroise Fayolle and senior officials of the Development Bank of Nigeria.
The facility is expected to enhance access to finance for micro, small and medium-sized enterprises (MSMEs) and mid-sized companies, with a focus on sectors including agriculture, renewable energy, digitalisation and innovation.
According to the partners, the financing will support private sector development, encourage entrepreneurship and stimulate job creation by providing local financial institutions with resources to extend credit to eligible businesses.
The programme is also designed to support Nigeria’s green transition by increasing financing opportunities for renewable energy and agribusiness enterprises. In agriculture, the funding is expected to boost productivity, strengthen local supply chains and improve food security. In the energy sector, it will help expand access to clean energy, reduce carbon emissions and enhance climate resilience in underserved communities.
Speaking at the signing ceremony, EIB vice president Ambroise Fayolle said the investment would help strengthen the competitiveness of Nigeria’s private sector while advancing climate and digital development goals.
He noted that support for digitally enabled businesses would improve productivity and transparency, while financing for green projects and entrepreneurs, including women-led enterprises, would promote inclusive economic growth.
Managing director and Chief Executive Officer of DBN, Dr Tony Okpanachi, described the agreement as a major milestone in efforts to drive sustainable economic growth in Nigeria.
He said the funding would enable local financial institutions to increase support for MSMEs in critical sectors and accelerate the country’s transition to a sustainable, innovation-driven and digitally enabled economy.
According to Okpanachi, the partnership aligns with DBN’s strategy of promoting green growth, job creation and improved livelihoods through greater access to finance.
The investment is part of EIB Global’s broader strategy under the Global Gateway Initiative to support sustainable, inclusive and resilient economic growth in Nigeria.
EIB said it has invested nearly €500 million in Nigeria’s financial sector over the years to support sustainable private sector growth. Since beginning operations in the country in 1978, the bank has committed approximately €2.3 billion to projects across sectors including sustainable urban transport, climate adaptation, digitalisation, agribusiness logistics, and financing for small and medium-sized enterprises and mid-sized companies.
