Nigeria's Development Bank has clinched a €200 million loan from Europe's investment wing. The money aims to boost funding for small businesses and green projects across the country.
Officials signed the deal in Abuja on Thursday morning. EIB Global, the development arm of the European Investment Bank, provided the facility.
Local banks will receive the cash and lend it out to small and medium enterprises. Agriculture, renewable energy, digital services and innovation sectors will benefit most.
Nigeria faces serious economic pressure right now. Smaller businesses struggle to access credit and finance for growth.
The funding targets micro, small and medium-sized firms nationwide. Job creation and economic stability form key goals of the programme.
European Union partners want sustainable growth in friendly nations. This investment aligns with that vision through the Global Gateway initiative.
Ambroise Fayolle, Vice-President at EIB, spoke at Thursday's ceremony. He said the bank backs Nigeria's private sector expansion and climate goals.
"I am very pleased to announce this important support to the private sector in Nigeria," Fayolle told the gathering. Digital businesses improve efficiency and strengthen competitive advantage, he noted.
The facility will help entrepreneurs, particularly women, he added. Economic growth must include climate action and broader opportunity for all.
"In boosting green projects and supporting entrepreneurs, including women, we are fostering inclusive economic growth and reinforcing our strategic partnership with Nigeria on climate action," the EIB official said. Impact on the ground matters most, he stressed.
Green energy firms will access cheaper long-term credit through this scheme. Renewable projects can now expand faster across Nigeria's underserved regions.
Farm businesses stand to gain significantly from the programme. Supply chains will strengthen while food security improves in local communities.
Technology companies pursuing digital solutions also feature prominently. Carbon reduction and climate resilience remain central to project selection.
DBN itself gains firepower to lend more aggressively. Participating banks will push credit to thousands of Nigerian entrepreneurs.
Tony Okpanachi heads the Development Bank as Managing Director. He called Thursday's agreement a watershed moment for the institution.
"The €200 million investment from EIB Global is a significant milestone in our mission to drive Nigeria's economic growth and sustainability," Okpanachi stated. Supporting financial institutions helps small firms invest and grow, he noted.
Agriculture, renewable energy and digital innovation sectors get special focus. Entrepreneurs will drive Nigeria's transition to a greener economy, Okpanachi said.
