DBN secures €200m EIB loan for Nigerian SMEs
via Punch Nigeria9 min read
The Development Bank of Nigeria has secured a €200m financing facility from the European Investment Bank Global to support Micro, Small and Medium Enterprises and mid-sized businesses in Nigeria. This agreement, announced by the European Investment Bank, aims to strengthen private sector development by expanding access to finance for businesses contributing to Nigeria’s green and digital economy, thereby supporting job creation and economic growth. The investment will be channeled through local financial institutions to facilitate small-scale investments and improve financing opportunities in key sectors such as agriculture, renewable energy, digitalization, and innovation. EIB Vice-President Ambroise Fayolle stated that the partnership will enhance the competitiveness of Nigeria's private sector, particularly for SMEs in the green and digital sectors, and promote inclusive growth and climate action. Dr. Tony Okpanachi, Managing Director and Chief Executive Officer of the Development Bank of Nigeria, described the facility as a significant milestone in driving Nigeria’s economic growth and sustainability, empowering entrepreneurs, and fostering sustainable innovation. This funding aligns with EIB Global’s strategy under the European Union’s Global Gateway Initiative and comes as Nigerian businesses, especially smaller enterprises, face challenges with affordable financing.
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