By Peter Omopo
Nigeria has signed a €200 million financing agreement with the European Investment Bank (EIB) to support small businesses, promote green energy initiatives, and accelerate digital innovation through the Development Bank of Nigeria (DBN).
The five-year financing facility is designed to expand access to credit for small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) driving green growth and digital transformation across the country.
The development was disclosed by the Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, in a post on X.
According to him, the agreement aims to strengthen financial support for businesses operating in strategic sectors while encouraging innovation and sustainable economic development.
He noted that the facility also includes targeted support for women-owned enterprises, with at least 30 per cent of the funding reserved for female entrepreneurs.
“The five-year facility is aimed at expanding access to finance for SMEs and MSMEs driving green growth and digital transformation, while also supporting women-led businesses, with at least 30 per cent of the funding reserved for female entrepreneurs,” he stated.
The financing package is expected to deepen financial inclusion, improve access to long-term capital, and strengthen businesses contributing to Nigeria’s transition toward a more sustainable and technology-driven economy.
Under the arrangement, the Development Bank of Nigeria will oversee implementation of the facility and ensure that eligible businesses across key sectors benefit from the funding over the duration of the programme.
The agreement highlights continued collaboration between Nigeria and international development partners in supporting private sector growth, job creation, economic diversification, and sustainable development.
