EU, EIB Approve €500m to Support Nigerian, African Entrepreneurs
The European Union and the European Investment Bank have approved more than €500 million in financing aimed at supporting entrepreneurs, small businesses and private-sector development in Nigeria and across Africa.
In Nigeria, the EIB has recently announced a €200 million financing partnership with the Development Bank of Nigeria to improve access to finance for micro, small and medium-sized enterprises, particularly in agriculture, renewable energy, digitalisation and innovation.
The bank also signed a €50 million credit line with Wema Bank focused on youth- and women-led businesses, with at least half of the financing earmarked for youth-owned enterprises.
The latest financing forms part of the EU’s broader Global Gateway strategy, which seeks to expand investment, create jobs and support sustainable economic development in Africa.
The EIB said it has invested about €2.3 billion in Nigeria since beginning operations in the country in 1978, supporting sectors including transport, energy, agriculture, digitalisation and small businesses.
The initiative is expected to give more African entrepreneurs access to capital needed to expand businesses, create employment and contribute to economic growth.
