Peter Uzoho
The European Investment Bank Group’s development arm, EIB Global, and the Development Bank of Nigeria (DBN) yesterday announced a €200 million financial partnership to support small-scale investments by Nigerian enterprises, contributing to Nigeria’s green and digital economy.
The agreement was signed at the DBN Lagos Office in the presence of EIB Vice-President Mr. Ambroise Fayolle.
The investment program will boost private-sector development in Nigeria through small-scale investments by enterprises that contribute to Nigeria’s green and digital economy.
It will also support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps.
According to a statement issued by EIB Vice-President Fayolle, the financing partnership will also strengthen Nigeria’s green transition by expanding financing opportunities for companies in the renewable energy and agribusiness sectors.
In agriculture, it will help improve productivity, develop local supply chains, and strengthen food security in a country that hosts Africa’s largest population.
On the energy side, the statement said the loan will improve financing for renewable energy businesses, support clean energy access, reduce carbon emissions, and help build climate resilience in underserved communities.
“This partnership with the Development Bank of Nigeria will strengthen the competitiveness of Nigeria’s private sector, especially for SMEs in the green and digital sector. In supporting green projects and women entrepreneurs, we are also fostering inclusive growth and climate action. This is a powerful example of EIB’s real impact on the ground,” Fayolle said.
Managing Director/CEO of the Development Bank of Nigeria, Dr. Tony Okpanachi, welcomed the investment, describing it as a significant milestone in efforts to drive Nigeria’s economic growth and sustainability.
“The €200 million investment from EIB Global is a significant milestone in our mission to drive Nigeria’s economic growth and sustainability. By supporting local financial institutions and MSMEs in key sectors like agriculture, renewable energy, digitalisation, and innovation, we’re empowering entrepreneurs and fostering a culture of sustainable innovation,” he stated.
Okpanachi affirmed further: “This partnership underscores DBN’s commitment to accelerating Nigeria’s transition to a sustainable, innovation-driven and digitally enabled economy, creating jobs, and improving livelihoods. It aligns with DBN’s vision to support green growth and digital transformation.”
EIB is a key financing partner to the private sector in sub-Saharan Africa, as a long-term investor with a highly attractive and competitive funding offer.
It has been active in the Nigerian financial environment for decades, investing nearly half a billion euros to date towards sustainable private-sector growth.
In Nigeria, EIB has invested EUR 2.3billion since the start of its activities in the country in 1978, supporting impactful and transformative investments in crucial areas for the country, such as sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics and small and medium enterprises (SMEs) and Midcaps financing.
