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The European Investment Bank Group’s development arm, EIB Global and the Development Bank of Nigeria have announced a €200 million financial partnership to support the development of small-scale investments of Nigerian enterprises contributing to Nigeria’s green and digital economy.
The partnership was marked by a ceremony recently in Lagos in the presence of Mr. Ambroise Fayolle, EIB vice president.
The investment programme will boost private sector development in Nigeria through small-scale investments of enterprises contributing to Nigeria’s green and digital economy.
It will support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps. This financing partnership also strengthens 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 for a country that hosts the largest population in Africa. On the energy side, improved financing for renewable energy businesses will support clean energy access, reduce carbon emissions, and help build climate resilience in underserved communities.
In his comments, EIB Vice-President, Ambroise Fayolle said: “I am very pleased to announce this important support to the private sector in Nigeria. In supporting digitally enabled businesses, we improve productivity and transparency, while strengthening the resilience and competitiveness of Nigeria’s private sector. “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. This operation is a powerful example of how EIB can deliver real impact on the ground.”
Managing Director/CEO of Development Bank of Nigeria, Dr. Tony Okpanachi, welcomed the investment 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. EIB has been active in the Nigerian financial environment for decades, investing nearly half a billion euros to-date towards sustainable private sector growth.
Overall, in Nigeria, EIB has invested EUR 2.3bn 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.
