The European Investment Bank Group’s development arm, EIB Global, and the Development Bank of Nigeria (DBN) on Saturday announced a €200 million financial partnership to support small-scale investments by Nigerian enterprises, with a focus on the country’s green and digital economy.
The agreement was signed at the DBN office in Lagos in the presence of EIB Vice-President Ambroise Fayolle.
The investment program is aimed at boosting private-sector development by improving access to finance for micro, small and medium enterprises (MSMEs) and mid-sized companies. It will target businesses contributing to renewable energy, agribusiness, digitalization and innovation, while supporting entrepreneurs and job creation.
In a statement, Fayolle said the financing will strengthen Nigeria’s green transition by expanding funding opportunities for companies in renewable energy and agribusiness. He noted that in agriculture, the program will help improve productivity, develop local supply chains and strengthen food security in Africa’s most populous nation.
On energy, the loan is expected to improve financing for renewable energy businesses, expand clean energy access, reduce carbon emissions and 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.
DBN Managing Director/CEO Dr. Tony Okpanachi described the investment as a significant milestone for Nigeria’s economic growth and sustainability agenda.
“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,” Okpanachi stated.
He added that the partnership aligns with DBN’s vision to accelerate Nigeria’s transition to a sustainable, innovation-driven and digitally enabled economy, create jobs and improve livelihoods.
The EIB has been active in Nigeria since 1978, investing €2.3 billion to date in sustainable urban transport, climate adaptation, innovation, digitalisation, agribusiness logistics and SME financing. The bank said nearly half a billion euros has gone directly toward sustainable private-sector growth in the country.
