European Investment Bank and Development Bank of Nigeria Sign €200 Million Financing Agreement
The European Investment Bank's development arm, EIB Global, and the Development Bank of Nigeria (DBN) have signed a €200 million financing agreement to support small-scale investments by Nigerian businesses in the green and digital economy. The signing ceremony took place at the Development Bank of Nigeria’s Lagos office, with EIB Vice-President Ambroise Fayolle in attendance.
The financing facility will channel long-term financing to local financial institutions for onward lending to micro, small and medium-sized enterprises (MSMEs) and mid-sized companies. It focuses on sectors including agriculture, renewable energy, digitalisation and innovation. The investment programme is expected to support small-scale investments across Nigeria, create jobs, strengthen food security, and expand clean energy access. The financing partnership supports Nigeria’s green transition by expanding financing for renewable energy and agribusiness. According to allafrica.com, the agreement is worth €200 million and targets businesses in the green and digital economy. Businessday.ng reported that the partnership aims to deepen digital transformation in Nigeria. Nigerian businesses face constrained access to long-term financing due to high interest rates and funding gaps, according to nairametrics.com. The facility aligns with EIB Global’s strategy under the European Union.
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