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.