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Nigeria has secured a $229.2 million (€200 million) financial partnership between EIB Global, the development arm of the European Investment Bank, and the Development Bank of Nigeria (DBN). The loan aims to expand financing for small-scale enterprises, driving the country’s green and digital economic transition. This new investment will be focused on agriculture, renewable energy, digitalisation and innovation.
According to the European Investment Bank Group, the investment will boost private sector development in Nigeria through small-scale investments of enterprises contributing to Nigeria’s green and digital economy, and will support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps.
“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,” said Ambroise Fayolle, Vice-President of EIB.
The deal is structured under the Global Gateway Initiative, which forms the broader framework for EIB Global’s strategy to support sustainable and inclusive economic growth on the continent.
EIB has been one of the most active backers of the Nigerian financial system. Since it first began its activities in the country in 1978, EIB has invested $2.64 billion (€2.3 billion), supporting impactful and transformative investments in sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics, and SME and Midcap financing.
The financing partnership 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.
Dr. Tony Okpanachi, CEO and Managing Director of DBN, said, “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.
“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.”
The Development Bank of Nigeria was set up by the Federal Government of Nigeria in collaboration with global development partners, with the primary objective of addressing the significant financing gaps faced by Nigeria’s micro, small, and medium enterprises. The latest EIB partnership reinforces the institution’s central role in channelling international capital towards Nigeria’s most pressing economic priorities.
