Nigerian authorities signed a €200 million financing agreement with the European Investment Bank on Thursday. The pact aims to strengthen support for small businesses, green energy projects, and digital innovation through the Development Bank of Nigeria.
Officials held the signing ceremony at the Development Bank of Nigeria’s office in Lagos. EIB Vice President Ambroise Fayolle attended the event. The agreement channels funds through local financial institutions to micro, small, and medium sized enterprises as well as mid sized companies.
Development Bank of Nigeria Managing Director and CEO Dr. Tony Okpanachi welcomed the investment. He described it as a significant milestone for Nigeria’s economic growth and sustainability.
The facility targets investments in agriculture, renewable energy, digitalisation, and innovation. Funds will help expand access to credit for small businesses. Moreover, the support promotes green growth and digital transformation across the country.
Dr. Tony Okpanachi added that the partnership empowers entrepreneurs and fosters sustainable innovation. He further stated that it underscores the Development Bank of Nigeria’s commitment to accelerating Nigeria’s transition to a sustainable, innovation-driven, and digitally enabled economy.
EIB Vice President Ambroise Fayolle noted that the facility enhances the competitiveness of Nigeria’s private sector. He highlighted that backing green and digital investments creates direct effects on employment and innovation.
This initiative follows ongoing efforts to improve financing for Nigerian enterprises. As a result, it strengthens private sector development and contributes to better food security and clean energy access. The agreement advances Nigeria’s goals for inclusive economic progress.
