The European Investment Bank (EIB) Global and the Development Bank of Nigeria (DBN) have signed a €200 million financing agreement.

A statement yesterday by the DBN said that the deal was aimed at accelerating the growth of Nigeria’s green and digital economy, while also expanding access to finance for Micro, Small and Medium Enterprises (MSMEs) and mid-sized businesses. The partnership was formalised during a signing ceremony at the DBN office in Lagos.

The deal is expected to drive private sector development through small-scale investments in enterprises operating in key sectors such as renewable energy, agribusiness, digitalisation and innovation.

Speaking at the event, EIB Vice-President Ambroise Fayolle described the investment as a major boost for Nigeria’s private sector and its transition towards a greener economy.

He noted that the initiative would expand financing opportunities for green projects and entrepreneurs, particularly women-led businesses, while reinforcing the long-standing partnership between the EIB and Nigeria on climate action.

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.”

He added that the investment was expected to strengthen Nigeria’s renewable energy sector by improving access to finance for clean energy businesses, supporting wider energy access, reducing carbon emissions and enhancing climate resilience, particularly in underserved communities.

Also commenting, the Managing Director of DBN, Tony Okpanachi, said the agreement was a major one in the bank’s efforts to drive sustainable economic growth.

According to him, the partnership aligned with DBN’s commitment to promoting green growth, digital transformation, job creation and improved livelihoods across the country.