The Development Bank of Nigeria has secured a €200m financing facility from the European Investment Bank Global to support Micro, Small and Medium Enterprises and mid-sized businesses operating in agriculture, renewable energy, digitalisation and innovation.
The financing agreement was announced in a statement issued by the European Investment Bank on Thursday following a signing ceremony held at the DBN office in Lagos.
According to the statement, the facility is expected to strengthen private sector development by expanding access to finance for enterprises contributing to Nigeria’s green and digital economy while supporting job creation and economic growth.
The EIB said the investment will be channelled through local financial institutions to support small-scale investments and improve financing opportunities for businesses in key sectors of the economy.
It stated that the programme is in line with EIB Global’s strategy of supporting sustainable, inclusive and resilient economic growth in Nigeria under the European Union’s Global Gateway Initiative.
