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    Reference: 20140716
    Release date: 21 April 2015

    Promoter – Financial Intermediary




    The proposed operation consists of a equity participation of USD 20m in a newly created development bank in Nigeria, which will focus on supporting micro, small and medium-sized enterprises (MSMEs) by providing loans and guarantees.


    The Nigerian financial system is characterised by a scarcity of long-term capital that can be mobilised domestically for financing private enterprise, particularly for micro, small and medium-sized enterprises (MSMEs). The Development Bank of Nigeria (DBN), a greenfield Nigerian development financial institution recently established by the Federal Republic of Nigeria in close partnership with IFIs including the World Bank and African Development Bank, will play a focal and catalytic role in providing funding and risk-sharing facilities to MSMEs and small corporates through the commercial banking sector intermediaries. The operation will also play an important role in developing the Nigerian financial sector by incentivising financial institutions, predominantly deposit-money and microfinance banks, to lend to the productive sector, using technical assistance to augment their capacity where necessary, and by providing them with funding facilities designed to meet the needs of these smaller clients. As the sole non-African equity investor, even a small investment by the EIB can have a disproportionately large impact on developing not just the institution, but also the wider Nigerian economy.


    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 17 million

    Total cost (Approximate amount)

    EUR 250 million

    Environmental aspects

    All sub-projects will be in compliance with environmental and social standards as defined in the DBN's Environmental and Social Operations Manual, which is in line with the environmental laws of Nigeria. Activities on the EIB's exclusion lists will not be eligible for financing.


    DBN will take all the requisite measures to ensure that the procurement of works, goods and services are the most economically advantageous option, following appropriate procedures and taking account of quality and efficiency.


    Signed - 22/12/2017


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Nigeria Services