In a significant move to bolster economic growth in underserved regions, British International Investment (BII), the United Kingdom's development finance institution, has joined forces with First City Monument Bank (FCMB) to launch a substantial $50 million credit facility. Announced on 4 December 2025, this initiative is squarely aimed at empowering Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria, with a special focus on the northern part of the country and women entrepreneurs.
Strategic Focus on the North and Women Entrepreneurs
The structure of the $50 million facility reveals a targeted approach to addressing historical financial gaps. A decisive 70% of the funds are earmarked specifically for MSMEs operating in Northern Nigeria, a region long identified as having limited access to affordable capital from traditional providers. This strategic allocation is designed to stimulate key economic sectors such as agriculture, trade, and manufacturing.
Concurrently, 30% of the facility is dedicated to empowering women-owned businesses across the entire nation. This dual focus aims to tackle both regional disparity and gender inequality in financing. Beyond mere capital provision, the partnership includes support for capacity-building programs and refined market assessments to ensure sustainable growth for beneficiary businesses.
Driving National Economic Growth from the Ground Up
The importance of this intervention cannot be overstated, given the pivotal role MSMEs play in the Nigerian economy. These enterprises are responsible for over 50% of the nation's GDP and account for more than 80% of jobs. Despite this, many, particularly in regions like the north, struggle to secure the affordable financing needed to expand and innovate.
Yemisi Edun, Managing Director and CEO of FCMB, emphasized the bank's commitment, stating, "This partnership strengthens our ability to channel resources where they matter most." She highlighted FCMB's existing track record, noting that as of September 2025, the bank had provided over ₦533 billion in credit lines to thousands of businesses. This new facility specifically expands their capacity to serve northern Nigeria and women-led enterprises nationwide.
A Partnership for Inclusive and Sustainable Prosperity
The collaboration has garnered high-level endorsement, reflecting its alignment with broader development goals. Jonny Baxter, the British Deputy High Commissioner in Lagos, framed the investment as part of the UK's enduring commitment to fostering inclusive growth and mutual prosperity with Nigeria. He noted that empowering SMEs, especially in underserved areas, lays the foundation for deeper future trade and investment ties between the two nations.
From BII's perspective, Chris Chijiutomi, Managing Director and Head of Africa, expressed delight in directly tackling the barriers to financial access. "We are unlocking opportunities for businesses particularly in Northern Nigeria where our support is needed most," he said, aligning the project with BII's mission to accelerate inclusive prosperity.
The initiative directly supports the United Nations Sustainable Development Goals on gender equality (Goal 5) and decent work and economic growth (Goal 8). It also builds on FCMB's recognized expertise in the SME space; the Central Bank of Nigeria recently named it the Best SME Focused Bank. Notably, in 2024, FCMB accounted for a remarkable 24% (N432 billion) of the total N1.8 trillion in SME loans granted by all banks in Nigeria.
