British International Investment (BII), the UK government’s development finance arm, has partnered with First City Monument Bank (FCMB) to introduce a $50 million credit line designed to stimulate growth and expand economic opportunities for Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
According to information shared on Tuesday, BII will extend the funding to FCMB, which will then channel the capital directly to MSMEs.
A significant portion of the facility—70%—has been earmarked for small businesses in northern Nigeria, a region that has long struggled with limited access to financial support. The remaining 30% is reserved for women-owned enterprises nationwide.
Both organisations explained that the financing aims to close funding gaps in vital sectors including agriculture, manufacturing, and trade. They added that the initiative will help promote financial inclusion, support innovation, and strengthen economic activity in underserved northern communities.
The Managing Director/CEO of FCMB, Yemisi Edun, noted that the partnership enhances the bank’s ability to channel credit to the groups that need it most. She highlighted that as of September 2025, FCMB had already disbursed over ₦533bn in credit to thousands of Nigerian businesses.
She emphasised that the new facility will expand the bank’s reach, particularly for entrepreneurs in the North and women-led ventures nationwide. Enhancing access to funding, she said, will help small businesses create jobs, improve productivity, and build stronger local industries.
The British Deputy High Commissioner in Lagos, Jonny Baxter, described the initiative as part of the UK’s commitment to Nigeria’s development. He stated that empowering SMEs—especially those in underserved regions—not only drives inclusion and employment but also strengthens long-term UK-Nigeria trade and investment ties. He added that the support will help FCMB improve how small businesses access credit, potentially reshaping SME financing across the country.
BII’s Managing Director and Head of Africa, Chris Chijiutomi, said the collaboration directly tackles long-standing challenges entrepreneurs face in securing affordable financing. He noted that the investment prioritises northern Nigeria and women-led businesses, aligning with BII’s mission to support job creation and broaden economic participation.
The initiative supports the UN Sustainable Development Goals 5 and 8, which focus on gender equality and economic growth.
FCMB was recently recognised as Nigeria’s Best SME-Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria, following its industry-leading 24% share of SME lending from the sector’s total ₦1.8tn disbursed in 2024.
