Bold claim: a $50 million loan facility is set to turbocharge Nigeria’s MSMEs, with a focused push to the north and women-led businesses nationwide. British International Investment (BII), the UK’s development finance institution and impact investor, teams up with First City Monument Bank (FCMB) to unlock growth, financial inclusion, and broader economic participation across the country.
Dramatically, about 70% of the facility targets northern Nigeria—an area that has long been underserved by capital providers—while the remaining 30% supports women-owned enterprises nationwide. The goal is to close the funding gap for MSMEs operating in key growth sectors such as agriculture, trade, and manufacturing. Beyond capital, the program aims to foster financial inclusion in underserved communities, spur innovation, and strengthen the broader economic fabric of northern Nigeria.
FCMB Chief Executive Officer Yemisi Edun stated that the partnership with BII enhances the bank’s ability to channel resources where they matter most, deepen financial access for underserved groups, and create pathways for long-term economic participation nationwide. She noted that by September 2025, FCMB had already provided over N533 billion in credit lines to thousands of businesses across the country.
The collaboration also expands FCMB’s capacity to finance MSMEs, particularly in northern Nigeria and women-led businesses nationwide. By widening access to capital, FCMB aims to empower entrepreneurs to create jobs, drive innovation, and strengthen local industries. The joint effort signals a shared commitment to building economic resilience in disadvantaged communities.
Jonny Baxter, British Deputy High Commissioner in Lagos, framed the investment as part of the UK’s broader commitment to partnering with Nigeria for inclusive growth and mutual prosperity. He highlighted that empowering Nigerian SMEs—especially in underserved regions—will not only generate jobs and inclusion but also lay a stronger foundation for UK-Nigeria trade and investment ties. He also suggested that supporting FCMB to innovate its financing approach could catalyze systemic change in how Nigerian SMEs are funded.
Chris Chijiutomi, BII’s Managing Director and Head of Africa, emphasized addressing long-standing barriers to financial access for Nigerian entrepreneurs. The investment, he said, unlocks opportunities for businesses, with a particular emphasis on Northern Nigeria, aligning with BII’s mandate to back MSMEs and women-led ventures that drive job creation and inclusive prosperity countrywide.
The alliance between BII and FCMB aligns with United Nations Sustainable Development Goals 5 (gender equality) and 8 (decent work and economic growth).
Recent industry notes indicate FCMB was named Nigeria’s Best SME-Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria, highlighting the bank’s strong performance—including a leading 24% share of the banking sector’s N1.8 trillion total SME disbursement in 2024.
What do you think about directing most of the funds to northern Nigeria and women-led businesses? Do you believe this approach will deliver long-term inclusive growth, or might it create unintended market distortions? Share your perspectives in the comments.
