British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has partnered with First City Monument Bank (FCMB) to unveil a $50 million credit facility aimed at accelerating growth and financial inclusion for Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria.
Announced on Friday, the facility will be deployed through FCMB, with 70 per cent dedicated to supporting MSMEs in northern Nigeria—an underserved region with limited access to affordable capital.
The remaining 30 per cent will be allocated to women-owned businesses nationwide, in line with ongoing efforts to drive gender-inclusive economic development.
The initiative targets critical sectors such as agriculture, trade and manufacturing, with the goal of closing long-standing financing gaps, fostering innovation, and strengthening the economic resilience of northern Nigeria.
It also includes capacity-building programmes and improved market-opportunity assessments to support expansion and sustainability for beneficiary businesses.
Nigeria’s MSMEs contribute over 50 per cent of the country’s GDP and account for more than 80 per cent of jobs, yet many continue to struggle with access to credit—an issue the partnership seeks to address.
FCMB’s Managing Director, Mrs. Yemisi Edun, said the collaboration enhances the bank’s ability to channel resources to underserved areas and deepen financial access across the country. She noted that as of September 2025, FCMB had extended over ₦533 billion in credit to thousands of businesses nationwide.
“This partnership strengthens our ability to deepen financial access for underserved groups and create pathways for long-term economic participation,” Edun said, adding that the facility would particularly benefit MSMEs in northern Nigeria and women-led enterprises nationwide.
British Deputy High Commissioner to Lagos, Jonny Baxter, described the investment as part of the UK’s broader commitment to fostering inclusive growth and mutual prosperity with Nigeria.
“By empowering SMEs in underserved regions, we are not only creating jobs and driving inclusion but also laying the foundation for deeper UK-Nigeria trade and investment partnerships,” Baxter said.
Also speaking, BII’s Managing Director and Head of Africa, Chris Chijiutomi, said the partnership aims to address long-standing barriers to financial access for entrepreneurs.
“This investment unlocks opportunities, particularly in northern Nigeria where support is needed most. It aligns with our mission to promote MSMEs and women-led businesses that are vital to job creation and inclusive prosperity,” he said.
The partnership contributes to the United Nations Sustainable Development Goals on gender equality (SDG 5) and decent work and economic growth (SDG 8).
FCMB was recently named Best SME-Focused Bank in Nigeria by the Central Bank of Nigeria (CBN). Of the ₦1.8 trillion loans disbursed by banks to SMEs in 2024, the bank accounted for 24 per cent (₦432 billion), according to the CBN.