British International Investment (BII), the UK’s development finance institution, has joined forces with First City Monument Bank (FCMB) to launch a $50 million credit facility aimed at driving growth for Nigeria’s micro, small, and medium-sized enterprises (MSMEs). The initiative is designed to promote financial inclusion and strengthen the economic fabric of northern Nigeria, a region that has long been underserved by capital providers.
Under the agreement, BII provides the funds to FCMB, which will then distribute loans to MSMEs across the country. Notably, 70% of the facility is dedicated to businesses in northern Nigeria, while the remaining 30% targets women-owned enterprises nationwide. The funding is expected to support critical sectors such as agriculture, trade, and manufacturing, helping to bridge the financing gap for businesses that drive innovation and employment.
Nigeria’s MSMEs are vital to the country’s economy, contributing over 50% of GDP and generating more than 80% of jobs. Despite their importance, many of these businesses struggle to access affordable financing, especially in underserved regions. By providing capital alongside capacity-building programmes and market opportunity assessments, the BII-FCMB partnership aims to empower entrepreneurs and unlock sustainable economic growth.
FCMB’s Managing Director, Yemisi Edun, emphasized the impact of the collaboration, stating, “Our partnership with BII strengthens our ability to channel resources where they matter most, deepen financial access for underserved groups, and create pathways for long-term economic participation across Nigeria.” As of September 2025, FCMB has already extended over N533 billion in credit to businesses nationwide.
Chris Chijiutomi, Managing Director and Head of Africa at BII, highlighted the social and economic benefits of the initiative: “We are unlocking opportunities for businesses, particularly in Northern Nigeria, where support is needed most. This partnership aligns with our commitment to MSMEs and women-led businesses, key drivers of jobs and inclusive prosperity.” The initiative also aligns with the United Nations Sustainable Development Goals, promoting gender equality and decent work.
source: The Guardian