British International Investment (BII), the UK’s development finance institution and impact investor, and First City Monument Bank (FCMB), have announced a $50 million credit facility aimed at driving growth and economic inclusion for micro, small and medium-sized enterprises (MSMEs).

Under the partnership, BII will provide the credit facility to FCMB for onward lending to MSMEs. Seventy per cent of the facility is dedicated to financing MSMEs in northern Nigeria, an area that is historically underserved by capital providers.

The remaining 30 per cent will be directed towards empowering women-owned businesses nationwide. It will bridge the funding gap faced by MSMEs in sectors critical for economic growth, such as agriculture, trade and manufacturing.

It will also promote financial inclusion by reaching underserved communities, foster innovation and strengthen the economic fabric of northern Nigeria.

Nigeria’s MSMEs drive the economy, contributing over 50 per cent to GDP and more than 80 per cent of jobs. Many, especially in underserved regions, lack affordable financing. This partnership bridges that gap to catalyse jobs, innovation, and sustainable growth.

In addition to access to capital, the initiative also supports internal capacity-building programmes and provides more refined market-opportunity assessments to drive growth.

Managing Director and Chief Executive Officer, FCMB, Yemisi Edun, said: “Our partnership with British International Investment 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 the country. As of September 2025, we provided over N533 billion credit lines to thousands of businesses nationwide.”

Managing Director and Head of Africa at BII, Chris Chijiutomi, said: “We are delighted to partner with FCMB to directly address long-standing barriers to financial access, empowering Nigerian entrepreneurs who have faced significant challenges in securing affordable financing.

Through this investment, we are unlocking opportunities for businesses, particularly in Northern Nigeria, where our support is needed most. This aligns with our commitment to supporting MSMEs and women-led businesses that are key to creating jobs and accelerating inclusive prosperity across Nigeria.”

The partnership between BII and FCMB aligns with the United Nations Sustainable Development Goals 5 (gender equality) and 8 (decent work and economic growth).