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 promoting growth and economic inclusion for Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.

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 thirty per cent will be directed towards empowering women-owned businesses nationwide.

It aims to 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 closes 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 foster 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 ₦533 billion credit lines to thousands of businesses nationwide.”

She added that the facility expands the bank’s capacity to finance MSMEs, particularly in northern Nigeria and women-led businesses nationwide. By widening access to capital, FCMB is enabling entrepreneurs to create jobs, drive innovation, and strengthen local industries. The collaboration reflects a shared commitment to building economic resilience in disadvantaged communities.

British Deputy High Commissioner in Lagos, Jonny Baxter, said: “This investment is one of many examples of the UK’s commitment to partnering with Nigeria to drive inclusive growth and mutual prosperity.

“By empowering Nigerian SMEs, particularly those in underserved regions, we are not only creating jobs and driving inclusion but also strengthening the foundations for deeper UK-Nigeria trade and investment partnerships now and in the future. In addition, by supporting FCMB to innovate its approach to deploying finance, this investment will help catalyse systemic change in how SMEs are financed across Nigeria.”

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).

The Central Bank of Nigeria recently named FCMB as the Best SME Focused Bank in recognition of its outstanding commitment and contributions to growth and development through MSMEs financing nationwide.

According to the CBN, of the total N1.8 trillion loans granted by Banks to SMEs in Nigeria in 2024, FCMB alone granted 24 per cent (that is, N432 billion) of the total volume.