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British International Investment (BII), the UK’s development finance institution and First City Monument Bank (FCMB) have announced a $50 million credit facility aimed at accelerating growth and economic inclusion for Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria.
Under the partnership, BII will provide the facility to FCMB for onward lending, with 70% earmarked for MSMEs in northern Nigeria—an area historically underserved by capital providers—and 30% targeted at women-led businesses nationwide. The initiative is designed to bridge the persistent funding gap faced by MSMEs in key sectors such as agriculture, trade, and manufacturing, while promoting financial inclusion, innovation, and economic resilience.
Nigeria’s MSMEs are the backbone of the economy, contributing over 50% of GDP and generating more than 80% of jobs. Yet many, particularly in underserved regions, lack affordable financing. This partnership seeks to change that, offering capital, capacity-building programs, and refined market assessments to empower entrepreneurs and strengthen local industries.
Yemisi Edun, Managing Director and CEO of FCMB, 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 in credit lines to thousands of businesses nationwide.”
She added, “This 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.”
Jonny Baxter, British Deputy High Commissioner in Lagos, emphasized the broader impact of the initiative. “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. By supporting FCMB to innovate its approach to deploying finance, this investment will help catalyse systemic change in how SMEs are financed across Nigeria.”
Chris Chijiutomi, Managing Director and Head of Africa at BII, added, “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 aligns with the United Nations Sustainable Development Goals 5 and 8, targeting gender equality and decent work with economic growth. FCMB’s efforts have also been recognized by the Central Bank of Nigeria, which recently named the bank the Best SME Focused Bank, noting that it granted N432 billion of the total N1.8 trillion SME loans in 2024—24% of the national total.
British International Investment, a major development finance institution, invests in businesses across developing countries to improve lives and protect the planet. Its strategy includes a strong focus on climate finance, with at least 30% of new commitments directed toward climate initiatives between 2022 and 2026, and active participation in the 2X Challenge, which has raised over $33.6 billion to empower women’s economic development.
With over 1,600 businesses across 66 countries in its portfolio and net assets of £9.87 billion, BII continues to support initiatives that promote sustainable growth, financial inclusion, and job creation—now partnering with FCMB to transform the prospects of northern Nigeria’s MSMEs.
This $50 million facility is set to unlock new opportunities, empower women entrepreneurs, and drive inclusive economic growth across historically underserved communities.
