BII, FCMB back northern MSMEs with N72.5bn credit

British International Investment (BII), the UK’s development finance institution and impact investor, has teamed up with First City Monument Bank (FCMB) to launch a $50 million (N72.5bn) credit facility targeted at accelerating growth among Micro, Small, and Medium-sized Enterprises (MSMEs), with a strong focus on northern Nigeria. Under the partnership, BII will provide the facility […]

British International Investment (BII), the UK’s development finance institution and impact investor, has teamed up with First City Monument Bank (FCMB) to launch a $50 million (N72.5bn) credit facility targeted at accelerating growth among Micro, Small, and Medium-sized Enterprises (MSMEs), with a strong focus on northern Nigeria.

Under the partnership, BII will provide the facility to FCMB for onward lending to MSMEs across key economic sectors.

70 per cent of the funding will support MSMEs operating in northern Nigeria, a region where access to affordable capital has bern a challenge.

The remaining 30 per cent is specifically reserved for women-owned businesses nationwide, in line with global efforts to close gender financing gaps and promote women’s economic empowerment, a statement said.

The initiative is expected to stimulate activity in sectors such as agriculture, trade, and manufacturing, which are central to Nigeria’s economic stability.

The statement added that the initiative also aims to deepen financial inclusion in underserved communities, strengthen value chains, promote innovation, and enhance economic resilience in the North.

Nigeria’s MSMEs are critical to national development, contributing over 50% of GDP and accounting for more than 80% of jobs. However, many—particularly in low-income or remote areas—continue to struggle with limited access to credit. The partnership between BII and FCMB seeks to narrow this gap and unlock new opportunities for sustainable enterprise growth.

Beyond financing, the programme includes internal capacity-building and improved market-opportunity assessments to help businesses scale effectively.

Managing Director and CEO of FCMB, Yemisi Edun, described the partnership as a major boost to inclusive growth.

“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.”

She noted that the facility enhances FCMB’s capacity to support MSMEs—especially those in northern Nigeria and women-led enterprises—enabling entrepreneurs to create jobs, innovate, and build stronger local industries.

British Deputy High Commissioner in Lagos, Jonny Baxter, said the investment underscores the UK’s commitment to promoting inclusive economic development in Nigeria:

“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,” he said.

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.”

The Central Bank of Nigeria recently named FCMB the Best SME-Focused Bank, recognising its significant national contribution to MSME development. Of the N1.8 trillion in loans provided to SMEs in 2024, FCMB accounted for N432 billion, or 24% of total lending by Nigerian banks—affirming its position as a key driver of small business growth.