BII, FCMB Roll Out $50m Facility To Boost MSMEs In Northern Nigeria

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British International Investment (BII) and First City Monument Bank (FCMB) have launched a $50 million credit facility to expand financing for Micro, Small and Medium Enterprises (MSMEs) across Nigeria, with a strong focus on underserved regions.

Under the structure, 70 per cent of the facility is earmarked for MSMEs in northern Nigeria, while the remaining 30 per cent targets women-owned businesses nationwide. The partners say the intervention aims to close longstanding financing gaps in key sectors such as agriculture, trade and manufacturing.

Nigeria’s MSMEs contribute over 50 per cent to GDP and more than 80 per cent of jobs, yet many lack access to affordable credit, particularly in underserved communities.

FCMB’s Managing Director, Yemisi Edun, said the collaboration strengthens the bank’s ability to channel capital “where it matters most” while deepening financial access for disadvantaged groups. She noted that the bank had extended over ₦533 billion in credit to thousands of businesses as at September 2025.

British Deputy High Commissioner in Lagos, Jonny Baxter, described the investment as part of the UK’s commitment to inclusive growth and stronger UK–Nigeria trade ties. BII’s Head of Africa, Chris Chijiutomi, added that the partnership tackles “long-standing barriers to financial access,” especially for entrepreneurs in northern Nigeria.

The facility also includes capacity-building and market opportunity assessments to support business growth.

The initiative aligns with SDG 5 (gender equality) and SDG 8 (decent work and economic growth). FCMB was recently named the Best SME Focused Bank by the Central Bank of Nigeria, accounting for 24 per cent of total SME loans in 2024.