British Investment, FCMB pump $50m into northern MSMEs
British Investment, FCMB pump $50m into northern MSMEs
British International Investment (BII) and First City Monument Bank (FCMB) have launched a $50 million credit facility to support Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria. Seventy percent of the funds will target MSMEs in northern Nigeria—historically underserved by financiers—while 30% will be directed toward women-led businesses nationwide. The initiative aims to address the persistent funding gap in key sectors such as agriculture, trade, and manufacturing, while promoting financial inclusion, innovation, and economic resilience.
Nigeria’s MSMEs contribute over 50% of GDP and generate more than 80% of jobs, yet many lack access to affordable financing. The partnership will provide capital, capacity-building programs, and refined market assessments to empower entrepreneurs and strengthen local industries. FCMB’s Managing Director, Yemisi Edun, highlighted that the facility expands the bank’s capacity to finance underserved groups, especially in northern Nigeria and among women-led businesses, thereby supporting job creation and innovation.
British Deputy High Commissioner Jonny Baxter emphasized that the investment reflects the UK’s commitment to inclusive growth and deeper trade and investment ties with Nigeria. Chris Chijiutomi of BII noted the facility will address barriers to financial access and empower entrepreneurs in regions most in need.
The partnership aligns with the UN Sustainable Development Goals 5 and 8, focusing on gender equality and economic growth. FCMB has been recognized by the Central Bank of Nigeria for its SME-focused initiatives, having granted N432 billion of the N1.8 trillion SME loans in 2024. BII, with a portfolio of over 1,600 businesses in 66 countries and net assets of £9.87 billion, continues to support sustainable growth and job creation, including climate finance and women’s economic empowerment initiatives.
Overall, the $50 million facility is expected to unlock new opportunities, strengthen financial inclusion, and drive economic growth across historically underserved communities in Nigeria.
The Sun 4 Dec 2025
