British International Investment (BII), the UK’s development finance institution, has teamed up with First City Monument Bank (FCMB) to launch a $50 million credit facility aimed at supporting the growth of Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria. According to a statement shared with The PUNCH on Tuesday, BII will provide the funds, which FCMB will distribute as loans to qualifying businesses.
The initiative prioritizes regions and groups that have historically faced limited access to financing. About 70 percent of the funds will target MSMEs in Northern Nigeria, an area often underserved by financial institutions. The remaining 30 percent will be reserved for women-led businesses across the country, reflecting a focus on gender inclusion and empowerment. The facility is expected to address the financing gap in crucial sectors such as agriculture, trade, and manufacturing, while also promoting innovation, boosting local economies, and increasing financial access in underrepresented communities.
FCMB’s Managing Director and CEO, Yemisi Edun, said the partnership with BII strengthens the bank’s ability to direct resources where they are most needed. She highlighted that, as of September 2025, FCMB had extended over N533 billion in credit to thousands of businesses nationwide. The new facility will further expand support for MSMEs, particularly those in Northern Nigeria and women-led ventures. Edun emphasized that access to capital is essential for job creation, driving innovation, and ensuring sustainable growth. She added that the collaboration underscores a shared commitment to improving economic opportunities in disadvantaged communities.
British Deputy High Commissioner in Lagos, Jonny Baxter, said the investment illustrates the UK’s commitment to fostering inclusive growth in Nigeria. He noted that supporting SMEs, especially in regions with limited access to financing, not only creates jobs and promotes inclusion but also strengthens the foundation for future UK-Nigeria trade and investment partnerships. Baxter further stated that by enabling FCMB to refine its lending approach, the partnership could catalyze broader improvements in how SMEs access finance across the country.
Chris Chijiutomi, Managing Director and Head of Africa at BII, explained that the partnership is designed to remove long-standing barriers that have made affordable financing difficult for Nigerian entrepreneurs. He said the investment will create opportunities for businesses, particularly in Northern Nigeria, where access to capital has been a major challenge. Chijiutomi emphasized that the initiative supports BII’s broader goal of promoting MSMEs and women-led businesses as key drivers of job creation and inclusive economic growth.
The collaboration also aligns with the United Nations Sustainable Development Goals, particularly Goal 5 on gender equality and Goal 8 on decent work and economic growth.
In a related note, The PUNCH reports that FCMB was recently named Nigeria’s Best SME-Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria. The recognition came after the bank accounted for 24 percent of the sector’s total SME lending of N1.8 trillion in 2024, highlighting its leadership in financing small and medium-sized enterprises.
