British International Investment, the United Kingdom’s development finance institution and impact investor, has partnered with First City Monument Bank to launch a $50 million credit facility aimed at boosting Micro, Small, and Medium-sized Enterprises in Nigeria. The announcement was made on Tuesday, highlighting the goal of supporting business growth while driving financial inclusion across underserved regions.
Under the agreement, BII will provide the funding to FCMB for onward lending to businesses. Seventy percent of the money will go to MSMEs in northern Nigeria, a region long seen as underserved by lenders. The remaining thirty percent will focus on strengthening women-owned businesses nationwide. This structure is designed to close long-standing financing gaps and expand opportunities for diverse entrepreneurs.
Nigeria’s MSMEs play a major role in the economy, contributing more than half of national GDP and generating over 80 percent of jobs. Yet many businesses, especially in underserved communities, struggle to access affordable capital. This partnership aims to correct that imbalance by unlocking growth in sectors like agriculture, trade and manufacturing. It also promotes innovation and improves the economic fabric of northern Nigeria by reaching business owners often excluded from mainstream financial systems.
Apart from direct lending, the initiative also includes capacity-building support and better market assessments to help businesses scale sustainably. This means the programme is not only offering money but also helping MSMEs improve their operations and identify new opportunities.
Yemisi Edun, managing director and Chief Executive Officer of FCMB, said the partnership strengthens FCMB’s mission to reach businesses that need help the most. “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 explained that the new facility expands the bank’s lending capacity, particularly for northern Nigeria and women-led businesses. According to her, wider access to capital will support job creation and industry improvement, especially in disadvantaged communities where financial access is limited.
Jonny Baxter, British Deputy High Commissioner in Lagos, described the investment as part of a broader relationship between both countries. He said: “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. In addition, 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, said the partnership reflects BII’s priority to improve access for entrepreneurs facing financing challenges. He stated: “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 initiative aligns with the United Nations Sustainable Development Goals 5 and 8, which focus on gender equality and decent work with economic growth. It also follows a similar effort in 2023 when United Bank for Africa worked with International Finance Corporation on a $20 million MSME facility, which expanded credit to underserved small businesses and demonstrated the positive impact of development financing partnerships in strengthening inclusion and resilience in Nigeria.
