Northern MSMEs Get $50m Credit Boost From FCMB, UK Agency

Micro, small and medium enterprises (MSMEs) in Northern part of Nigeria are expected to benefit from a $50 million credit facility that came from a partnership between the UK’s development finance institution and impact investor, British International Investment (BII), and a Nigerian bank, First City Monument Bank (FCMB).

Under the partnership, BII will provide the credit facility to FCMB for onward lending to MSMEs of which 70 per cent of the facility is dedicated to financing MSMEs in northern Nigeria. Capital providers historically underserve this area. The remaining 30 per cent will be directed towards empowering women-owned businesses nationwide.

The funding is expected to bridge the funding gap faced by MSMEs, in sectors critical for economic growth such as agriculture, trade and manufacturing, while promoting financial inclusion by reaching underserved communities, fostering innovation and strengthening the economic fabric of northern Nigeria.

Nigeria’s MSMEs drive the economy, contributing over 50 per cent to GDP and more than 80 per cent of jobs. Many, especially in underserved regions, lack affordable financing. Speaking on the development, the Managing Director and Chief Executive of FCMB , Yemisi Edun, said, “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 added that the facility expands the bank’s capacity to finance MSMEs, particularly, in northern Nigeria and women-led businesses nationwide. By widening access to capital, she said, FCMB is enabling entrepreneurs to create jobs, drive innovation, and strengthen local industries. The collaboration, she noted, reflects a shared commitment to building economic resilience in disadvantaged communities.

On his part, the British deputy high commissioner in Lagos, Jonny Baxter 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.”

The managing director and head of Africa at BII, Chris Chijiutomi, also commented, saying, “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.”