First City Monument Bank (FCMB) and British International Investment (BII), the UK’s development finance organization and impact investor, have partnered to introduce a $50 million (N72.5 billion) credit facility aimed at boosting growth among Micro, Small, and Medium-sized Enterprises (MSMEs), with a particular emphasis on northern Nigeria. As part of the cooperation, BII will give FCMB the ability to lend money to MSMEs in important economic areas.MSMEs operating in northern Nigeria, where access to reasonably priced capital has been difficult, would receive 70% of the cash. In keeping with international initiatives to reduce gender funding disparities and advance women’s economic empowerment, the remaining 30% is expressly set aside for women-owned companies across the country, according to a statement.
About The Author
