British International Investment and First City Monument Bank just dropped a $50 million credit line for small and medium businesses in Nigeria, with most of it going to the historically ignored northern regions. Yemisi Edun from FCMB and Chris Chijiutomi from BII announced the deal, which reserves 70 percent of the cash for northern entrepreneurs and 30 percent for women-run operations across the country.
The whole thing targets sectors like farming, trade, and manufacturing that need capital but typically get shut out by lenders. FCMB already pushed over 533 billion naira to businesses by September, and this partnership expands their reach even further.
British Deputy High Commissioner Jonny Baxter said the investment shows how the UK wants to build stronger trade ties with Nigeria while helping underserved groups get access to affordable financing.
The whole thing targets sectors like farming, trade, and manufacturing that need capital but typically get shut out by lenders. FCMB already pushed over 533 billion naira to businesses by September, and this partnership expands their reach even further.
British Deputy High Commissioner Jonny Baxter said the investment shows how the UK wants to build stronger trade ties with Nigeria while helping underserved groups get access to affordable financing.
