First City Monument Bank (FCMB) has committed $35 million to bolster agriculture and women-led businesses.
The bank signed three crucial agreements with Proparco on January 20, 2025, designed to support high-impact small and medium-sized enterprises (SMEs) and women-led ventures.
The agreements include a $35 million senior credit line, alongside ARIZ (€3 million) and EURIZ (€6 million) guarantees, facilitated by the European Union’s EFSD program.
The funds will predominantly target sectors with high growth potential, with 90% allocated to agriculture and 10% to women-led businesses.
This initiative aligns with key programs like the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA, and aims to position FCMB as a leading bank for SMEs and expand its impact-driven financing footprint.
Strengthening food security
Djalal Khimdjee, Deputy CEO of Proparco, emphasized the partnership’s importance: “This partnership with FCMB demonstrates our commitment to supporting impactful financial institutions in emerging markets. Together with FCMB, we are enabling the growth of SMEs, advancing gender equality, and strengthening food security in Nigeria. This is a vital step in building a sustainable and resilient economy.”
The financing is expected to significantly contribute to the Sustainable Development Goals (SDGs), particularly SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth), by providing financial access to companies producing essential food products and enhancing SMEs’ capacity to create jobs and drive economic progress.
The partnership also underscores gender equality by directing funds to women-led enterprises, reflecting FCMB and Proparco’s shared vision of fostering inclusive growth.
What you should know
Building on a partnership established in 2014, Proparco has continually supported FCMB’s efforts to empower SMEs and drive Nigeria’s economic development. FCMB maintains a focus on SMEs and women-led businesses in high-impact sectors, including agriculture and renewable energy.
- Through this collaboration, Proparco reaffirms its mission to support financial institutions that drive inclusive economic growth in emerging markets.
- As Nigeria seeks accelerated economic growth, partnerships like that between Proparco and FCMB are crucial. Such efforts aim to drive transformative growth and reinforce the foundation for a sustainable and inclusive economy by scaling access to finance for SMEs and women-led businesses.
Experts have projected that Nigeria’s economy will witness some growth in 2025.
Speaking at the Nigeria Economic Outlook 2025, CEO of FirstBank Group, Olusegun Alebiosu, highlighted that despite the difficult experience in 2024, there are indicators of potential growth in 2025.
He noted that improving government revenues and fiscal positions, such as a better revenue-to-debt service ratio at 68% and an increase in foreign reserve balances to over $40 billion, suggest that the country’s optimism may not be misplaced.
