First City Monument Bank (FCMB) has announced a $35 million investment to boost agriculture and women-led businesses in Nigeria, reinforcing its dedication to fostering sustainable development. This funding stems from a renewed partnership with Proparco, a development finance institution, highlighting FCMB’s leadership in supporting small and medium-sized enterprises (SMEs) across critical sectors.

On January 20, 2025, FCMB and Proparco signed three significant agreements to drive this initiative. The partnership includes a $35 million senior credit line alongside ARIZ (€3 million) and EURIZ (€6 million) guarantees, facilitated under the European Union’s EFSD program. These agreements aim to strengthen access to finance for high-growth SMEs and women-led ventures, positioning FCMB as a key player in impact-driven financing.

The investment will prioritize agriculture, receiving 90% of the allocation, while 10% will support women-led businesses. This approach aligns with global initiatives such as the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA, focusing on sectors with substantial growth potential. By targeting these areas, the initiative is expected to stimulate economic development and create sustainable livelihoods.

Djalal Khimdjee, Deputy CEO of Proparco, emphasized the importance of this partnership, stating, “Through this collaboration with FCMB, we are promoting SME growth, gender equity, and food security in Nigeria. This is an essential step toward building a sustainable and resilient economy.” The financing will also contribute to the United Nations Sustainable Development Goals (SDGs), particularly SDG 2 (Zero Hunger) by supporting companies producing vital food products like rice and cooking oil, and SDG 8 (Decent Work and Economic Growth) by enhancing SMEs’ capacity to generate jobs and economic progress.

This initiative builds on a partnership established in 2014, with Proparco consistently supporting FCMB’s efforts to empower SMEs in high-impact sectors such as agriculture and renewable energy. The renewed collaboration underscores both organizations’ shared vision of fostering inclusive growth and creating long-term economic value.

As Nigeria strives for accelerated growth, this investment exemplifies the transformative potential of strategic partnerships. By scaling access to finance for SMEs and empowering women-led enterprises, FCMB and Proparco are paving the way for a more sustainable and inclusive future. This collaboration not only strengthens food security and gender equality but also sets the foundation for widespread economic resilience.