First City Monument Bank (FCMB) has signed three strategic agreements with Proparco, committing $35 million to support agriculture and women-led businesses in Nigeria.
Announced on January 20, 2025, the funding includes a $35 million senior credit line and ARIZ (€3 million) and EURIZ (€6 million) guarantees under the European Union’s EFSD program. The initiative will allocate 90% of the funds to agriculture and 10% to women-led ventures, targeting high-growth sectors and advancing FCMB’s role as a leading SME bank.
This move aligns with global programs like the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA, aiming to strengthen food security, job creation, and inclusive economic growth.
Djalal Khimdjee, Deputy CEO of Proparco, remarked, “Our partnership with FCMB reinforces our shared commitment to enabling SME growth, promoting gender equality, and advancing food security in Nigeria. This collaboration builds a resilient economy while driving Sustainable Development Goals (SDGs), particularly SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth).”
Since 2014, Proparco has supported FCMB’s initiatives to empower SMEs and foster economic development in key sectors such as agriculture and renewable energy.
Additionally, Nigeria’s 2025 economic outlook suggests potential growth, despite previous challenges. At the Nigeria Economic Outlook 2025, Olusegun Alebiosu, CEO of FirstBank Group, highlighted improved fiscal indicators like a revenue-to-debt service ratio of 68% and foreign reserves exceeding $40 billion as signs of optimism.
Partnerships like FCMB and Proparco’s are crucial to scaling financial access for SMEs and women-led businesses, fostering transformative and sustainable growth in Nigeria’s economy.
