First City Monument Bank (FCMB) has entered into three strategic agreements with Proparco, securing $35 million to bolster agriculture and women-led businesses in Nigeria.
Announced on January 20, 2025, the funding package includes a $35 million senior credit line alongside ARIZ (€3 million) and EURIZ (€6 million) guarantees under the European Union’s EFSD program. With 90% of the funds dedicated to agriculture and 10% allocated to women-led enterprises, the initiative focuses on high-growth sectors while reinforcing FCMB’s position as a leading SME-focused bank.
This partnership aligns with global initiatives such as the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA, aimed at enhancing food security, generating employment, and driving inclusive economic development.
Djalal Khimdjee, Deputy CEO of Proparco, stated, “Our collaboration with FCMB highlights our mutual commitment to advancing SME development, promoting gender equity, and strengthening food security in Nigeria. This partnership contributes to building a resilient economy while supporting Sustainable Development Goals (SDGs), specifically SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth).”
Since 2014, Proparco has been actively supporting FCMB’s efforts to empower SMEs and drive growth in critical sectors like agriculture and renewable energy.
Moreover, Nigeria’s economic outlook for 2025 suggests promising growth prospects despite past challenges. Speaking at the Nigeria Economic Outlook 2025, Olusegun Alebiosu, CEO of FirstBank Group, pointed to encouraging fiscal indicators such as a revenue-to-debt service ratio of 68% and foreign reserves surpassing $40 billion as reasons for optimism.
Initiatives like the FCMB-Proparco partnership are instrumental in expanding financial access for SMEs and women-led ventures, laying the groundwork for transformative and sustainable growth in Nigeria’s economy.