FCMB & Proparco Announce $35 M Initiative to Support Women in Agriculture

• FCMB and Proparco commit to invest in women's businesses through strategic funding.
• 90% of the $35 million funding will be used for high-impact agricultural ventures.
• The partnership aims to tackle food security, unemployment, and equality of gender in Nigeria.

As a step to empower Nigeria's economy and promote gender equality, First City Monument Bank (FCMB) has partnered with Proparco to secure funding of $35 million for SMEs and women-led enterprises. The partnership was signed on January 20, 2025, and also includes two guarantees ARIZ (€3 million) and EURIZ (€6 million) financed by the European Union under its EFSD program.

This initiative is meant to spur growth in agriculture, which will take 90% of the funding, while empowering women entrepreneurs with 10% of the allocation. FCMB focuses on impactful sectors such as agriculture and renewable energy, for the achievement of sustainable economic growth to go hand-in-hand with gender balance.

The partnership resonates with most of the SDGs, among them Zero Hunger (SDG 2) and Decent Work and Economic Growth (SDG 8).The funds will allow SMEs to scale their operations, create jobs, and strengthen food security by supporting businesses that produce essential commodities like rice and cooking oil.

Yemisi Edun, Managing Director FCMB, while speaking on the dedication of the bank to inclusive growth said, "This partnership resonates with our overall objective of empowerment of SMEs and women-led businesses into sectors that matter for Nigeria." Djalal Khimdjee, Deputy CEO at Proparco, said on the transformative value of the collaboration: "Working with FCMB, we're helping SMEs grow while building gender equality and food security".

This new agreement has been made between FCMB and Proparco, with their ten-year-old partnership now focusing on the aim of resilient economies. More than financing, it signifies a strategic effort toward inclusive development that puts forth women entrepreneurs as drivers of change.

With financial innovation allied to social impact, FCMB and Proparco are not just funding business operations but changing the playbook of economic empowerment in Nigeria.