An agreement has been signed between the African Development Bank (BAD) and First City Monument Bank (FCMB) for a $50 million line of credit. This agreement was made in order to support access to finance for small and medium-sized enterprises and businesses run by women.

The agreement between the ADB and the FCMB will first lead the ADB to improve access to finance for fifty companies in agribusiness, manufacturing, and energy renewable energies and health. Second, this agreement will allow the FCMB to use this line of credit to grant loans and stimulate the country's post-Covid-19 economic recovery in order to promote more inclusive and resilient growth to climate change.

Thus, activities between the two institutions will be based on companies in the agribusiness, manufacturing, health care and energy sectors renewable in Nigeria. Yemisi Edun, managing director of FCMB, said: “We are pleased to collaborate with the African Development Bank to create new opportunities and accelerate business recovery for SMEs and women-owned businesses in Niger. ria after the Covid-19 pandemic.”

In reality, this project is expected to create at least 1000 jobs and allow around 14 women entrepreneurs to access long-term financing.