First City Monument Bank’s strategic partnership with the International Finance Corporation launches Nigeria’s largest women entrepreneurship program, targeting 10,000 female business owners with comprehensive training and financial support valued at N800 million.
The Goldman Sachs 10,000 Women initiative, delivered through FCMB’s SheVentures platform, provides zero-interest loans, business education, and mentorship opportunities designed to accelerate women-led enterprise growth across Nigeria’s economy. Program participants gain access to international business networks spanning over 200,000 entrepreneurs globally.
Economic impact projections indicate participating businesses could experience average revenue growth of 45% within 18 months, while creating approximately 25,000 indirect jobs across manufacturing, services, and technology sectors. The initiative specifically targets small and medium enterprises with annual revenues below N100 million.
Yemisi Edun, Managing Director of FCMB, emphasized the program’s alignment with Nigeria’s economic diversification objectives. “Women entrepreneurship represents a critical catalyst for innovation, job creation, and sustainable economic growth,” she stated during the program launch ceremony.
The comprehensive curriculum covers financial management, business strategy, market analysis, and digital transformation techniques essential for competing in Nigeria’s evolving economic landscape. Participants receive practical education delivered by top business schools, ensuring world-class training standards.
FCMB’s SheVentures initiative has previously supported over 5,000 women entrepreneurs with combined financing exceeding N800 million since inception five years ago. Success metrics demonstrate 78% of participants experienced business growth within 12 months of program completion.
George Ogbonnaya, FCMB’s Divisional Head of Business Banking, highlighted the initiative’s role in promoting gender equality within Nigeria’s entrepreneurial ecosystem. The program specifically addresses funding gaps that have historically limited women’s access to growth capital and business development resources.
Application processes opened on August 1, 2025, targeting both startup ventures and established enterprises seeking expansion opportunities. Selection criteria emphasize business viability, growth potential, and commitment to creating positive social impact within local communities.
International best practices integrated into the program include mentorship matching systems, peer learning networks, and ongoing technical support designed to address common challenges facing women entrepreneurs. These support mechanisms continue for 24 months following program completion.
Sector focus areas include agriculture, technology, manufacturing, healthcare, and retail trade, reflecting opportunities within Nigeria’s diversifying economy. Priority consideration goes to businesses demonstrating innovation, scalability, and potential for export market development.
The partnership leverages IFC’s global expertise in supporting emerging market enterprises while utilizing FCMB’s extensive local market knowledge and distribution networks. This combination ensures culturally appropriate program delivery and sustainable business development outcomes.
Expected outcomes include increased women’s participation in Nigeria’s formal economy, enhanced financial inclusion, and strengthened small business sector contribution to national GDP growth objectives.
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