By Dare Akogun
The Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, has reiterated the bank’s dedication to initiatives that drive economic growth and enhance the well-being of Nigerians.
Speaking at a recent workshop on the Framework for Responsible and Inclusive Land-Intensive Agricultural Investment (FRILIA) to implement the State Action on Business Enabling Reforms (SABER) program funded by the world bank held in Ilorin the Kwara State capital.
Edun noted that the SABER initiative aligns with FCMB’s mission to foster inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets.
Please join me in congratulating our visionary Governor for his leadership in implementing policies that enabled Kwara State to meet the World Bank and Federal Government criteria for the SABER facility.
Securing this World Bank funding is a testament to His Excellency’s commitment to fostering a conducive, harmonious, and thriving Kwara State in partnership with the private sector.
As the deposit bank and financial advisor of the SABER facility, First City Monument Bank is proud to partner with the State on implementing this landmark initiative.
“Our commitment to partnering with Kwara State to build a prosperous society for all is exemplified by our investments in sustainable development and our support for policies that uplift communities,” said Edun.
She praised the state government for organizing the workshop, which serves as a platform to educate stakeholders about the SABER program, promoting ease of doing business and creating an enabling environment for economic prosperity.
She also emphasized the importance of the FRILIA framework in empowering farmers and stakeholders in the agribusiness value chain to build a sustainable agro-allied economy, thereby strengthening the social and environmental aspects of land allocation.
Edun lauded the State’s adoption of the FRILIA framework, which will attract investment, create job opportunities, reduce urban migration, and promote overall prosperity.
She encouraged all participants to seize the unique opportunities presented by the workshop to advance the objectives of the SABER program.
According to her “The FRILIA principles will attract investment to the State, create job opportunities, reduce urban migration, and promote prosperity for individuals, communities, and the nation. We encourage all participants to seize this unique opportunity.
“These benefits are at the core of our mission at FCMB. As a responsible corporate citizen, we believe in fostering human development and have consistently demonstrated our commitment to this cause.
“For example, in 2023, we played a significant role in enhancing food security and import substitution in Nigeria by increasing our lending to the agricultural sector by 38.4%, from N147.4 billion in 2022 to N204.3 billion in 2023.
“Additionally, we supported over 300,000 smallholder farmers, 56% women, in rural communities nationwide.
“We also mobilized over $280 million in funding from development finance institutions and donor agencies to support the achievement of sustainable development goals in critical sectors of the economy, ” she said.
She also said that the bank partnership with the Mastercard Foundation has empowered thousands of farmers in Niger, Benue, Nasarawa, and Kaduna states.
“In the recent, our strides in fostering inclusive and sustainable growth in the communities we serve include:
“Partnership with Mastercard Foundation to provide affordable loans of $17.3 million to 100,000 small and medium-scale enterprises over the next five years.
“Partnership with the United States Agency for International Development’s Feed the Future Nigeria Rural Resilience Activity to empower 10,000 smallholder farmers in communities across Adamawa, Borno, Gombe, Yobe, Kebbi, Benue, Ebonyi, and FCT Abuja.
“Funding of the Nature’s Bounty Health Products Limited’s 800-metric-ton dried fruit manufacturing plant in Abeokuta, Ogun.
“Funding of the Tomato Jos 3.5ton/hr tomato paste processing plant in Kaduna State.
“Multi-billion-naira factory expansion of Tempo Paper Pulp & Packaging Limited in Otta, Ogun State.
Co-lending to the African Industry Group’s N90 billion Mining Project in Gujeni, Kaduna State,” she said.
