The Bank of Industry (BoI) has appointed FIC Professionals Network Plc as a business development service provider (BDSP) to help small and medium-sized enterprises (SMEs) access financing and improve their business operations. The move is part of BoI’s broader strategy to strengthen Nigeria’s SME sector by providing long-term financial and advisory support.
In a statement on Tuesday, FIC explained that BDSPs serve as vehicles for advancing the bank’s mandate by identifying promising SMEs, assisting them in developing bankable business proposals, and offering post-financing services such as mentorship and financial advisory. The firm will also work to enhance corporate governance within SMEs, create linkages with larger enterprises, and support value chain development to foster business sustainability.
BoI’s decision aligns with its newly approved 2025–2027 corporate strategy, which includes 18 initiatives aimed at positioning the bank as the most successful development finance institution in sub-Saharan Africa. To accelerate SME growth, the bank disbursed over N120 billion to micro, small, and medium enterprises in 2024, underscoring its commitment to supporting businesses across Nigeria.
As part of the implementation of its new corporate strategy, BoI recently held discussions with all its BDSPs to outline their responsibilities and expectations. FIC is already actively involved in processing applications for the N75 billion Small Enterprises Intervention Sector Fund, which falls under the N200 billion Federal Government MSME Intervention Fund. As the fund’s executing agency, BoI aims to channel financial resources into businesses that demonstrate strong growth potential.
The collaboration between BoI and FIC is expected to improve access to credit for SMEs, many of which struggle with limited funding and financial expertise. By integrating mentorship, corporate governance, and value chain support into its SME financing model, BoI is positioning itself as a key driver of enterprise development and economic diversification in Nigeria.
With a growing emphasis on industrialization and entrepreneurship, the bank’s strategy reflects a shift towards sustainable financing, ensuring that SMEs not only receive funding but also acquire the necessary skills to scale their businesses. This approach is seen as essential to achieving long-term economic stability and fostering job creation in the country.
