The Bank of Industry (BoI) has disclosed that it disbursed more than N1.27 trillion to enterprises across fourteen economic sectors, supporting businesses nationwide and contributing to the creation and sustenance of over 900,000 jobs. The disclosure was made by BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, during the virtual Day 2 session of the 10th Nigeria Energy Forum (NEF) held in Lagos. Represented by the Executive Director, Public Sector and Intervention Programme, Mabel Ndagi, Olusi said the bank remains central to Nigeria’s industrialisation agenda, providing critical financing that enables businesses to expand operations, boost value addition, and drive large-scale employment.
Highlighting the role of the N200 billion Federal Government MSME Intervention Fund, managed by BoI, Olusi described it as an essential engine of growth for small businesses across Nigeria. “The N200 billion Federal Government MSME Intervention Fund provides affordable financing to small businesses nationwide through three dedicated windows, N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and N75 billion for the Manufacturing Sector Fund,” he said. He noted that the strategic deployment of these funds has strengthened micro, small, and medium enterprises, many of which are vital to Nigeria’s economic stability.
BoI also announced increased investments in green finance, renewable energy adoption, and circular economy initiatives, positioning itself as a leader in financing climate-smart manufacturing and clean energy solutions. Olusi said the bank is supporting industries that integrate renewable energy, energy efficiency, and low-carbon processes, emphasising its commitment to renewable energy infrastructure, clean manufacturing, and environmentally sustainable industrial practices.
Speaking at the forum, Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union Delegation to Nigeria, said the EU is scaling up investments in smart, clean, and secure infrastructure globally to reduce inequalities and accelerate development. She highlighted the Africa-EU Green Energy Initiative, which aims to expand access to clean and affordable energy across the continent, projecting that at least 100 million people will gain electricity access by 2030. Stefoniwicz added that the EU has contributed about €300 million to Nigeria’s power sector since 2008, making it the country’s largest grant donor in the industry.
John Sloan, Economic Affairs Officer at the Economic Commission for Africa (ECA), also addressed the forum, stressing that the green energy transition presents opportunities for industrialisation and job creation in mineral-producing communities across Africa. He highlighted that special economic zones could serve as engines of inclusive industrialisation while renewable energy and green technologies create economic value across the continent.
Earlier in October, BoI launched the N2 billion BOI–NYSC Entrepreneurship Programme aimed at providing affordable loans to members of the National Youth Service Corps (NYSC). The programme offers access to credit of up to N5 million per corps member at a single-digit interest rate of nine per cent per annum, supporting youth entrepreneurship, job creation, and small business growth across Nigeria.
