The Bank of Industry (BOI) has reaffirmed its commitment to advancing Nigerian industries by supporting businesses that drive innovation, create jobs, and strengthen local production. One example of this impact is the growth journey of G.U. Ebeco, a company that has transformed from a small distributor into a leading furniture manufacturer.
Founded in 2006 as a retail and wholesale distributor of furniture and accessories in Abuja, G.U. Ebeco shifted its focus in 2013 to furniture manufacturing. The move was spurred by the Federal Government’s Import Substitution policy and the rising demand for Made-in-Nigeria products among the country’s growing middle class.
To scale up operations, the company secured a BOI loan in 2020 to expand its factory located on a 1.1-hectare site in the IDU Industrial Area. The funds were used to acquire modern manufacturing equipment, while a second factory was launched in the Dei-Dei building area as part of its expansion drive. With additional financing from BOI, the company later acquired advanced European machinery to further boost its production capacity.
Today, G.U. Ebeco employs over 300 direct and indirect staff and produces high-quality furniture that meets both local and international standards. Its success story highlights the resilience of Nigerian entrepreneurs and the critical role BOI plays in enabling industrial growth.
BOI officials explained that by supporting businesses like G.U. Ebeco, the bank continues to drive productivity, strengthen innovation, and fuel economic development across Nigeria. The institution maintains that targeted financing remains essential for scaling manufacturing businesses, reducing import dependence, and creating jobs for young people.
For many industry watchers, G.U. Ebeco’s story serves as proof that access to finance and government-backed industrial policies can unlock opportunities for local businesses to grow, compete, and contribute meaningfully to national development.
