The Bank of Industry (BOI), Nigeria’s foremost development finance institution, has secured €1.879 billion (N3.05 trillion) from international markets in 2024—the largest funding deal by any African development finance institution.
This milestone, spearheaded by BOI’s Managing Director, Dr. Olasupo Olusi, was achieved through a dual-layer guarantee structure in partnership with the Africa Finance Corporation (AFC) and the Central Bank of Nigeria (CBN).
The funding expands BOI’s balance sheet from N3.9 trillion in 2023 to N7.1 trillion by December 2024, enabling the bank to provide low-interest, long-tenured loans to underserved sectors, including MSMEs, agriculture, and gender-focused enterprises. It also supports green and climate finance initiatives, aligning with President Bola Tinubu’s economic transformation agenda.
BOI’s partnerships with state governments, private institutions, and trade associations underpin its efforts to close financing gaps. Key programs such as the N1 billion Nano and Micro Enterprises Fund with SMEDAN and the N200 billion FGN MSME Intervention Fund underscore its commitment to industrial growth and socio-economic development.
Celebrating its 65th anniversary, BOI remains a trusted partner in driving industrialization and empowering Nigeria’s private sector.
