The Bank of Industry Limited (BoI) has raised over $5 billion through international funding instruments to drive industrial development in Nigeria. The landmark achievement includes a €2 billion loan syndication, the largest in BoI’s history and among African development finance institutions (DFIs).
BoI’s Managing Director, Dr. Olasupo Olusi, disclosed this during the bank’s 65th-anniversary briefing in Lagos. He detailed the bank’s financial milestones and strategic initiatives aimed at supporting Nigeria’s industrial growth, particularly for small and medium enterprises (SMEs).
International Funding Milestones
Dr. Olusi highlighted BoI’s progress in global fundraising:
– In 2017, BoI initiated international funding with a $750 million loan from Afreximbank.
– To date, the bank has raised over $5 billion from Eurobonds, loan syndications, and green finance instruments.
– The recent €2 billion global loan syndication marks a historic achievement.
Empowering SMEs and Strategic Partnerships
To maximize the impact of these funds, BoI has:
– Established over 300 Business Development Service providers to support SMEs across Nigeria.
– Partnered with state governments, trade associations, and global institutions like the African Development Bank (AfDB), International Finance Corporation (IFC), and African Guarantee Fund (AGF) to bolster SME financing.
– Launched a ₦1 billion partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to provide nano and micro-enterprises with loans at single-digit interest rates.
Dr. Olusi added, “We have partnerships with the Nigerian Content Development and Monitoring Board (NCDMB) and other agencies to support key sectors. These collaborations are crucial to achieving our mandate.”
Key Achievements and Focus Areas
In November 2023, the Federal Government appointed BoI to manage the ₦200 billion MSME Intervention Fund. This includes:
– ₦50 billion for the Presidential Conditional Grant Scheme (PCGS).
– ₦75 billion each for the manufacturing and MSME intervention sectors.
Dr. Olusi also introduced BoI’s six thematic focus areas for 2024, including gender equity, youth development, climate sustainability, digital economy, and rural enterprise growth. “This year, we launched the Rural Areas Program on Investment for Development (RAPID) to support micro and small businesses in rural Nigeria, especially for youth and women,” he stated.
Commitment to Nigeria’s Industrial Growth
BoI has revised its strategy to align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, prioritizing policies that enhance financial inclusion and foster a business-friendly environment.
Dr. Olusi affirmed, “We remain committed to driving sustainable industrialization, supporting MSMEs with innovative financing, and building an inclusive economy. Our 65th anniversary reflects our resilience, adaptability, and dedication to Nigeria’s economic development. ” With expanded partnerships and diversified financing solutions, BoI aims to continue empowering MSMEs and contributing to Africa’s industrial growth.
