BoI secures €2.22bn, N250bn funding for Nigerian industries

By Yinka Kolawole The Bank of Industry (BoI) has secured more than €2.22 billion and N250 billion in new funding through major financing transactions concluded between 2024 and 2026, as the development finance institution intensifies efforts to bridge Nigeria’s industrial financing gap. Managing Director/Chief Executive Officer of BoI, Dr. Olasupo Olusi, disclosed this at a media roundtable, highlighting the bank’s capital mobilisation drive as a key pillar of its 2025–2027 corporate strategy.

The transactions include a €1.879 billion syndicated facility secured in 2024, €210 million raised from international development partners in 2025, and a N250 billion development bond issued in 2026, which was oversubscribed. The bank also secured €85 million from the European Investment Bank (EIB) in 2026 to support agriculture, alongside another €50 million facility from the European lender for healthcare manufacturing.

Olusi said the funding transactions reflected growing investor confidence in the bank’s governance, financing pipeline and development impact. “Nigerian businesses need long-term, affordable capital, and the commercial banking system cannot provide enough of it. Filling that gap is our job,” he said. He added: “Investors have placed this money with us because they trust our governance, our pipeline and our results.” The €1.879 billion syndicated facility, concluded in 2024, was subsequently recognised as Syndicated Loan Deal of the Year, while the oversubscription of the N250 billion development bond underscored investor appetite for the bank’s industrial financing activities.

The EIB facilities are expected to strengthen financing for domestic agricultural production and healthcare manufacturing, supporting efforts to reduce Nigeria’s dependence on imported food and medicines. Olusi said the capital-raising drive was central to the bank’s ambition to spearhead sustainable and inclusive industrial development, with particular attention to manufacturing, infrastructure and underserved businesses.

Under its 2025–2027 corporate strategy, BoI aims to double its loan book, disbursements and development impact instruments within three years. The bank has prioritised 15 sectors grouped under agro-manufacturing, other manufacturing, infrastructure, extractive industries and services. Olusi said 80 per cent of its large-enterprise lending now goes to manufacturing and infrastructure, reflecting their capacity to generate jobs and economic output.

The bank’s financing activities have also expanded significantly. In 2025, it disbursed N644.9 billion, representing a 26 per cent increase over the N510.9 billion recorded in 2024. The funds reached 12,501 businesses and created or supported 1.68 million jobs. Of the 2025 disbursements, N120.9 billion went to women-owned businesses, while micro, small and medium enterprises (MSMEs) received 41 per cent of total funding, above the bank’s 35 per cent target.

Beyond funds raised from investors and development partners, BoI is implementing a N200 billion Federal Government intervention package comprising a N50 billion Presidential Conditional Grant Scheme, a N75 billion MSME Intervention Fund and a N75 billion Manufacturing Sector Fund. Olusi said more than 95 per cent of the intervention had been delivered, reaching 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers.

The bank also disbursed N213 billion to agro-allied businesses and linked 47,508 smallholder farmers to processors. Through its Rural Area Programme on Investment for Development (RAPID), it disbursed N6.5 billion to 880 rural enterprises across the 36 states and the Federal Capital Territory, supporting more than 8,000 jobs. Looking ahead, Olusi said BoI would deploy the new EIB facilities to agriculture and local healthcare manufacturing, expand financing for information and communications technology businesses through the iDICE programme, and work with the Federal Ministry of Industry, Trade and Investment on a National Industrial Finance Compact to mobilise additional long-term capital.

“Our mission is simple: finance what Nigeria makes, and create jobs for Nigerians,” he said.