The Bank of Industry (BoI) has secured over $5 billion from international capital markets since 2017 through Eurobonds, loan syndications, and green finance instruments, its Managing Director, Olasupo Olusi, announced on Thursday.
Speaking at the BoI’s 65th anniversary news conference in Lagos, Olusi highlighted the institution’s evolution from its establishment as the Investment Company of Nigeria (ICON) in 1959 to its transformation into the Bank of Industry in 2001.
He revealed that in November, the bank concluded a €2 billion global loan syndication—the largest fundraising effort in its history and the largest by any African Development Finance Institution (DFI).
“These milestones were achieved through strategic partnerships with local and international institutions, enabling us to fulfill our mandate effectively,” Olusi said.
The bank has collaborated with state governments, foundations, and trade associations, such as the National Association of Small and Medium Enterprises (NASME) and the Manufacturers Association of Nigeria (MAN), to expand access to financing for businesses. Recent initiatives include a $1 billion fund for Nano and Micro Enterprises in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), offered at single-digit interest rates.
Olusi also noted the bank’s role as the executing agency for the Federal Government’s $200 billion MSME Intervention Fund. This fund includes the $50 billion Presidential Conditional Grant Scheme, a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.
The BoI has strengthened ties with international organizations such as the African Development Bank (AfDB), International Finance Corporation (IFC), and the African Guarantee Fund (AGF) to further its objectives.
The bank has recently aligned its strategic initiatives with President Bola Tinubu’s “Renewed Hope Agenda” to address emerging macroeconomic challenges.
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Separately, Shekarau Omar, BoI’s Executive Director for MSMEs, disclosed that the bank plans to disburse N120 billion to two million micro, small, and medium enterprises (MSMEs) by the end of the year, surpassing its initial target of N103 billion for 2024.
“The MSME sector, comprising an estimated 39 to 40 million businesses, represents a vital component of Nigeria’s economy,” Omar said.
The BoI continues to solidify its position as a key driver of economic development and industrial growth in Nigeria.
