The Bank of Industry (BOI) has secured a historic €2 billion funding through global loan syndication, marking a significant step in bolstering its financial capacity to support transformative development initiatives across Nigeria.
Speaking during the bank’s 65th-anniversary celebration in Lagos, BOI Managing Director, Olasupo Olusi, revealed that the latest funding is part of over $5 billion raised since 2017 through Eurobonds, loan syndications, and green finance instruments. These efforts aim to expand the bank’s national footprint while promoting infrastructure development, small and medium-sized enterprise (SME) growth, and industrial diversification in critical economic sectors.
Highlighting BOI’s achievements, Olusi noted the bank’s evolution over the years. Starting with an authorized share capital increase from N250 billion in 2007 to N500 billion in 2023, BOI has consistently strengthened its capacity to fulfill its developmental mandate. He emphasized the bank’s strategic alliances with over 300 Business Development Service providers, SME-focused commercial banks, microfinance banks, and fintech firms to enhance SME support nationwide.
“In 2017, we began raising funds on the international market with a $750 million AFREXIM loan. This month, we achieved our largest fundraising yet—a nearly €2 billion global loan syndication, the largest in the history of African Development Finance Institutions (DFIs),” Olusi said.
BOI’s focus on socioeconomic empowerment was further underscored by its administration of the N200 billion Federal Government MSME Intervention Fund, which includes a N50 billion Presidential Conditional Grant Scheme and a N75 billion Manufacturing Sector Fund. Disbursements are ongoing, with the program already creating significant impacts on private enterprises.
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Looking ahead, the bank plans to extend its services to all 36 states by the first quarter of 2025. It is also expanding its product portfolio to include non-interest banking services, export credit, and supply chain financing to cater to diverse economic clusters. Additionally, BOI has introduced six thematic focus areas—Gender, Climate and Sustainability, Youth and Skills, Digital Economy, Infrastructure, and Rural Development—to drive its developmental impact in alignment with Nigeria’s broader economic goals.
A notable initiative is the Rural Areas Program on Investment for Development (RAPID), which aims to promote financial inclusion and support micro and small businesses, particularly those led by youth and women in rural areas.
BOI is also investing in its subsidiaries, with an N50 billion recapitalization of LECON Financial Services. This move will enhance LECON’s ability to support key economic sectors through equipment leasing, offering businesses a cost-effective alternative to outright purchases.
“As we celebrate our 65th anniversary, we remain committed to empowering Nigeria’s industrial growth, fostering innovation, and contributing to the nation’s socioeconomic development,” Olusi concluded.
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