BoI Secures ₦3.5trn To Strengthen Nigerian MSMEs 

The Bank of Industry (BoI), Nigeria’s leading development finance institution, has successfully secured €1.879 billion (approximately ₦3.05 trillion) from international markets in 2024, marking the largest funding deal ever secured by an African development finance institution.

This landmark achievement, led by BoI’s Managing Director, Dr. Olasupo Olusi, was realised through a dual-layer guarantee structure developed in partnership with the Africa Finance Corporation (AFC) and the Central Bank of Nigeria (CBN). The funding significantly boosts BoI’s financial capacity, increasing its balance sheet from ₦3.9 trillion in 2023 to ₦7.1 trillion by December 2024.

With this expanded financial base, BoI is positioned to provide affordable, long-term loans to underserved sectors, including micro, small, and medium enterprises (MSMEs), agriculture, and women-led businesses. The funding also supports green and climate-focused financing, aligning with President Bola Tinubu’s agenda for economic transformation.

The bank’s commitment to bridging financing gaps is evident in its partnerships with state governments, private institutions, and trade associations. Initiatives such as the ₦1 billion Nano and Micro Enterprises Fund in collaboration with SMEDAN and the ₦200 billion federal government MSME Intervention Fund highlight BoI’s dedication to industrial growth and socio-economic development.

As BoI celebrates its 65th anniversary, it continues to reaffirm its role as a catalyst for industrialisation and a reliable partner in empowering Nigeria’s private sector.