BOI creates 1.68 million jobs as lending rises to ₦644.9 billion

The Bank of Industry (BOI) announced that it gave out ₦644.9 billion to 12,501 businesses in 2025. This is a 26 percent rise from ₦510.9 billion in 2024.

This support helped create or sustain 1.68 million jobs as part of its plan for 2025 to 2027 aimed at boosting industrial growth in Nigeria.

BOI’s Managing Director and CEO, Olasupo Olusi, shared this information on Thursday during a meeting in Lagos.

Mr Olusi explained that after he took charge, the bank started a three-year plan to push for sustainable and inclusive industrial growth from 2025 to 2027.

The BOI boss said the bank plans to achieve its goals by providing special offerings to businesses that need support the most.

“Our 2X ambition means we want to double our loan book, disbursements, and impact instruments in these areas within three years,” Mr Olusi said.

Key Areas of Focus

The bank’s strategy includes six main areas to focus on over these three years. The first area is MSME finance, with a promise to allocate 35 percent of its funding to MSMEs.

The bank will also focus on infrastructure, giving a quarter of its funding to areas like power, transport, and logistics to reduce business costs.

It also aims to back underserved and youth-owned businesses. BOI plans to direct at least 15 percent of its funding to women-owned businesses and 20 percent of its SME disbursements to youth-run businesses.

BOI is also financing clean energy and climate-friendly businesses, with 10 percent of its portfolio aimed at this sector.

Additionally, to tap into the digital economy, BOI will allocate 15 percent of its disbursements to this area.

“We are rolling out the strategy in three phases. 2025 was our foundation year, laying down the governance, frameworks, products, and digital tools we need. 2026 is the year for large-scale execution, while 2027 is when we will finalize our results and meet our targets,” Mr Olusi said.

Midpoint of the Strategy

The bank stated its strategy is on track for success, aiming to meet its targets by 2027.

In 2025, BOI reported disbursing ₦644.9 billion, the highest amount ever given out by the bank, which is a 26 percent increase from the ₦510.9 billion of 2024.

The financing reached 12,501 businesses and helped create or support 1.68 million jobs.

BOI disclosed that it gave ₦120.9 billion to women-owned businesses alone. MSMEs received 41 percent of its 2025 funding, surpassing its 35 percent goal.

Women-owned and youth-owned businesses both received 20 percent each, exceeding the bank’s minimum targets of 15 percent and 20 percent respectively.

In the area of infrastructure, the bank said it provided over ₦108 billion, which included funding for 100 mini-grids to power businesses and homes, as well as broadband internet for over 700 communities.

“We also met our targets for climate and digital financing. For 2026, we are set to surpass our 2025 impact,” Mr Olusi said during the meeting with business editors.

To ensure its strategy works well and includes everyone in Nigeria's economy, the bank said it will prioritize five sectors to reach its goals.

These sectors include agro-manufacturing, other manufacturing, infrastructure, extractive industries, and services.

Funding for Nigeria’s Industrial Needs

To provide the long-term capital needed for Nigeria’s industries, BOI said it secured over €2.2 billion and ₦250 billion in new funds over three years.

“Investors trust us because of our governance, our plans, and our results,” Mr Olusi said.

The funding includes a €1.879 billion syndicated loan in 2024, named Syndicated Loan Deal of the Year; €210 million from international development partners in 2025; and a ₦250 billion development bond in 2026, which was oversubscribed.

It also includes €85 million from the European Investment Bank for agriculture in 2026 and €50 million for healthcare manufacturing in 2026.

Mr Olusi added that the federal government has also given the bank ₦200 billion for its intervention. This includes a ₦50 billion Presidential Conditional Grant Scheme, a ₦75 billion MSME Intervention Fund, and a ₦75 billion Manufacturing Sector Fund.

“We have delivered over 95 percent of it, reaching 957,400 grant beneficiaries, 9,000 MSMEs, and 104 large manufacturers. Our impact extends beyond the cities.

“Through our RAPID programme, we gave out ₦6.5 billion to 880 rural businesses across all 36 states and the FCT, supporting over 8,000 jobs.

“We funded 100 mini-grids that connected 11,777 households and businesses to electricity, many for the first time. We also disbursed about ₦213 billion to agro-allied businesses and linked 47,508 smallholder farmers to processors,” Mr Olusi explained.

BOI said it is working with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact to bring more long-term capital into industry.

It plans to use its new European Investment Bank funds for agriculture and local healthcare manufacturing so Nigeria can produce more of the food and medicines it needs.

It also promised to grow its ICT and digital economy portfolio through the iDICE programme.