BOI scales development financing with N644bn disbursement to local firms

…as banks facilitate the creation of 1.8million jobs

The Bank of Industry (BOI) significantly scaled up its interventionist role in Nigeria’s economic recovery in 2025, deploying N644 billion in development finance to cushion operating headwinds and stimulate real sector growth.

The strategic capital injection directly impacted 12,501 businesses and facilitated the creation of 1.6 million jobs across the country, highlighting the development finance institution’s aggressive drive to sustain productivity amidst ongoing macroeconomic adjustments.

The bank, in its 2025 annual development report,t said that it facilitated the connection of over 11,777 households to electricity, empowered 1.5m jobs, provided finance to 366 youth-owned businesses, thereby turning young entrepreneurs into employers in the period.

Speaking at the launch of the report in Abuja on Thursday, Olasupo Olusi, Managing Director, BOI, is deliberately shifting focus from measuring its success primarily by the volume of financing provided to measuring the impact the finance creates.

He explained that from supporting nano, micro, small, and medium enterprises to advancing youth- and women-led businesses to financing infrastructure, all targeted at enabling enterprise growth, the bank has remained focused on ensuring that development reaches every segment of Nigerian society.

“The Annual Development Impact Report is BOI’s institutional expression of our commitment to impact. It reflects our determination to measure development outcomes with the same discipline and rigour that we apply to financial performance.

“We supported businesses across diverse sectors and segments of our economy, strengthened value chains, and expanded access to finance, invested in critical infrastructure that enhances national productivity and competitiveness. Most importantly, our interventions translated into tangible impact by supporting millions of jobs, reducing carbon emission, strengthening digital and other infrastructure, and empowering women and youth. This work has been guided by clear conviction,” Olusi said.

He emphasised that to deepen its impact, the bank is expanding strategic partnerships and aligning its financing activities with Nigeria’s national development priorities.

The bank stated that in aligning with national priorities under the Renewed Hope Agenda for structural transformation and inclusive growth, it financed transformative projects that registered 38 patents across pharmaceuticals, infrastructure, and engineering, forged 739.6 value chain linkages in 125 initiatives, upgraded 13 processing facilities, and invested N4.6 billion to modernise 6 manufacturing factories.

These enterprises have linked 47,508 smallholder farmers, shifted over 90 to fully local raw material sourcing, installed renewables in more than 55 firms, provided financing to support the deployment of mini-grids in 100 rural areas, connecting 11,777 new customers, and embraced cleaner production with waste recycling in 4 facilities.

BOI served as the lead implementation agency for the Federal Government’s N200 billion MSME Industrialisation Fund,
achieving a disbursement rate of over 95 per cent. The Bank also launched the Rural Area Programme on Investment for Development (RAPID), which successfully disbursed N6.01 billion between 2024 and 2025, supporting 822 enterprises, with the North-East region leading in both funding and activity.

Notable large-scale projects .included
N35 billion for national broadband rollout and N30 billion for mini-power grids in Lagos, Imo, and Rivers States.

Also speaking at the event, John E, Minister of State for Industry, Trade and Investment, said that the BOI has continued to expand access to finance for MSMEs, support youth-led enterprises, promote gender inclusion, and strengthen businesses that are driving innovation across our economy.

He explained that the Bank’s focus on climate, on sustainability, on infrastructure, on technology-enabled enterprise reflects the future-facing direction Nigeria must take to build a resilient and competitive industrial base.

He said, “By providing finance to productive sectors, the BOI has helped translate enterprise potential into tangible outcomes, promoting new businesses, supporting jobs created, livelihoods improved, and value chains strengthened.

“These interventions are also contributing to our broader economic growth, with the manufacturing sector continuing to solidify its position as a cornerstone of national productivity. ”

He emphasised that the achievements of the institution demonstrate that industrialisation is no longer being pursued as an abstract ambition, but it is now being implemented through coordinated action across policy, across finance, across skills, across infrastructure, across standards, procurement, and investment promotion.

“BOI is not only a financing institution, but it’s a strategic partner in Nigeria’s industrial transformation. And the Ministry, through my office, continues to work closely with the Bank on several initiatives designed to accelerate the implementation of the National Industrial Policy to strengthen industrial clusters, deepen MSME competitiveness, support manufacturers, and unlock greater value for Nigeria’s productive sector.

“The aspirations of Nigeria’s industrial policy are ambitious, but they are achievable with sustained collaboration, technical support, innovative financing, and I think our development partners need to continue to support because of its credibility and its impact,” he added.