BOI sets Q1’25 target to cover Nigeria’s 36 states

…says non-interest banking to berth soon

Bank of Industry (BOI) has set an ambitious target of first-quarter (Q1) of 2025 to ensure that its services get to Nigeria’s 36 states. In addition, the bank said its non-interest banking service is also coming up soon.

At a time when accessing capital is increasingly difficult for businesses due to global financial constraints and rising inflation, BOI has emerged as a vital player with single digit interest loans while interest rates are as high as 35 percent in commercial banks.

BOI’s assurance to reach 36 States by Q1 of 2025 comes as Nigeria grapples with economic challenges, making institutions like Bank of Industry to play a critical role in providing funding for the private sector and fostering development.

Year-to-date (YtD), BOI has disbursed about N107billion to Micro, Small and Medium Enterprises (MSMEs) surpassing the N102billion it planned for 1.5million MSMEs. BOI has prioritised support for Micro, Small, and Medium Enterprises (MSMEs), forging strategic partnerships to enhance financing and growth opportunities across the sector.

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These were disclosed in Lagos during BOI’s 65th anniversary press conference led by Olasupo Olusi, Managing Director and Chief Executive Officer, BOI.

Speaking at the conference, Olusi who led other members of BOI executive management at the conference noted that BOI has strategically restructured to enhance impact and align with Nigeria’s development agenda.

He further noted that BOI’s recently raise a landmark €2 billion (N3.4 trillion) from global institutions, giving it a substantial firepower to boost financing for Nigeria’s businesses, an unprecedented achievement in the bank’s history.

This contributed significantly to an increase in the bank’s total assets from N3.9Trillion in December 2023 to N6.38 trillion by end of September 2024, giving Nigerian businesses access to affordable (9-14percent), long-term capital and job creation facilitation.

Olusi, who has taken up this charge is leveraging his global expertise and network to create impact across the Nigerian economy and support a range of transformative initiatives.