The Bank of Industry (BOI) has outlined plans to deepen financing for Nigerian businesses and expand industrial capacity after disbursing a record ₦644.9 billion in 2025 and delivering more than 95% of the Federal Government’s ₦200 billion intervention entrusted to it.

At a meeting with business editors at the bank’s headquarters in Marina, Lagos Island, on Thursday, Dr. Olasup Olusi, managing director and chief executive officer reviewed progress under the 2025–2027 Corporate Strategy and outlined priorities for its final year.

According him, disbursements increased by 26% from ₦510.9 billion in 2024, reaching 12,501 businesses and creating or supporting 1.68 million jobs.

The bank’s Annual Development Impact Report describes the employment impact as an estimate encompassing direct and indirect jobs created, alongside jobs supported not entirely new positions.

He said the strategy was built around measurable development outcomes, long-term capital mobilisation, wider access for underserved businesses and stronger governance.

“Every Nigerian enterprise, of every size and in every sector, must have fair and equitable access to the support it needs,” he said, recalling the presidential mandate given to him on his appointment in October 2023.

BOI’s strategy centres on a “2X ambition” to double its loan book, disbursements and impact instruments within three years.

It prioritises six areas: MSME finance, infrastructure, women and gender, youth and skills, climate and sustainability, and the digital economy.

The targets include committing 35% of funding to MSMEs, directing at least 15% of financing to women-owned businesses and allocating 20% of SME disbursements to youth-owned or youth-run enterprises.

A quarter of large credits is dedicated to infrastructure. Climate and sustainability have a 10% portfolio-disbursement target, while 15% of disbursements is dedicated to the digital economy. These targets apply to different financing categories and are not mutually exclusive allocations.

“Small businesses are the backbone of our economy,” Olusi, said.

He reported that MSMEs received 41% of 2025 funding, exceeding the target, while women-owned businesses received ₦120.9 billion.

Infrastructure deployment exceeded ₦108 billion, including support for 100 mini-grids and broadband connectivity to more than 700 communities.

The bank has also organised its operations around 15 priority sectors within five divisions: agro manufacturing, other manufacturing, infrastructure, extractive industries and services.

“For our large enterprise lending, 80% now goes to manufacturing and infrastructure, because these are the sectors that create the most jobs and output for every naira we lend,” he said.

The MD said the Federal Government’s ₦200 billion intervention comprised a ₦50 billion Presidential Conditional Grant Scheme, a ₦75 billion MSME Intervention Fund and a ₦75 billion Manufacturing Sector Fund.

“We have delivered more than 95% of it, reaching 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers,” he said.

The intervention reflects BOI’s role in financing enterprises at different stages from small businesses requiring immediate support to manufacturers seeking capital for production.

The bank also reported extending financing beyond major commercial centres through its Rural Area Programme on Investment for Development, known as RAPID.

Through the programme, it said it had disbursed ₦6.5 billion to 880 rural enterprises across the 36 states and the Federal Capital Territory, supporting more than 8,000 jobs.

“Our reach extends well beyond the cities,” Olusi, said.

He added that the 100 mini-grids financed by BOI connected 11,777 households and businesses to electricity, many for the first time. The bank also reported approximately ₦213 billion in agro-allied financing and links between 47,508 smallholder farmers and processors.

BOI reported closing major funding transactions amounting to more than €2.2 billion and ₦250 billion over three years.

The transactions included a €1.879 billion syndicated facility in 2024, €210 million from international development partners in 2025 and an oversubscribed ₦250 billion Development Bond in 2026.

The bank also secured European Investment Bank facilities of €85 million for agriculture and €50 million for healthcare manufacturing in 2026.

“Nigerian businesses need long-term, affordable capital, and the commercial banking system cannot provide enough of it. Filling that gap is our job,” the CEO said.

He attributed investors’ willingness to provide funding to confidence in the bank’s governance, project pipeline and results.

“Investors have placed this money with us because they trust our governance, our pipeline and our results.”

Describing 2025 as the foundation year and 2026 as the year of execution at scale, the Olusi, said 2027 would focus on consolidating results and meeting the strategy’s targets.

“For 2026, we are set to exceed our 2025 impact,” he said, without providing a specific full-year disbursement forecast.

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

The bank also plans to deploy its new European Investment Bank facilities into agriculture and local healthcare manufacturing and grow its ICT and digital-economy portfolio through the iDICE programme.

“We will deploy our new European Investment Bank facilities into agriculture and local healthcare manufacturing, so that Nigeria produces more of the food and medicines it consumes,” he said.

BOI’s presentation placed development outcomes alongside financial performance, emphasising the businesses, productive assets and employment supported by its interventions.

The priority for the strategy’s final year is to turn increased funding capacity into sustained industrial growth while maintaining accountability for results.

“Our mission is simple: finance what Nigeria makes, and create jobs for Nigerians,” the CEO said.

“We cannot do it alone. We count on you to tell the stories of the businesses we finance, and to hold us to account.”