Key Points

• BOI disbursements supported nearly 900,000 jobs nationwide.

• BOI disbursements boosted manufacturing and SME growth.

• BOI disbursements expanded credit across 14 sectors.

The Bank of Industry says it gave out more than N1.27 trillion to businesses in 14 key sectors in 2024. This broad financing effort created more than 900,000 direct and indirect jobs across the country. The bank said that the intervention was part of its ongoing duty to strengthen Nigeria’s industrial base and make it easier for businesses of all sizes to get long-term capital.

On Day 2 of the 10th Nigeria Energy Forum, which was held online in Lagos, Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, said that the bank’s financing activities continue to shape Nigeria’s production landscape. Mabel Ndagi, the Executive Director for Public Sector and Intervention Programme, spoke on his behalf.

Olusi says that the N1.27 trillion in payments helped businesses increase production, improve processes that add value, and keep people employed during a year when operating costs were rising and supply chains were having problems. He also said that the bank’s portfolio shows that there is more demand for patient capital in the manufacturing, agriculture, technology, and renewable energy sectors.

The MSME Intervention Fund helps small businesses grow

A lot of BOI’s work in 2024 was centred on the N200 billion Federal Government MSME Intervention Fund, which the bank is in charge of. Olusi said that the plan works through three main parts: the N50 billion Presidential Conditional Grant Scheme, the N75 billion MSME Intervention Fund, and the N75 billion Manufacturing Sector Fund. When combined, they make it easier for small and medium-sized businesses to get loans at lower interest rates, which is something that is often hard to do.

Green finance and new ideas are what drive industrial change

The bank is putting more money into green and climate-friendly projects, in addition to its usual areas of investment. Olusi said that BOI is putting the most important things first, like using renewable energy, starting circular economy projects, making things with less carbon, and making things more energy-efficient. He said that these actions show that the bank is dedicated to helping Nigeria’s industrial transition while also meeting global sustainability goals.

Ndagi added that the bank is now seen as one of the best sources of funding for renewable energy infrastructure and clean manufacturing solutions in the country. She said that BOI wants to add more climate-smart investments to its portfolio by 2025. This will make the bank a key player in Nigeria’s move towards development that is more resilient to climate change.

All On, a clean-energy impact investment firm, also spoke at the forum and talked about how they are working to bring new ideas to communities that don’t have them. The company talked about the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0), which was made with the Nigeria Energy Forum. It helps students lead clean energy projects. Jadesola Rawa, All On’s Senior Associate for Grants Management, says that the goal of the program is to help young people become innovators who can help close Nigeria’s energy-access gaps.