BOI targets ₦1.85tn annual financing for 24,000 MSMEs, three million jobs

Business, Entrepreneurship & SMEs

LAGOS, Nigeria (NPA) — The Bank of Industry (BOI) says it is targeting ₦1.85 trillion in annual lending and financing for 24,000 micro, small and medium-sized enterprises (MSMEs), alongside the creation and sustenance of three million jobs between 2025 and 2027, under its corporate strategy.

The Managing Director of BOI, Mr Olasupo Olusi, disclosed this on Thursday during an engagement with media executives in Lagos.

Olusi said the bank’s 2025–2027 corporate strategy prioritised manufacturing, agriculture, local healthcare, climate-friendly businesses and technology-driven enterprises to strengthen domestic production, expand access to long-term capital and generate sustainable employment.

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He added that the bank was working to address financing gaps in climate-related investments and the digital economy.

According to him, the strategy’s 2X ambition is to double the bank’s loan book, disbursements and impact instruments within three years.

Olusi said the strategy was built around six thematic areas, each with specific targets to guide implementation and measure progress.

“We will deploy many of the resources that we need for growth in our country, in areas such as agriculture, local healthcare and manufacturing.

“This is so that Nigeria is able to provide more of the stuff of the food that it consumes and of medicines, all the relevant key materials,” he said.

The managing director explained that the strategy was divided into three phases, with 2025 serving as the foundation year for establishing governance frameworks, products, digital tools and budgetary provisions.

He described 2026 as the year of execution and expansion, while 2027 would focus on consolidating results and meeting established targets.

Olusi said the bank disbursed a record ₦625 billion in 2025, supporting the creation and sustenance of 1.6 million jobs and reaching 12,501 businesses.

He said the amount represented a 26 per cent increase over the ₦410 billion recorded in 2024.

According to him, MSMEs received more than 31 per cent of the bank’s funding in 2025, while about ₦120 billion was disbursed to women-owned businesses.

He said BOI would continue to expand financing for underserved enterprises, particularly women-owned and youth-led businesses, while strengthening its capacity to mobilise funds from domestic and international markets.

Olusi added that the bank would deepen its support for local production in line with the Federal Government’s Nigeria First policy.

“Our mission is very simple. We have to finance what Nigeria makes,” he said.

On climate and sustainability financing, Olusi said BOI planned to allocate at least 10 per cent of its entire portfolio to the sector, including clean energy, climate-resilient businesses and circular-economy initiatives.

He stressed the need to integrate climate-smart solutions into financing decisions to ensure that investments remained sustainable and responsive to emerging environmental challenges.

Regarding the digital economy, Olusi said the bank was committed to financing technology-led businesses and supporting the digitalisation of Nigerian enterprises.

“On the digital front, we know that digital economy provides one of the biggest opportunities for economic growth and development of our country.

“So, we are very committed to financing technology-led businesses and digitalisation of Nigerian enterprises,” he said.

Olusi called for sustained collaboration with the media to communicate the impact of development financing and strengthen accountability in the implementation of the bank’s programmes.

Dr Uche Nwachukwu, Chief Impact Officer in BOI’s Strategy, Policy and Research Division, said the 2025–2027 strategy was designed to promote sustainable and inclusive industrial development through tailored financing for underserved businesses and high-impact sectors.

Nwachukwu said the bank would expand access to finance through low-collateral loans, project financing, guarantees, equity investments and advisory services.

He added that BOI would broaden its reach through a digital portal, on-lending partners and a network of Business Development Service Providers.

According to him, the bank would diversify its funding sources through sector-specific funds, improved financing terms and additional equity, while leveraging technology, data and strategic partnerships to implement its programmes.

Nwachukwu said the strategy set specific targets for key beneficiary groups, including allocating 35 per cent of funding to MSMEs, 30 per cent of large-enterprise funding to infrastructure, 15 per cent of funding to women-owned businesses and 20 per cent of MSME funding to youth-led enterprises.

He said BOI would implement a Sustainable Finance Framework to facilitate green bond issuance and establish a Carbon Credit Grant Facility.

He added that climate screening would be incorporated into every financing appraisal, supported by an action plan to identify climate-related investment opportunities and develop strategic partnerships.

The measures, he said, would strengthen the bank’s capacity to finance clean energy, climate-resilient businesses and circular-economy initiatives while integrating environmental considerations into lending decisions.

On digital financing, Nwachukwu said BOI would leverage the $617.7 million Investment in Digital and Creative Enterprises (IDICE) programme to expand access to capital for technology and creative businesses.

He said broadband connectivity and information and communications technology would remain priority areas, with an action plan focused on digital market access and innovation.

Nwachukwu said the digital economy offered significant opportunities to accelerate growth by harnessing Nigeria’s youthful population and strengthening technology-led enterprises.

He added that partnerships and financing lines from the European Investment Bank (EIB) would support efforts to strengthen agricultural value chains and local healthcare manufacturing.

The interventions, he said, were expected to improve Nigeria’s capacity to meet domestic demand through local production, create jobs and strengthen industrial development.