By Rukayat Moisemhe
The Bank of Industry (BOI) says 80 per cent of its large enterprise lending now goes to manufacturing and infrastructure to boost industrial output, create jobs and strengthen productive capacity.
Managing Director of BOI, Dr Olasupo Olusi, said this on Wednesday in Lagos while outlining the bank’s strategic priorities and efforts to mobilise long-term financing for businesses across key sectors of the economy.
Olusi said the bank had organised its operations around 15 priority sectors grouped into five divisions to ensure wider coverage of the Nigerian economy.
The divisions comprise agro-manufacturing, other manufacturing, infrastructure, extractive industries and services.
He said the priority sectors included agro-processing, food processing, pharmaceuticals, chemicals, engineering, transport and logistics, power, information and communications technology (ICT), mining, healthcare, creative industries and tourism.
According to him, ICT is the bank’s newest priority sector because the digital economy increasingly supports activities across other industries.
“For our large enterprise lending, 80 per cent 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.
Olusi said the bank was also working to bridge the financing gap facing Nigerian businesses, particularly their need for long-term, affordable capital that commercial banks could not adequately provide.
He said that, within three years, the bank had secured more than 2.2 billion euros and N250 billion in new funding to support Nigerian industry.
He listed the funding transactions to include a 1.879 billion euros syndicated facility secured in 2024, 210 million euro from international development partners in 2025 and a N250 billion development bond issued in 2026.
Others were 85 million euro from the European Investment Bank (EIB) for agriculture and 50 million euros for healthcare manufacturing, both secured in 2026.
Olusi said the successful mobilisation of the funds reflected investors’ confidence in the bank’s governance, project pipeline and performance.
He added that BOI had delivered more than 95 per cent of the Federal Government’s N200 billion intervention package for businesses.
The intervention comprised a N50 billion Presidential Conditional Grant Scheme, a N75 billion Micro, Small and Medium Enterprises (MSMEs) Intervention Fund and a N75 billion Manufacturing Sector Fund.
According to him, the programme has reached 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers.
On efforts to extend financing beyond major commercial centres, Olusi said the bank disbursed N6.5 billion to 880 rural enterprises across the 36 states and the Federal Capital Territory through its Rural Area Programme on Investment for Development (RAPID).
He said the programme supported more than 8,000 jobs.
The bank also financed 100 mini-grids, connecting 11,777 households and businesses to electricity, while disbursing about N213 billion to agro-allied businesses.
Looking ahead to 2027, Olusi said the final year of the bank’s strategy would focus on consolidating progress and meeting its targets.
He said BOI was working with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact to mobilise more long-term capital for industry.
The bank would also deploy its new EIB facilities to support agriculture and local healthcare manufacturing, with a view to increasing domestic production of food and medicines.
Olusi said BOI would further expand its ICT and digital economy portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.
“Our mission is simple: finance what Nigeria makes, and create jobs for Nigerians. We cannot do it alone,” he said. (NAN)
Edited by Olawunmi Ashafa
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