The Bank of Industry (BoI) says it disbursed more than N1.27 trillion directly and indirectly to enterprises across 14 economic sectors in 2024, supporting businesses and stimulating growth nationwide. According to the bank, these interventions helped sustain and create over 900,000 jobs across the country during the year.
BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, revealed the figures on Tuesday during the virtual Day 2 session of the 10th Nigeria Energy Forum (NEF) held in Lagos. He was represented by the Executive Director, Public Sector and Intervention Programme, Ms. Mabel Ndagi, who stated that the bank remained key to Nigeria’s industrialisation drive by providing critical financing that enables firms to expand production and drive large scale employment.
“BoI has disbursed more than N1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024,” she said.
Olusi also explained the importance of the N200 billion Federal Government MSME Intervention Fund managed by the bank, noting that it serves as an essential engine of growth for small businesses across Nigeria. He added that the fund provides affordable financing through three dedicated windows.
“The N200 billion Federal Government MSME Intervention Fund, managed by BoI, provides affordable financing to small businesses nationwide through three dedicated windows — N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and N75 billion for the Manufacturing Sector Fund,” he said.
He noted that these funds have played a vital role in strengthening micro, small and medium enterprises across the country, many of which are crucial to national economic stability.
The bank also announced increased investments in green finance, renewable energy adoption, and circular economy initiatives. Olusi stated that BoI is positioning itself as a leader in financing climate-smart manufacturing and clean energy innovation.
“The bank is also expanding investments in green finance and circular economy solutions, supporting industries that integrate renewable energy, energy efficiency, and low-carbon processes,” he said.
According to him, BoI plans to continue to “dominate leadership” in supporting renewable energy infrastructure, clean manufacturing, and environmentally sustainable industrial practices.
At the same forum, Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union Delegation to Nigeria, said the EU was scaling up investments in smart, clean and secure infrastructure in key sectors to help reduce inequality and accelerate development. She explained that the Africa-EU Green Energy Initiative was designed to widen access to affordable and reliable energy.
“It will support investments in renewable energy generation and promote energy efficiency so that by 2030, it will provide at least 100 million people with access to electricity,” Stefoniwicz said.
She added that the EU had remained Nigeria’s largest grant donor to the power sector, contributing around €300 million since 2008.
In his remarks, John Sloan, Economic Affairs Officer at the Economic Commission for Africa (ECA), said Africa’s transition to green energy would create substantial opportunities for industrialisation and job creation in mineral producing communities.
“Special economic zones are engines of job creation, fostering inclusive industrialisation by providing sustainable employment opportunities for the local workforce,” he said.
Sloan noted that harnessing renewable energy and green technologies could support emerging industries and expand economic value across the continent.
BOI continues to provide financial support that helps businesses grow, create jobs and boost industrial development. It offers loans, advisory services and partnerships to enterprises of different sizes, especially in manufacturing, agriculture, technology and renewable energy.
Recently, disbursements for the Tertiary Institution Staff Support Fund officially began, bringing relief to staff across Nigeria’s higher education sector. The BOI confirmed that academic and non-academic workers can now access zero-interest loans of up to N10 million, with processing already underway for eligible beneficiaries.
The bank has also opened applications for the N10 billion GLOW Fund initiative, known as Guaranteed Loans for Women. According to BoI, the fund is intended to support the growth of women-owned businesses across various sectors, whether they are at start-up stage or aiming to scale. The facility offers a tenor of up to five years, with a seven percent interest rate per annum described as all-inclusive, while the obligor limit is up to N50 million.
In addition, BoI launched a N2 billion entrepreneurship programme to support National Youth Service Corps members with affordable business financing. The initiative, tagged the “2bn BOI–NYSC Entrepreneurship Programme,” was officially inaugurated in Abuja.
