The Bank of Industry (BOI) has secured a $50 million loan from the International Finance Corporation (IFC), a member of the World Bank Group, to expand long-term financing for micro, small and medium-sized enterprises (MSMEs) nationwide.
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The seven-year facility forms part of an investment package of up to $100 million from IFC to support BOI. At least 25 per cent of the $50 million loan proceeds will be dedicated to women-owned businesses, earmarking funds for women entrepreneurs.
The agreement was signed at the Africa Financial Industry Summit (AFIS) 2026 by BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, and IFC Managing Director, Makhtar Diop.
Businesses in manufacturing, agriculture, renewable energy and creative industries may benefit. The financing is intended to help BOI provide longer-term funding to businesses that can expand operations, strengthen local supply chains and create jobs across the Nigerian economy.
For small business owners, the announcement could improve access to patient capital, particularly for enterprises that need more time to invest in equipment, production, expansion and other business activities. However, the money is not a grant or a direct cash payment from IFC to individual applicants. It is a loan to BOI, which will use its financing channels to lend to eligible businesses.
The wider IFC package also includes a planned investment in BOI’s domestic bond issuance, intended to mobilise additional funding for businesses. The facility is part of efforts to deepen access to finance and support private-sector growth in Nigeria.
Who stands to benefit
- Micro, small and medium-sized businesses seeking long-term financing.
- Women-owned businesses, which are earmarked at least 25 per cent of the loan proceeds.
- Enterprises in manufacturing, agriculture, renewable energy and creative industries.
How to apply
The announcement does not provide a new application portal, opening date or special application form for this $50 million facility. Business owners should monitor BOI’s official website and MyBOI platform for financing products and application announcements. Interested businesses can review available BOI financing options and submit applications when a suitable window is announced. Do not pay agents claiming they can secure a share of the IFC loan.
