The Bank of Industry (BoI)in its bid to foaster industrial growth, create jobs and drive development has mobilised over $5 billion from international capital markets, cementing its role as a catalyst for Nigeria’s economic transformation.
The achievement was highlighted during a media parley commemorating the bank’s 65th anniversary. Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, in Lagos.
Reflecting on its remarkable journey, he said BOI has evolved from the Investment Company of Nigeria in 1959 to its current status as a financial powerhouse, navigating Nigeria’s industrial landscape with innovation and resilience. The bank’s strategic focus on six developmental themes—gender, climate and sustainability, youth and skills, digital economy, infrastructure, and rural investments—highlights its commitment to addressing the country’s pressing economic challenges.
Olusi spotlighted BOI’s Rural Areas Program on Investment for Development (RAPID), which targets financial inclusion and supports micro and small businesses in underserved regions, particularly youth and women. He also outlined efforts to scale non-interest banking, export credit, and supply chain finance to support businesses across diverse economic clusters.
The BOI has built a reputation for leveraging partnerships to achieve its goals. Recent collaborations include the Green Climate Fund and other global financial institutions, positioning BOI as a leader in climate-focused initiatives. Locally, partnerships with state governments, foundations, and trade associations like NASME and MAN have deepened its impact on the real sector.
“The $5 billion we’ve raised signifies our capacity to deliver innovative financing solutions tailored to Nigeria’s unique needs. These funds enable us to support businesses, create jobs, and drive sustainable industrialisation,” Dr. Olusi said.
In 2017, BOI commenced raising funds on the international market with a US$750 million AFREXIM loan. Since then, we have successfully raised over $5 billion from the international capital markets through Eurobonds, loan syndications, and green finance instruments. This month, we concluded a global loan syndication that raised nearly 2 billion euros which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFIs.
BOI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a N1 billion fund at a single-digit interest rate. We have partnerships with several other public agencies like NCDMB, to support specific sectors. In November 2023, the Federal Government of Nigeria appointed BOI as the executing agency for the N200 billion FGN MSME Intervention Fund, which includes a N50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.
He added that as the bank looks to the future, it remains steadfast in its mission to build a resilient economy. The recently launched price intelligence platform, which monitors real-time food commodity prices, is just one example of BOI’s forward-thinking initiatives to promote transparency and stability.
The BOI Helmsman said “Beyond the Bank’s efforts, we have also started to implement steps to ensure our subsidiaries are key contributors to national impact. The BOI board approved a ₦50 billion recapitalisation of one of our subsidiaries ― LECON Financial Services. The new funding will enable LECON to support key sectors and better respond to increasing customer interest in asset acquisition through leasing as an alternative to outright purchasing equipment at a relatively lower cost and longer tenure, taking pressure off business owners. Another subsidiary of the bank, BOI Investment and Trust Company Limited (BOI-ITC), has been re-issued by the Securities and Exchange Commission (SEC), its Trusteeship Operating License. BOI-ITC will re-enter the trusteeship market, focusing on Trusts/Trusteeship Services, Consultancy, Business Advisory, Governance Advisory, and Nominee Services. We have increased the capitalization of BoI Microfinance Bank to enable it to obtain a state licence, rather than its current unit licence.
“Our people are at the heart of BoI’s strategy. As a result, we have prioritized staff engagement and improved their welfare through professional development opportunities, employee recognition programs, wellness initiatives, workplace support advocates, and so on.
“All these efforts have not gone unnoticed. In the past year, BOI has garnered multiple awards including the EMEA Award for “Best Social Development Program in Africa” for the Investment in Digital and Creative Economy (iDICE), the SERAS Award for “Best Company in Financial Inclusion” and “Most Effective MDA/Parastatal in Sustainable Development,” and the Philips Consulting Ltd. Award for “Best Website and Overall Best Digital Presence for a Federal Parastatal.” (IoD).
“As we celebrate our past achievements, we also recognise the opportunities and challenges that lie ahead. We live in a time of rapid technological advancement, shifting economic dynamics, and growing environmental concerns. Looking into the future, we reaffirm our commitment to driving sustainable industrialisation, supporting clients with innovative financing solutions, expanding our partnerships, strengthening financial inclusion efforts, and working closely with government agencies to advocate for policies that foster a supportive business environment, particularly for MSMEs and start-ups, thus, building a resilient and inclusive economy.
“This anniversary is a testament not just to the longevity of our institution but also to the resilience, adaptability, and shared purpose that we carry in our mission.”
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