BOI Raises €1.9 Billion, Pledges Support for Industrial Growth and Social Investment

In a year fraught with economic challenges, the Bank of Industry (BOI) has emerged as a major player in Nigeria’s financial landscape, raising €1.879 billion from international markets to support industrial growth, a green economy, business expansion, and sustainable development. This historic achievement has positioned the BOI as a key catalyst for Nigeria’s future economic growth....CONTINUE READING>>>

Despite the turbulent year, marked by financial instability and operational challenges faced by many institutions, BOI successfully raised the largest amount in its 65-year history, making it the most significant capital mobilization by any African development financial institution (DFI). This milestone underpins the bank’s critical role in driving Nigeria’s industrialization, supporting small businesses, and contributing to the broader socio-economic development.

Founded in 1959 and evolving into its current form in 2001, BOI has been instrumental in shaping Nigeria’s financial and industrial sectors. The funds raised will focus on addressing the country’s financing gaps, particularly for infrastructure, sustainable development, and the growing needs of micro, small, and medium-sized enterprises (MSMEs).

The funding will be directed toward bridging the annual development financing gap of $35 billion, particularly in vital sectors like agriculture, youth entrepreneurship, and green financing initiatives. Moreover, it will bolster risk management systems and facilitate more robust financing options for gender equality, climate action, and industrial development.

As part of Nigeria’s broader financial reforms, BOI’s role extends to its support for the National Credit Guarantee Company (NCGC), a collaboration with government agencies, private sectors, and multilateral organizations aimed at expanding credit access and bolstering economic growth.

The bank’s strong governance, marked by consistent investment-grade ratings from Fitch and Moody’s, underscores its credibility in global financial markets. The €1.879 billion raised not only reinforces BOI’s capacity to drive Nigeria’s industrial transformation but also signals confidence in the country’s future economic trajectory.

Moving forward, BOI remains committed to its mission of empowering women, supporting sustainable enterprises, and driving inclusive growth, in line with Nigeria’s long-term development objectives. Through targeted initiatives like the Rural Area Program for Investment and Development (RAPID) and climate-focused projects, BOI is poised to continue its leadership in fostering a more inclusive and sustainable economy.