The Bank of Industry (BoI) has directed 80 per cent of its large-enterprise lending to the manufacturing and infrastructure sectors as part of efforts to boost industrial output and create jobs in Nigeria.
Gatekeepers News reports that Olasupo Olusi, the bank’s managing director and chief executive officer, disclosed this on Thursday during a media parley, where he reviewed progress under the institution’s 2025–2027 corporate strategy.
The strategy focuses on expanding access to finance for businesses and supporting Nigeria’s industrial development.
“For our large enterprise lending, 80% now goes to manufacturing and infrastructure, because these are the sectors that create the most jobs and output for every naira we lend,” Olusi said.
He explained that the bank had structured its operations around 15 priority sectors grouped into five divisions: agro-manufacturing, other manufacturing, infrastructure, extractive industries and services.
According to him, the infrastructure division covers transport and logistics, power and utilities, as well as information and communications technology (ICT).
Olusi identified ICT as the bank’s newest priority sector, citing the increasing importance of digital technology across industries.
“ICT is our newest sector. We added it because the digital economy now underpins every other industry,” he said.
Other priority sectors include food processing and beverages, engineering and light manufacturing, pharmaceuticals, chemicals and industrial minerals, oil and gas, mining, climate finance, creative industries, healthcare, and hospitality and tourism.
BOI Secures €2.2bn, N250bn for Industrial Financing
Olusi said the bank had secured more than €2.2 billion and N250 billion in new funding over the past three years to support industrial development and expand access to long-term financing for Nigerian businesses.
He said the funding included a €1.879 billion syndicated facility secured in 2024, €210 million from international development partners in 2025, and a N250 billion development bond issued in 2026.
The bank also secured €85 million from the European Investment Bank (EIB) to support agriculture and an additional €50 million for healthcare manufacturing in 2026, he added.
According to Olusi, the development bond was oversubscribed, reflecting investors’ confidence in the bank’s governance, lending pipeline and performance.
“Nigerian businesses need long-term, affordable capital, and the commercial banking system cannot provide enough of it. Filling that gap is our job,” he said.
The BoI chief executive also disclosed that the bank was collaborating with the Federal Ministry of Industry, Trade and Investment on a national industrial finance compact aimed at attracting more long-term capital into the industrial sector.
He said the bank planned to deploy the EIB facilities to support agriculture and local healthcare manufacturing while expanding its ICT and digital economy portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.
BOI Disburses N644.9bn in 2025
The bank reported that it disbursed N644.9 billion in 2025, representing a 26 per cent increase from the N510.9 billion released in 2024.
According to the institution, the funding reached 12,501 businesses and created or supported 1.68 million jobs during the year.
Olusi said micro, small and medium enterprises (MSMEs) received 41 per cent of the bank’s total funding in 2025, exceeding its target of 35 per cent.
“Micro, small and medium enterprises (MSMEs) received 41 percent of the bank’s funding in 2025, exceeding its target of 35 percent,” he said.
He added that women-owned businesses accounted for 20 per cent of financing, surpassing the bank’s minimum target of 15 per cent. Youth-owned or youth-run businesses also received 20 per cent of disbursements to small and medium enterprises.
Olusi further disclosed that the bank deployed more than N108 billion to infrastructure projects, including financing for 100 mini-grids and broadband connectivity for more than 700 communities.
In the agricultural sector, he said BoI disbursed approximately N213 billion to agro-allied businesses and facilitated the linkage of 47,508 smallholder farmers with processors.
The bank said the interventions form part of its broader efforts to strengthen productive sectors, improve access to finance and drive sustainable industrial growth across Nigeria.
