The Bank of Industry is undergoing a significant institutional transformation, one that is expanding its reach, deepening its impact, and strengthening its role as a key driver of Nigeria’s industrial development.
Under the leadership of Dr. Olasupo Olusi, Managing Director and Chief Executive Officer, BOI is evolving beyond its traditional role as a lender into a broader development finance institution focused on enterprise growth, financial inclusion, sustainability, and long-term economic capacity building.
In 2025, the Bank disbursed a record N636 billion to more than 7,000 enterprises, the highest disbursement in its history, while maintaining a non-performing loan ratio below 1.5 percent. The financing supported or sustained approximately 1.6 million jobs across critical sectors including agro-allied, manufacturing, infrastructure, and services.
Support for micro, small and medium enterprises (MSMEs) remains central to BOI’s mandate. During the same period, the Bank disbursed N178 billion to SMEs, N51 billion to nano enterprises, and N32 billion to micro businesses. Inclusive financing initiatives such as the Guaranteed Loans for Women (GLOW) Programme, a N10 billion fund offering up to N50 million per beneficiary, are helping extend access to capital for entrepreneurs historically underserved by conventional financial institutions.
Youth and rural communities also remain a strategic priority. Youth-owned businesses received N12 billion in financing, while more than 880 rural enterprises across all 36 states and the FCT accessed over N6.5 billion through the Rural Area Programme on Investment for Development (RAPID).
On sustainability, BOI has continued to translate commitment into measurable action. The Bank financed projects that reduced carbon emissions by over 20,000 tonnes within a year and launched an N825 million clean energy initiative in collaboration with UNIDO-GEF to support renewable energy adoption and cleaner industrial technologies.
This commitment recently earned BOI the “Best Circular Economy Model” award at the 2026 Sustainable Finance Awards by Global Finance Magazine, recognising the Bank’s Paper Decluttering Initiative, which achieved between 25 and 65 percent reduction in paper usage across 34 locations nationwide.
Strategic partnerships are also accelerating BOI’s development impact. The Bank has signed frameworks with GIZ to strengthen Nigeria’s MSME ecosystem, entered a Memorandum of Understanding with the Raw Materials Research and Development Council to support local value addition in agro-processing and solid minerals, and became the first National Implementing Entity to the United Nations Adaptation Fund in Nigeria.
Together, these milestones reflect a deliberate institutional transformation, positioning BOI to better meet the scale and complexity of Nigeria’s industrial development needs.
This feature was originally published by THISDAY Newspaper. Read the full article here.