The United Nations Development Programme (UNDP) and the Bank of Industry (BOI) have signed a three-year Memorandum of Understanding (MoU) to strengthen enterprise development, advance inclusive industrialisation and expand economic opportunities for women and young people in Nigeria.
Signed at the Bank of Industry’s Abuja Office, the agreement renews the institutions’ partnership and establishes a framework for cooperation to help Nigerian enterprises become more competitive, strengthen their access to finance and markets, and participate in national and regional value chains. The collaboration brings together BOI’s expertise in long-term development financing and industrial development with UNDP’s global experience, policy support and commitment to inclusive and sustainable development.
Supporting Enterprises at Every Stage of Growth
Speaking at the signing ceremony, UNDP Nigeria Resident Representative in Nigeria, Ms. Elsie G. Attafuah, emphasised the role of enterprises in driving Nigeria’s prosperity. Ms. Attafuah noted that “UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” she said.
Ms. Attafuah highlighted the importance of supporting businesses at different stages of growth – from farmers moving into agro-processing to women expanding manufacturing businesses and producers seeking markets beyond Nigeria’s borders.
Under the agreement, UNDP and BOI will cooperate on enterprise development and industrialisation, with particular attention to micro, small and medium-sized enterprises (MSMEs), manufacturing and agro-processing. This will include support for value chains and corridor-based development that connects producers, processors and markets.
Trade competitiveness and market access will be another priority, helping Nigerian businesses prepare to seize opportunities under the African Continental Free Trade Area (AfCFTA).
Project THRIVE: Combining Finance and Development Expertise
Speaking during the ceremony Bank of Industry Managing Director/CEO, Dr. Olasupo Olusi stated that, “Project THRIVE brings together BOI’s development financing capacity, sector knowledge and enterprise networks with UNDP’s technical expertise, development programming capabilities, global partnerships and resource mobilization platforms. Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth.
This partnership grew from engagements that began in 2025, when our institutions started exploring how our respective strengths could be combined to address some of Nigeria’s development priorities. The MoU we are signing today provides an institutional framework for that collaboration.
At BOI, our mandate is to advance Nigeria’s industrialization by financing productive enterprises and supporting the value chains, skills and infrastructure that enable them to grow. Finance must be supported by technical expertise, market access, innovation and strong implementation partnerships if it is to deliver lasting development outcomes.”
Expanding Opportunities for Women and Young People
The partnership will also focus on young people’s skills, employability, entrepreneurship and innovation, alongside women’s economic empowerment. Across these areas, the institutions will seek to strengthen access to finance, skills and markets, particularly for women-led businesses, young entrepreneurs and underserved communities.
Advancing Sustainable Industrial Development
Additional areas of cooperation include digital inclusion and the creative economy, renewable energy, climate resilience and environmental sustainability. The agreement also provides for collaboration on infrastructure and strategic enablers of industrial development, including the sustainable development of natural resources and the mining sector.
Implementation will focus on identifying joint priorities, coordinating delivery and regularly reviewing progress. The institutions will draw on their respective strengths to develop practical initiatives that support enterprise growth and contribute to the Sustainable Development Goals.
The renewed partnership reflects a shared commitment to supporting Nigerian enterprises as drivers of job creation, economic diversification and sustainable development.
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About UNDP
The United Nations Development Programme (UNDP) is the leading United Nations organisation fighting to end the injustices of poverty, inequality, and climate change. Working with a broad network of experts and partners in over 170 countries, UNDP helps nations to build integrated and lasting solutions for people and the planet.
UNDP Nigeria is driving a new era of development through its Integrated Smart States Programme (ISSP), a bold, system-wide approach that delivers high-impact solutions across Nigeria’s diverse regions. At its core are five flagship portfolios focused on innovation, digital transformation, and the knowledge economy; trade, investment and financing for development; integrated, clean and decentralized energy systems; accelerated community development; and the Made in Nigeria initiative. Together, they enable inclusive, locally led growth, while deepening institutional capacity and unlocking scalable, future-ready development pathways. Learn more: https://www.undp.org/nigeria
ABOUT BOI
The Bank of Industry Limited is Nigeria’s foremost development finance institution, with a mandate to transform the industrial sector through financial and business support to enterprises. Its financing supports the establishment, expansion, diversification, modernisation and rehabilitation of enterprises, with development outcomes including import substitution, poverty alleviation, job creation and economic diversification.
Media Contact
Ms. Christabel Chanda Ginsberg
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UNDP Nigeria
Email: christabel.chanda-ginsberg@undp.org
BOI Contact
Theodora Amechi
Divisional Head, Public Relations
Email: strategiccommunications@boi.ng
Tel: +234 0201 271 5070 Ext 2887,
Website: www.boi.ng