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BOI SET TO DISBURSE N200BN TO SUPPORT BUSINESSES ACROSS THE COUNTRY

The Federal Government of Nigeria through the Federal Ministry of Industry, Trade, and Investment (FMITI), has established three funds totaling N200,000,000,000 (Two Hundred Billion Naira) to support businesses across Nigeria: The Presidential Conditional Grant Scheme (PCGS); The FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund. The Bank of Industry (BOI) has been appointed as the executing agency of the funds, vested with the responsibility for its day-to-day administration.

The Presidential Conditional Grant Scheme (PCGS), is a N50,000,000,000 (Fifty Billion Naira) grant scheme to support eligible Nano Business owners. The Grant will be disbursed to a minimum of 1,000 beneficiaries (especially Women and Youths) per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 (six) Council Areas in the FCT. The target nano businesses include: Traders, Food Vendors, ICT businesses, Transporters, Artisans, Creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back. To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases; They must also be willing to provide proof of residential/business address in their Local Government Area, provide relevant personal and bank account information, including but not limited to Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.

The FGN MSME Intervention Fund, is a N75,000,000,000 (Seventy-Five Billion Naira) fund, for Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The fund would be used to support eligible micro, small and medium enterprises and serve as a cushion against the high cost of production, marketing and distribution of products arising mainly from infrastructure deficiencies and other ancillary factors involving MSMEs in Nigeria. Each beneficiary would receive a maximum of N1,000,000 (One Million Naira). The fund would be disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 3 years for equipment and working capital.

The FGN Manufacturing Sector Fund is a N75,000,000,000 (Seventy-Five Billion Naira) fund, that would be used to support eligible manufacturing companies and help cushion against the high and rising costs of production, marketing and distribution of products arising from infrastructural deficiencies and other ancillary factors affecting the manufacturing sector in Nigeria. Beneficiaries would receive up to N1billion (One Billion Naira), disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 5 years for term loans, and 1 year for working capital.

The MD/CEO, Bank of Industry, Dr. Olasupo Olusi, reiterated BOI’s commitment to the development of MSMEs as the bedrock of the economy, which is in line with His Excellency, President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Business News News & Events

Federal Government Launches Expanded MSME Clinics in Benue State

In a dedicated effort to strengthen Micro, Small, and Medium Enterprises (MSMEs) across the nation, the Federal Government has officially unveiled the Expanded National MSME Clinics. The maiden edition of the program held in Makurdi, Benue State on January 9, 2024, with a special focus on the thriving MSME sector in the state.

Speaking at the event, Vice-President Kashim Shettima reaffirmed the government’s commitment to promoting a thriving MSME environment in the country. He also revealed plans to establish a world-class fashion hub in Makurdi, which would support the growing fashion cluster in Benue.

In a joint effort, the Bank of Industry (BoI) and the Benue State government launched a N2 billion MSME development fund in 2016 to enhance the entrepreneurial capacity of citizens. This fund represents a shared commitment to drive business growth and development.

To learn more about accessing the Bank of Industry’s support in Benue State, please visit our office at 17 Jonah Jang Road, Hudco Quarters, Makurdi.

Watch the Full Video Here

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BOI at the 24th Annual World Economic Forum Meeting

At a special session at the 24th Annual World Economic Forum Meeting ongoing in Davos, Switzerland, Dr. Supo Olusi, Managing Director, Bank of Industry  attended the unveiling of the audacious “timbuktoo” initiative by the UNDP, an initiative dedicated to propelling Africa’s innovation and startup ecosystem.

As Africa emerges as a tech superpower, highlighted by private venture capital investments surging six times faster than the global average, and Nigeria leading at an impressive $1.2 billion in 2022, the newly launched Timbuktoo Africa Innovation Fund aims to create jobs and transform livelihoods across the continent through collaborative efforts.

In this transformative era, the Bank of Industry remains unwavering in its commitment to fostering youth entrepreneurship and innovation in the digital and tech sectors. Recognizing these efforts as crucial for job creation and sustainable economic growth, the Bank of Industry continues to actively function as a catalyst for a brighter future for every Nigerian.

BOI MD at 24th Annual World Economic Forum Meeting
L-R Dr. Olasupo Olusi, MD/CEO Bank of Industry, Ltd; Mr. Wamkele Mene, Secretary General, African Continental Free Trade Area Secretariat; Mr Olusegun Awolowo, Secretary, National Action Committee on African Continental Free Trade Area
Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Ltd and Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy of the Federal Republic of Nigeria
Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Ltd and Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy of the Federal Republic of Nigeria
President Nana Akufo-Addo, President of Ghana and Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Ltd
President Nana Akufo-Addo, President of Ghana and Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Ltd
2023 BOI in the Press

BOI WINS TWO SERAS AWARDS FOR FINANCIAL INCLUSION AND MOST EFFECTIVE MDA IN SUSTAINABLE DEVELOPMENT

December 15th, 2023, Lagos Nigeria– The Bank of Industry (BOI) was honoured with two SERAS Awards at the recently concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards.  BOI was awarded the ‘Best Company in Financial Inclusion’ and the ‘Most Effective MDA/Parastatal in Sustainable Development’.

BOI was recognized for its efforts and strides in championing sustainable development by supporting the growth of MSMEs through its Interventions platform via programmes such as the NG Cares, MSME Survival Fund and the State Enterprise Empowerment Programme (SEEP).

Speaking on this achievement, the Managing Director/ Chief Executive Officer of BOI Dr. Olasupo Olusi said “This recognition is a testament to the Bank’s commitment to supporting the growth of MSMEs and promoting sustainable development in Nigeria. We remain committed to employing sustainable business practices in our operations in line with our strategic objectives.”

The SERAS CSR Awards seek to promote the actualization of the Sustainable Development Goals in Africa by providing a platform that measures and harmonizes the contributions of the private sector, government/public sector, and non-governmental organizations to attain set targets.

The Bank also won the “Best Company in Financial Inclusion’ and the “Best New Entry” Awards in 2021, as well as the “Best Company in Diversity, Equity and Inclusion” award in 2022.

2022 Press Releases

BOI Wins Bonds & Loans Africa Awards For ‘International Syndicated Loan Deal Of The Year’

March 9th, 2022. Cape Town, South Africa – The Bank of Industry (BOI) has received the highly coveted award for the ‘International Syndicated Loan Deal of The Year’ at the Bonds & Loans Africa Awards ceremony which took place on Wednesday, March 9th, 2022 in Mount Nelson, Cape Town. BOI was presented this award in recognition of its $1bn Syndicated Term Loan Facility successfully raised in the international market in December 2020.

“This recognition highlights our impact as Nigeria’s leading Development Finance Institution committed to maximizing our developmental impact by raising and deploying the funds that enhance our capacity to support our customers,” said Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, on receiving the award. “We look forward to intensifying our efforts to catalyze sustainable economic growth for Nigeria and the continent at large. 

The exhaustive selection process for the awards involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for deals that demonstrate high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets. The 2021 Bonds & Loans Africa Awards was postponed due to the disruptions caused by COVID-19, as such, the ceremony featured winners selected on performance in 2020 and 2021.

Mr. Pitan acknowledged the significant role that myriad strategic partners played in the consummation of this deal in spite of the challenges posed by the COVID-19 pandemic: “We are especially grateful for the support of our lead arrangers, underwriters and book runners; Afreximbank, Credit Suisse A.G, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation; and The Central Bank of Nigeria which provided a 100% currency swap that allowed us to mitigate foreign exchange rate risks.”

This award comes on the back of BOI’s successful issuance of a €750mn Senior Eurobond (the first by any African national DFI) in February 2022. In the last four years, Bank of Industry has raised about $3.8bn from the international financial market: This includes another syndicated loan of €1bn in March 2020; and a $750mn syndicated medium-term loan in 2018 which has been fully paid off. 

The Bonds & Loans Africa Awards has been recognizing the most innovative and ground-breaking deals from sovereign, corporate and financial institution issuers and borrowers since 2014. The annual event brings together the industry’s most high-profile figures thereby raising the profile of the African financial markets with the international investment community.

– Ends –

 

About Bank of Industry: The Bank of Industry (BOI) is Nigeria’s foremost and oldest Development Finance Institution and has been in operation for over 60 years: initially incorporated in 1959 as Investment Company of Nigeria (ICON), it became BOI in 2001. BOI’s mission is to transform Nigeria’s industrial sector by providing financial and advisory support services to enterprises. BOI promotes financial inclusion through long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy, among others. As BOI is not a deposit money Bank, it has to frequently engage in capital raising activities to sustain its capacity to continue supporting its customers across key sectors and segments of the Nigerian economy.  BOI has raised about $3.8bn from the international financial market in the last four years. This includes a $750mn syndicated medium-term loan in 2018; a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a €750mn Senior Eurobond (the first by any African national DFI) in February 2022. The $750mn raised in 2018 has been fully paid off while the other loans are performing. In the last 6 years, the Bank has disbursed over $2.7bn to over 3mn enterprises which has facilitated the creation of over 7mn direct and indirect jobs, thereby advancing sustainable development. BOI holds a National Long-Term Rating of ‘AAA (nga)’ and Long-Term Issuer Default Rating of ‘B’ with a stable outlook from Fitch Ratings; and an ‘Aa3.ng/NG-1’ national scale issuer rating and a ‘B2’corporate family rating (CFR) from Moody’s.

 

2021 Press Releases

N19.7BN Disbursed To 3,000 Enterprises In South-West – BOI

Over 3,000 enterprises in South-Western Nigeria have enjoyed support from the Bank of Industry to the tune of N19.7bn since 2019 from its own funds. This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan, during the official opening of the Ekiti branch office of the bank in Ado-Ekiti.

The Managing Director, who was represented by the Executive Director, Corporate Services, Jonathan Tobin, revealed that through the bank’s N200m matching fund partnership with Ekiti State, which was signed in March 2010, it had supported the creation of thousands of direct and indirect jobs by giving loans of up to N167m to different enterprises across the state.

According to Mr. Pitan, “The objective of this initiative is to partner with state governments towards supporting micro, small and medium enterprises in such states, by each party setting aside equal amounts of funds.

“The Bank of Industry has a long-standing relationship with Ekiti State, as the state is one of our earliest strategic partners with respect to our matching fund initiative.”

Also speaking at the occasion, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, said that the BoI had contributed significantly to the industrialisation strategy of the Federal Government across various sectors and business segments in Nigeria through its several innovative financial and business support interventions.

On the part of the Ekiti State Governor, Dr Kayode Fayemi, he called on the Bank to extend its partnership with the state toward helping farmers transition from subsistence farming to commercial and agro-processing levels.

He also called on the bank to explore the knowledge economy, which he described as one of the pillars of his administration, for investment. He said the state had demonstrated its commitment to ease of doing business, adding, “Our vision is to make Ekiti a destination of choice for investment by providing an enabling environment to Small and Medium-scale Enterprises.”

 

2021 Press Releases

BOI Supports Startup Ecosystem With Tech Hubs To Tackle Youth Unemployment

The Bank of Industry (BoI) has said that it is venturing into entrepreneurial training for Nigerian youths to harness and maximise their potential, and will back them by establishing tech hubs to nurture the ecosystem in the country.

The Managing Director, Mr. Olukayode Pitan, stated this at the BoI-UNILAG Incubation and Co-working Hub opening and commissioning in University of Lagos.

According to Mr. Pitan, the Bank would be supporting the establishment of tech hubs across the country, similar to the one commissioned in UNILAG, in recognition of the talented youths in universities and the need to channel youths to more productive and impactful ends, rather than social vices like internet fraud. 

The Managing Director further stated that the bank remained committed to providing funding to support credible and bankable ideas that emerge from the tech hubs to enable them to start operations and scale into viable businesses, stating that embracing technology and infusing it into business processes will make organisations and the country more competitive while adding that the tech industry can be a major pillar of a diversified economy.

“It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said. “BoI is happy to support this programme because it aligns with our mission to transform Nigeria’s industrial sector by providing financial and business support services so that new businesses will emerge and existing enterprise will thrive,” he said. He noted that the overall objective is to ensure that the bank’s Corporate Social Responsibility (CSR) investments generate better benefits for the country, stressing that a hub like this gives young people the opportunity to create legitimate wealth while adding their own quota to economic development of Lagos state.

2021 Press Releases

Funding Opportunities Available For Startups – Mr. Pitan

The Managing Director of the Bank of Industry, Mr. Olukayode Pitan, has acknowledged the strong contributions that startups make towards solving present problems in the country through their innovation. 

Making this assertion at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Mr. Pitan pointed out that the Bank was committed to helping startups because their innovative offerings are helping to drive economic growth in the country, adding that since they are the new rockstars of the entrepreneurship world, it is imperative that any economy that wants to thrive in the 21st century must support and have a thriving start-up ecosystem.

According to him, “Their success and impact, in spite of the challenges they face, has further bolstered arguments made about the importance and roles of entrepreneurship and innovation in the economic future of Nigeria.

“It is commonly acknowledged that innovation is a key trigger for any economy that hopes to be competitive and achieve sustainable progress. Economies that desire to become innovative must also foster a culture of entrepreneurship, as there cannot be innovation without entrepreneurship.

“Unlike traditional enterprises, these high-growth enterprises or Start-ups face enormous uncertainty as they seek to create their own business models that can be scalable, but by continuously experimenting, learning, and innovating, start-ups differentiate themselves from other traditional enterprises and became leaders in their respective markets.

“By continuously seeking to create scalable business models, start-ups are able to scale up faster, create more jobs, contribute more to economic output, and drive more competition than traditional enterprises.

He added that the Bank of Industry offers funding opportunities for startups to access capital through the Alitheia IDF, which is managed by Alitheia Capital, with investments from the Bank. He added that the fund targets supporting innovative start-ups that are founded and managed by women. There is also the BOI NTec Fund, targeted at innovative start-ups in Nigeria, which is currently being managed by Verod Capital.

He said, in addition to these funds, BOI has an ongoing programme to establish technology incubators across the country, 7 of which are currently in operation across various states with 2 of them  operating at the University of Lagos. “These incubators provide promising start-ups with an environment that allows them to generate and test their ideas, have access to resources (such as training and mentorship), and grow without any pressure,” he said.

2021 Press Releases

Impact In Financial Inclusion Wins BOI Big At SERAS Awards

The Bank of Industry (BOI) received top honours at the just concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards 2021 which took place on Saturday, December 4th, 2021 in Lagos Nigeria. BOI was awarded the ‘Best Company in Financial Inclusion’ in recognition of its development impact in providing solutions to ensure that financial services are more accessible to unbanked and underbanked groups. The Bank also received the award for ‘Best New Entry.’

“We are honoured to be recognized for our continuous efforts and strategic investments aimed at improving financial health and inclusion within Nigeria’s business landscape and economy. We remain committed to galvanizing more resources to scale up impact for economic, environmental and social responsibility, in line with our business strategy for sustainable development,” said Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, speaking on the awards.

“These awards align with our mission of transforming Nigeria’s industrial sector through sustainable business practices as Africa’s leading Development Finance Institution operating under global best practices” Mr. Olukayode Pitan added.

The SERAS is Africa’s first and foremost recognition for Corporate Social Responsibility and Sustainability. Over the last 15 years, it has grown to become the gold-standard award and the most credible industry ceremony in Africa with representation from 19 African countries.

The ‘Best Company in Financial Inclusion’ award highlights the Bank of Industry’s impact significant efforts in deepening financial inclusion for micro enterprises through the development and execution of innovative financial and non-financial products that promote the use of technology and intermediaries to provide low-interest financing solutions to businesses in the informal, semi-formal and formal sectors. The Bank remains committed to promoting sustainable development by creating long-term value through an integrated approach to social, environmental and economic development across our business operations and practices.

In October 2021, BOI became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed by the United Nations Environment Programme Finance Initiative (UNEP FI), becoming the first Nigerian Development Finance Institution to do so. The Bank also joined the UNEP FI to launch the Collective Commitment to Financial Health and Inclusion as a Founding Signatory.

2021 Press Releases

Procter & Gamble, FMITI, and BOI announces the launch of the 2021 P&G – BoI SME Academy

… Vice President Osinbajo, Minister Adebayo and other industry leaders to open this year’s virtual SME academy to train hundreds of local SMEs

Lagos, Nigeria. January 2021: In a bid to enhance the capabilities of small and medium enterprises (SMEs) in Nigeria, leading consumer goods company, P&G, has partnered with the Federal Ministry of Industry, Trade and Investment, and the Bank of Industry (BoI) to launch the 2021 P&G – BoI SME Academy. 

This year’s SME Academy – which aims to upskill hundreds of SMEs in Nigeria – will feature a webinar on Friday, February 12, and an eight-module business training on February 12 and 19, 2021.

The Vice President of the Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, GCON, will deliver the keynote address at the program. The SME Academy webinar will also feature senior government and private sector officials including Otunba Adeniyi Adebayo – Honorable Minister of Industry, Trade, & Investment, Mr. Omar Channawi – P&G Senior Vice President for Asia, Middle East & Africa, Mr. Olukayode Pitan – MD/CEO of the Bank of Industry, Mrs. Bola Adesola – Senior Vice Chairman for Africa at Standard Chartered Bank, Ms. Yewande Sadiku, the CEO of the Nigerian Investment Promotion Commission (NIPC), Mr. Muhammad M. Nami, the Chairman of the Federal Inland Revenue Service (FIRS), and Mrs. Tara Fela-Durotoye, the CEO of House of Tara amongst others. 

As a force for growth and a force for good for over 28 years in Nigeria, Procter & Gamble has invested significantly in SME development, job creation and trusted, quality leadership brands for Nigerians. Similarly, the Bank of Industry has supported the growth and expansion of thousands of SMEs in Nigeria. Through the SME Academy, both organizations will jointly train hundreds of local SMEs annually on basic business skills to improve their standards, ensure longevity and facilitate their integration into global value chains.

Speaking on the partnership, P&G Managing Director for Nigeria, Mr. Adil Farhat said, “P&G is delighted to collaborate with the Federal Ministry of Industry, Trade & Investment and the Bank of Industry to develop the capacity of SMEs and aid their integration into the global value chain. We are honored to support the government’s plan to create more jobs through SMEs and ensure that small scale businesses have the right skillset to grow, sustain their operations and contribute to the growth of Nigeria’s economy.”

Also commenting on the academy, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo said, “In line with the National Economic Sustainability Plan (NESP) of the government, it is important that skill acquisition forms the basis of SMEs operation as they contribute immensely to the economy of the country. As a result, we will support their growth by upskilling and creating an enabling environment which allows them to thrive. The partnership with P&G is timely and we are glad that this public private partnership will support the government’s plan to train SMEs and create more jobs.”

Remarking on the initiative, Mr. Olukayode Pitan, the MD/CEO of the Bank of Industry said, “BoI is committed to impacting SMEs in Nigeria and we believe that this collaboration will drive growth in the nation’s economy. The SME Academy is focused on finding a sustainable solution to unlocking the efficient performance of these enterprises through advisory and skill development.”

As part of the two-day SME Academy and webinar, Procter & Gamble and the Bank of Industry will facilitate the delivery of structured virtual business classes for SME representatives. Some of the classes include tax compliance, access to international markets, procurement principles, business ethics, and corporate governance.

To Register, Visit http://bit.ly/2021PGBoISMEAcademy

 

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About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.

About the Bank of Industry

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).

The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.

Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.

2020 Press Releases

BOI Raises €1Billion In The International Market

In line with the focus of President Muhammadu Buhari’s administration to revitalize Nigeria’s industrial sector and create 10 million jobs by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan, the Bank of Industry (BOI) recently concluded raising the sum of €1 billion (approximately $1.11billion) from the international capital market. The transaction is aimed at improving the capacity of the bank to continue to effectively support Micro, Small, Medium and Large enterprises (across key sectors) of the Nigerian economy with affordable loans of medium to long-term tenor, alongside moratorium benefits.

African Export-Import Bank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation were the Joint Mandated Lead Arrangers, Underwriters and Book runners of the Syndicated Medium-term Facility. The investors include the Lead Arrangers, alongside 20 other international financial institutions.

As part of the roadshow, the management team of the Bank of Industry presented its information memorandum to an audience of about 60 potential investors in London in December 2019. The investors were particularly impressed with the business model and corporate governance structures of the bank.

The transaction was subsequently launched on 15th January 2020 with an initial size of €750 million. Upon closing on 19th February 2020, the deal was oversubscribed by 60%. The deal size was thereafter upsized to a sum of €1 billion. 

The transaction is a further confirmation of the acceptance of the Bank of Industry in the international financial market, following its first successful fund raising transaction in 2017, which raised $750 million from a syndicate of 16 international banks. Key factors that led to the success of this deal include amongst others, the impressive credit ratings of the bank (Long Term Issuer Default Ratings of B+, B2 and Aa from Fitch, Moody’s and Agusto respectively), its ISO certifications in both Quality Management Systems and Information Security, as well as the strong strategic partnership that the bank has developed with the Nigerian commercial banks, who provide credit enhancements and de-risking tools to BOI customers.

Of particular and special note is the support of the Governor of the Central Bank of Nigeria and his Committee of Governors, which was crucial to the success of this transaction. The Apex Bank supported BOI throughout the entire process with technical advice and all approvals as required that saw this transaction through from inception to its conclusion. The Central Bank also provided BOI with 100% currency swap to mitigate the foreign exchange rate risk. The facility will be disbursed in Naira at single digit interest rates to borrowers with bankable projects.

In 2019, the Bank of Industry with the support of its various stakeholders disbursed a total of 234 billion to 10,145 enterprises, thus creating over 1 million estimated direct and indirect jobs. 

With the successful conclusion of this €1 billion medium term syndicated facility, BOI (which is owned by the Central Bank of Nigeria and the Federal Ministry of Finance Incorporated) is poised to catalyze domestic production and job creation on a transformational scale, enhance local industry competitiveness, attract domestic and foreign investments, integrate our local industries into domestic, regional and global value chains, grow our export earnings and positively impact the overall economic development of Nigeria in line with its mandate.