Bank of Industry is Nigeria’s oldest, largest and most successful Development Finance Institution (DFI). Incorporated in 1959 as Investment Company of Nigeria (ICON), transformed into Nigerian Industrial Development Bank in 1964 and ultimately into Bank of Industry (BOI) in 2001.
Consequently, BOI’s mandate is the transformation of Nigeria’s industrial sector by providing financial and advisory support for;
- the establishment of large, medium and small projects/ enterprises, and
- the expansion, diversification, rehabilitation and modernisation of existing enterprises
Bank of Industry encourages local industrial production and value creation through manufacturing, production and agro processing activities.
The Bank primarily provides financial assistance, as well as business advisory/ support services to enterprises.
Being a key implementing institution of the Federal Government’s economic plans, the sectors supported by the Bank of Industry are a reflection of the priority sectors targeted by the government.
These include: Agriculture (Agro Processing and Food Processing), Solid Minerals, Creative Industry, Oil and Gas (Midstream and Upstream), Healthcare, Technology etc.
The Bank of Industry provides both financial (loans) and non-financial (business advisory, mentoring, capacity building) services to enterprises in Nigeria.
The Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI) both own over 99% of the Bank’s shareholding.
The Bank of Industry currently has offices in 24 states of the federation. The bank has presence in all the 6 geopolitical zones of the country.
Currently, the bank does not support infrastructure (roads, rails etc.), real estate development (building construction) and primary agriculture.
The Bank of Industry is a Development Finance Institution, which is different from commercial banking. Hence, the bank of industry does not take customer deposit. It mandate is primarily focused on developmental impact.
The Bank of Industry is open from 8.00am to 5.00pm, every working day.
About BOI Financing
The bank provides working capital for raw material procurement and asset finance for the procurement of equipment/machinery needed for production.
The typical BOI customer is a registered business entity i.e. Micro, Small and Medium enterprise (MSME) or a Large Enterprise (LE). The bank also work with business associations and clusters to support micro-entrepreneurs.
Yes, the Bank of Industry supports start-up businesses.
The bank provides support for both existing and start-up businesses by way of Equipment financing and working capital loans.
Yes, the bank supports youth-owned enterprises.
What type of support does the bank provide to youths?
The bank has two products, the Graduate Entrepreneurship Fund (GEF) and the Youth Entrepreneurship Support Programme (YES-P) that targets youths across the country. These products comprise of both the provision of non-financial support (capacity building and business advisory) and the provision of financial support (loans) to youths in Nigeria.
Yes, the bank supports women-owned businesses. It has a Gender desk that is responsible for providing support to businesses (irrespective of the industry) operated by women.
No. Businesses supported by the Bank of Industry must be domiciled in Nigeria.
Yes. The bank provides financial support to enterprises operating in Nigeria, irrespective of nationality of owners.
Products – Non-Financial Services
The bank provides capacity building, mentoring, monitoring and business advisory services to its customers.
All customers are eligible to receive non-financial services.
No. The bank does not help with drafting business plans. However, the bank has partnerships with over 300 Business Development Service Providers (BDSPs) who can help prospective customers in developing their business plan (at a token fee). Kindly click the link for the list of BDSPs – Download SME Consultants
Products – Loans
Loans can be applied for either physically or online. For physical application, customers are advised to apply either at any of the BOI branch offices that is closest to them or at the headquarters (for loan applications that are N1bn and above).
Customers who want to apply online can do so by applying on the bank’s website or by clicking the link www.boi.ng/apply to apply
Yes there are criteria that must be met for a project to be eligible for financing. These include:
- Businesses must be registered with the Corporate Affairs Commission (CAC)
- Businesses must have their audited financial statements (if existing)
Yes, there is a checklist that can guide loan applicants. The list of requirements to apply for a loan can be found on the Bank’s website. Please click here for Pre and Post Approval documentation requirements
All loan applications are submitted either at the various state offices closest to the customer (for SME applications) or the respective groups within the head office (for Large Enterprise applications).
However, it is IMPORTANT TO NOTE that processing of the loan application does not commence until all documents stated in the checklist are provided.
Yes, the bank has a loan application threshold for enterprises.
- Micro-enterprises can apply for loans that are less than N10million
- SMEs are eligible to apply for loans that fall within the category of N10million to less than N1billion
- Large Enterprises are eligible to apply for loans that are N1billion and above
- Interest rate for Term Loan: Maximum of 10% per annum
- Interest rate for structured Working Capital: 12% – 15% per annum
Yes. Depending on the type of loan, you may be required to pay the following fees and charges;
- Appraisal Fee (non-refundable) – 1% of approval amount
- Commitment Fee (non-refundable)– 1% of approval amount
- Monitoring Fee – 0.0125% of approval amount per quarter (on reducing balance)
- Insurance charge
- Legal Fees
Term Loan: 3 – 10 years
Working Capital: 2 years
- 6 months – 12 months (from date of loan disbursement)
Yes, the Bank requires security for any loan approved, as the Bank Is also being guided by the CBN’s Prudential Guidelines. Below is a table of security arrangements considered for specific loan amounts.
|Loan Amount||Security Arrangement|
|≤ N10 million||A combination of;
The guarantees must be supported by duly Notarized Statement of Net worth acceptable to BOI
|≥ N10 million||
Yes. Under specific circumstances, the bank does accept Treasury Bills as an alternate form of security.
Yes, the Bank finances machineries or equipment imported from other countries; as well as locally manufactured machineries.
It takes within 30 to 40 working days to process and obtain Management’s approval after submission of ALL requirement documents. While it takes about 15 working days for disbursement, once all criteria have been met.
- The loan application process effectively begins when all required documents have been received and admitted by the Bank.
- The documents are reviewed and processed accordingly.
- The loan application is approved, if it meets the Bank’s minimum risk acceptable criteria.
- An offer letter is issued by the Bank to the loan applicant. The offer letter contains the features, terms and conditions of the loan, including the pre-disbursement conditions required prior to the disbursement of the loan amount.
- Subject to meeting all pre-disbursement conditions, including payment of all required fees and charges, the loan sum is disbursed to the equipment suppliers and/or other beneficiaries as approved.
Yes. Your loan application would be handled by the state office responsible for the location of the factory (operation site). This is for easy access to your production site and for effective monitoring by the project team. This however only applies to loan applications under the Small & Medium Enterprises Directorate (SME).
Loan processing can be delayed if the customer does not provide all the documents itemised in the checklist during application, if the customer does not pay the requisite fees (commitment, appraisal, legal) on time, and if the customer does not meet up with the post-approval conditions on time.
No. The loan sum is paid into the account of the supplier. The customer never has access to the loan amount.
A message will be sent notifying customers that have been able to meet the pre-disbursement conditions when the loan amount has been deposited into the supplier’s account.
BOI Publications and Documents
All publications (annual reports and working papers) are available on the bank’s website.
The Bank of Industry does not give grant but business loans.
Yes, the bank has a partnership with Dangote Foundation to support trading in Made-In- Nigeria products. In addition, trading activities are financed via the ‘on-lending scheme’- ‘Bottom of Pyramid’ through selected micro finance banks.
Bank of Industry has state offices to facilitate the processing of loan and easy access to the project site by the project officer. Please click the link (www.boi.ng/contacts ) to get the address of each state office closer to you.