Business News

BOI, Kaduna Govt Targets 20,000 Jobs in Entrepreneurial Development Scheme

The Bank of Industry (BoI) in conjunction with the Kaduna State government and Kaduna Business School have launched a business development plan in which they seek to create about 20,000 jobs within the initial four years of the programme. Also, 4,500 small business operators are expected to be trained under the new funding arrangement.

The scheme, tagged: ‘Kaduna Start up Entrepreneurship Programme (KADSTEP),’ seeks to improve the capacity of select SME operators in the state who will benefit from the various loan programmes of the development finance institution.

Apart from benefiting from other loan windows of the bank, under KADSTEP programme, successful small business operators would also have the opportunities to leverage on the existing N1 billion matching fund.
Speaking yesterday during the signing of the deal in Kaduna, the Managing Director of BoI, Mr. Rasheed Olaoluwa, said the entrepreneurship programme would help to boost economic activities in the state through creation of job opportunities.
He said: “The Kaduna Start up Entrepreneurship Programme (KADSTEP) is a sustainable job creation initiative designed with entrepreneurship as the common denominator. The programme is designed to run for 4 years in the first instance and the overreaching goal is the creation of a minimum 20,000 jobs in the intervention period through the registration and expansion of the capacities of about 3,500-4,500 businesses operating across the 23 local government in the state.”
According to him: “The programme  is targeting the creation of 3,500 new businesses across the 23 local governments, building capacity for entrepreneurial management among the youth, 100 per cent utilization of funds with the BoI, Bank of Agriculture (BoA) Central Bank of Nigeria, (CBN), creation of a minimum of 20,000 jobs and improving the internally generated in the state.”
In his remarks, the Executive Governor of Kaduna State, Mallam Nasir El-Rufai noted that his government decided to partner with the development finance institution because of his belief that the purpose of government is to create an enabling environment suitable for job creation.

He said: “We have sufficient confidence in our young people, in their the entrepreneurship  spirit, their willingness to take risks and we need to support that by removing any constraint capable of militating against the realization of their potential.
“This is why we came up with this idea. We are grateful to the Bank of Industry for partnering with us to resolve one of the issues that face our entrepreneurs which are finance and financial management.”

News Technology

BoI Prescribes Smart Tech to Promote Competitiveness in the Manufacturing Sector

Reaffirms commitment to agro-allied sector’s growth

Deployment of smart technology in production processes holds the ace in promoting locally made goods in the global market, the Managing Director of the Bank of Industry (BoI), Rasheed Olaoluwa has said.

According to him, olaoluwa also reaffirmed the development finance institution’s commitment to boosting the manufacturing sector of the country through its line of credit and sector-defined intervention fund.

The BoI’s boss, who spoke during a facility tour of Beloxxi Industries Limited, SONA Agro Allied Foods Ltd and Nigerian Foundries Limited (NFL), explained that use of smart technology by manufacturers would aid the competitiveness of respective outputs in terms of cost saving measures and product quality guarantee

He noted that the project visit was to ascertain how the companies had leveraged their operations with increased financing towards boosting production, job creation, value creation and economic growth of the country.

With about N5 billion committed to some of the firms in the agro-allied sector, Olaoluwa emphasised the need for job creation, adding that there is an urgent need to provide employment for the teeming youth population in the country.

He expressed satisfaction at the level of upgrade in production quality, expansion drive, capacity utilisation, warehousing, packaging and staff welfare in the companies.

Olaoluwa said that the fund had positioned the companies to compete with their foreign counterparts and drive industrial growth in the country.
He said that the funding was part of its efforts and commitment at driving the growth of SMEs through its developmental financing platform.

Chief Executive Officer, Beloxxi Industries Limited, Obi Ezeude, said that his company had benefited N4 billion finance from the bank for expansion and upgrading of its facility since forging relationship with the bank in 2010.

He said: “The effort of BoI in lending to MSMEs is gratifying. Our production system has advanced to usage of smart machines and software driven manufacturing.”
Managing Director, Nigerian Foundries Limited, Vassily Barberopoulos, said that the Bank’s fund had increased the capacity utilisation of the company within eight months.

According to him, innovation and expansion from the financing had enhanced the company’s production by additional 1,200 tonnes casting ballast within February to October, which normally ought to have taken one year.

He however emphasised the need to promote local content initiatives in driving the growth of the manufacturing sector.
Olaoluwa urged NFL to leverage using foundries to boost the industrial sector of Nigeria with emphasis on the auto assembling plant sector of the economy.

Business News

Agribusiness, manufacturing to drive Nigeria’s growth by 2020

BoI, stakeholders seek improved support services to drive growth

If the potential of Nigeria’s youth population is properly harnessed for productivity in the nation’s agribusiness, extractive industries and manufacturing sectors, the sectors can aid the realisation of the nation’s projected growth by 2020, latest Forbes report on entrepreneurship has shown.

Affirming the viability of the sectors as Nigeria’s next growth drivers, stakeholders at the National summit on entrepreneurship and innovation, including the Bank of Industry (BoI), the Minister of Industry, Trade and Investments, the African Centre for Business Development among others, noted that the sectors need to be stimulated in the right direction for effective results.

Presenting the report, Convener of the summit, Mazi Sam Ohuabunwa stated that while entrepreneurship may have been identified as solution to Nigeria’s economic challenges, especially in the area of wealth and job creation, identifying sectors for investment is imperative for growth.

According to him, with agribusiness, natural resources, technology/telecommunications and manufacturing sectors identified as growth drivers within the next five years, there is need for government to create a conducive ecosystem for the survival of enterprises.

Managing Director of the Bank of Industry, Rasheed Olaoluwa while advocating promotion of value-addition explained that in the 17th Century, Alexander Hamilton, treasury secretary of the United States of America, proposed value addition and industrialisation to the then president of the country, stressing that it was such an idea that transformed the US.

Olaoluwa wondered why Nigeria would continue to export cocoa beans which could only guarantee 20 per cent of the value of chocolates, stressing that Malaysia could today boast of $40 billion earnings from its exports owing to the fact that most of the goods leaving the country had some measure of value addition.

He said it was important to transit from colonial economy to industrial economy, adding that Nigeria should not be crawling 55 years after Independence.

He said his experience as a lender had shown him that it was wrong for entrepreneurs to go into enterprises without knowing who would buy from them.

“If you do not care about the buyers, then you will end up producing what nobody will buy. Entrepreneurship is not a part-time job. When I receive proposals, I tell them that as long as this person will not be there full time, I will not approve the proposal,” he said.

He encouraged entrepreneurs to submit proposals to BoI, assuring that the bank would consider and process ones that meet the expected standards.

He further said that the bank, understanding that SMEs are not one-size-fits-all, has identified 35 clusters, with the aim of looking at each sector individually and differently.

“We are looking at each cluster, looking at the dynamics of each so as to tailor our support to the needs of every one of them,” he added.

He said after the training of 1000 successful applicants in the Graduate Entrepreneurship Fund (GEF) scheme, the bank saw great ideas of young Nigerians, stressing that it was an indication that the young people were ready to become the next generation of entrepreneurs.

Entertainment News

Bank of Industry Visits Filmmaker On Set

As shoot of Queen Amina continues in Jos 

Having financed top film projects such as Biyi Bandele’s Half of a Yellow Sun, Michelle Bello’s Flower Girl and Kunle Afolayan’s The CEO, the next indication of Bank of Industry (BOI)’s support for Nollywood has emerged in Queen Amina, a period story of the legendary Hausa Muslim warrior queen of Zazzau.

Top officers of the Bank; Mrs. Cynthia Nwuka, Group Head, Creative Industry and Mr. Okey Madu, Assistant Manager were, last weekend, at Shere, a desert and current set of the movie located in Jos, Plateau State, where more than 200 cast and crew members were shooting a war scene that exemplifies one of the travails of the historical queen, played by Lucy Ameh.

Produced by Okey Ogunjiofor of the Living in Bondage fame, Queen Amina is the second in production, in the series of more than a dozen film projects which have already received a nod from the development bank under the BoI Nollyfund (BNF) scheme, an initial program limit of N1.0billion in easy-access single-digit interest loans.

Nwuka and Madu arrived the location in the company of veteran Hausa actor and member of the Advisory Board of NollyFund, Alhaji Sani Muazu, and were received by Ogunjiofor and the director of the movie, Mr. Izu Ojukwu, a notable director of epic movies in Nigeria.

Ogunjiofor who got N50million from BOI for the project was glad to receive the Bank’s officials, introducing cast and crew members as he conducted his quests round some of the equipment on set.

It was an unusual site for a typical Nollywood film, with state-of-the-art equipment, soundless generating set, location vans, original props, period costumes, and passionate cast and crew members who were excited by the opportunity of being part of a global African story.

Ogunjiofor, who produced the acclaimed Nollywood pathfinder, Living in Bondage in 1992 is optimistic that this next major project, although coming 20 years after, will make him more prominent than his first movie.

“I have researched the story of Queen Amina in the last 20 years, and I’m glad that the opportunity to bring it to life has finally come,” he said.

Nwuka encouraged Ogunjiofor to be steadfast despite the challenges he might encounter in the course of the movie. “You are likely to encounter some challenges as it is with every production. But when that happens, let us know on time so that we can join hands to block it and move on. Before we got to this level with the Nollyfund, it wasn’t easy. I have always said that if Kene Mparu of Filmhouse did not prove that the feat we have attained with Nollywood now is possible; if Kene didn’t run with this assignment, we won’t be where we are today. So we should make it possible so that others coming behind can take it further,” she advised.

Ogunjiofor however described the cast and crew as die-hard people who would surmount the challenges of the terrain to ensure a successful output. “We are working, and I can assure you that when you see what we have done, you would beat your chest and say we are in the right direction.”

On the composition of the actors, Ogunjiofor said: “I’m using all-Northern cast to tell this story. I’m using a mixture of Nollywood and Kanywood to build a bridge. What I did for Nollywood in the South that has created a huge industry is what I’m transferring to the North so when I leave the North after this production, the North will never be the same again because all the people we have trained now on how to ride horses and fight with the sword are not Igbos neither are they Yorubas. They are all from this side and these skills are with them now. We are doing this film right in their presence and a lot of them are getting trained at the same time. So, when we leave they won’t go back to doing less of what they are doing now and I am happy that the superstars of the North are all here,” he said, referring to the likes of Ali Nuhu and Sani Danja. “And we have the permission of anybody who is ‘anybody’ in the North in terms of royal lineage for this story, so there is no stopping us,” he told Nwuka.

The ace producer also spoke highly of his crew members whom he said are experts in their various fields. They include, Izu Ojukwu who is the driver of the whole picture; Peter Kreil, a specialist in lighting and pictures from Austria who is the DOP;  Dagogo Diminas who is handling Make-up and Millicent Jack who is in charge of costumes.

Ogunjiofor expressed his gratitude to all partners when he said, “Of course we are in collaboration with Clink Studio and our back bone is Bank of Industry, and a little support from with Project Act-Nollywood. So, these ar

satisfaction at the level of work so far on the project, saying that the passion of the filmmakers can only encourage BOI to continue its support for Nollywood.

“We are optimistic that filmmakers like you with track record of quality will prove it again. And this can only help to expand the Nollyfund scheme from the initial N1.0billion earmarked. It is our believe that as we produce international standard movies through this partnership, there would be the need to expand our chain of exhibition outlets such as Filmhouse, Viva cinemas, Ozone cinemas and others in the country, even as we get the best out of our accredited indigenous movie studios,” she said.

Expressing confidence on the project, Nwuka said she was on location to show her Bank’s support for the cast and crew.


e the people who are making my dreams to come true. There are so many other ones; I have the permission of the Emir of Zazzau because, of course this is his story. Washington has been on this case with me for a long time but I am happy that very soon they will be happy that what they have always wanted to do with me is seeing the light of the day.”

Nwuka Olaoluwa expressedDespite the perceived dearth of auditable business structure among Nollywood practitioners, BoI’s support for the motion picture industry has evolved in a series of joint investments with filmmakers through a well-guided easy-access single-digit interest loans.

The special product enables Nigeria’s leading movie producers receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

During an interactive session with Bank of Industry’s Divisional Head, Large Enterprises, Mr. Babatunde Joseph, at the just concluded Africa International Film Festival, AFRIFF, he noted that the NollyFund was created to give an opportunity to Nollywood stars and fillmakers to make films, tell their stories and also make their profit, while helping them with various distribution platforms in Nigeria and Africa at large.

Interestingly, the Bank has already accredited some reputable Distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company, as well as  Studio Operators such as Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited) to support this initiative.

It would be recalled that the Bank of Industry had in the recent past, financed creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

Business News

BOI to Improve Real Sector Intervention with the Enhanced Balance Sheet

Despite expanding its financing schemes to the Small and Medium Enterprises (SMEs) sector as well as youth empowerment initiatives, the Bank of Industry (BoI) has unveiled plans to enhance its balance sheet as part of efforts to improve its intervention in the real sector.

According to the bank, most of its intervention schemes are being driven through the bank’s shareholders’ funds with efforts to attract funding from diverse sources for a more effective service delivery.

Speaking at the commencement of a capacity training program for the National Youth Service Corps (NYSC) members in Lagos, BoI’s Managing Director, Rasheed Olaoluwa noted that the bank, as part of its sustainability plan for intervention in different sectors, is exploring funding alternatives apart from its shareholders’ funds.

He said: “We are financing the Graduate Entrepreneurship Fund (GEF) scheme through the shareholders’ funds. We are a Development Finance Institution (DFI) and we need additional funds beyond the shareholders’ funds to enhance our intervention in the real sector. We are enhancing our balance sheet to attract funding for our products, both at the international and local levels”.

On the GET scheme, Olaoluwa noted that the BoI kicked off its the programme campaign to empower and generate young aspiring entrepreneurs to address youth unemployment in the country.

According to him, there is a need to address the capacity gap among budding entrepreneurs and deepen financial inclusion in the country by de-risking the NYSC members to be eligible for small business loans at a single digit interest rate to be provided by BoI to qualified corps members to further address the lingering unemployment challenges.

‎The BOI boss explained that to achieve the objectives of the initiative, the bank carried out a selection and screening process for about 1,000 NYSC members that will participate in the capacity building process through an online business ideas competition in a three day intensive entrepreneurship capacity building programme holding simultaneously in seven centres which includes Katsina, Plateau,Taraba, Osun, Delta, Abia and Lagos on generating a business idea (value proposition), how to run a profitable business (Business Model), basic financial record keeping, business plan preparation and the likes.

In his words: “The funding will be in form of loans to cover the cost of equipment and working capital requirement of the proposed projects. The loan to each beneficiary will be a maximum of N2 million administered at a single digit interest rate of 9 per cent per annum, with tenor ranging between 3 – 5 years.‎”

He said in ensuring sustainability of the businesses that will be supported under the GEF Programme, a support system has been set up to monitor and evaluate the scheme to enable BoI and NYSC to jointly track the business performances of GEF loan beneficiaries.

A mentoring scheme that will ensure that the GEF training facilitators and BOI’s accredited Business Development Service Providers (BDSPs) assist the participants in preparing their business plans as well as hand-hold them as they undertake their business ventures. Please rest assured that through the monitory and evaluation framework and feedback process, we shall continue to come up with measures that will ensure the success of the GEF Scheme.

I will like at this point, to congratulate all NYSC members that have decided to take advantage of the opportunity availed by the GEF Scheme through participation in the online business ideas competition that culminated into this workshop. This decision of yours attests to your readiness to embrace entrepreneurship as a ultimate viable alternative to job seeking,” he stressed.
Also speaking at the event, the Director General, NYSC, Brigadier-General, JB Olawumi, said the GEF training for qualified corps members to develop their skills through entrepreneurship would go a long way of creating wealth and national development for the economy.

The Director General who was represented by the Deputy Director, Skills Acquisition a‎nd Entrepreneurship Development, Ologun Lanre, commended BoI for finding the NYSC a valuable partner in the arduous task of entrenching the culture of self-reliance and socio-economic change in the nation’s teeming unemployed youths.

He said in several determined efforts to establish a rapport with key organisations to fulfil the Skill, Acquisition and Entrepreneurship Development (SAED) mandate, NYSC did not hesitate to extend invitation to many identified stakeholders in entrepreneurship development and industrial growth.

‎The State Coordinator, NYSC Lagos State, Akhanemhe Cyril, said the BoI has taken very concrete steps to ensure that young men and women with viable business ideas have access to loans at a single digit interest rate.
“Overtime, before the intervention of BoI, we have had corps members who because of paucity of fund cannot put their ideas into action. We are very grateful to the BOI for coming to the rescue of these youths.‎ The earlier these youth begin to actualise their ‎dreams, the better. I am sure that when the history of industrialisation of this country will be written, the BOI will not be forgotten. The Corp members must utilise this platform.

A key facilitator of the product programme, Leap Africa, Mrs. Ndifereke Okwuegbunan, said the training will give corps members the opportunity to access loans from the DFI for which most people do not have access.

I advise youth corps members to take full advantage of this opportunity. There is going to be an intensive group work to ensure we carry the corps members along. ‎You are a few out of the lot that has chosen this path. It is a difficult path but you have all taken the first step to actually make it a success. This training is aimed making you a better person with or without the loan. It will help Corp members to run their businesses sustainably and successfully. If you take this loan apply it to your businesses, you will go places and will be celebrated in the future,” she said.

Business News

Bank of Industry Shortlists 1000 Business Proposals under Graduate Entrepreneurship Fund (GEF) Scheme

Following the conclusion of the evaluation of entries received from 3,100 members of the National Youth Service Corps in respect of the online Business Ideas Competition organised by the Bank of Industry (BoI) under the Graduate Entrepreneurship Fund (GEF)Scheme, 1000 youth corps members were shortlisted on the basis of the highest scores recorded during the evaluation.

Specifically, the 1,000 National Youth Service Corps (NYSC) members whose ideas have been shortlisted under the scheme will participate in a three-day capacity building programme facilitated by BOI scheduled for 18th to 20th November, 2015. Furthermore, medium to long-term loans at single digit interest rates will be provided by BOI after the capacity building programme for qualifying/successful NYSC members that are able to produce bankable business plans that meet the Bank’s Risk Accept Criteria (RAC).

BOI and the NYSC Directorate on the 5th of October launched the N2 billion Graduate Entrepreneurship Fund (GEF) for youths undergoing the mandatory National Youths Service Corps (NYSC) programme. According to the bank, the Fund, provides a platform for serving NYSC members interested in entrepreneurship to be trained and granted access to finance for actualising their potentially viable business ideas.

On the appraisal methodology, the Bank stated that, “Evaluation of how well the applicants completed the Questionnaire on their understanding of their value proposition, customer segment, risk, competition, among others ranked 40%, while assessment of the applicants’ Business Ideas ranked 60%.

The business ideas proposed by the shortlisted NYSC members are all within the 35 SME clusters that are being accorded priority by the Bank of Industry.
“The list of Top 1,000 applicants consists of 997 applicants that are 2015 NYSC Members Batches “A” & “B” (Batches 15A and 15B), and 3 applicants that are Batch “C” 2014 (Batch 14C) NYSC members. “The list of 997 Batches “A” and “B” NYSC members has been validated by the NYSC Directorate as being authentic, while the 3 Batch 14C NYSC members have been confirmed not to have collected their discharge certificates.

The Bank explained that members of the three batches whose business ideas were screened had to be validated with the NYSC Directorate in view of the fact that their discharge certificate serves part of the collateral requirements for accessing a loan under the GEF Product Program since BOI would have a lien on the discharge certificates of loan beneficiaries under the GEF Scheme while the facilities subsist.

A review of the screening exercise showed that members of the NYSC Batches 15 “A and B” and those that have completed their national service but are yet to collect their discharge certificates under the Batch 14 C were considered for the GEF scheme.
“Out of this list of 1,000 successful applicants, 664 (66%) are Male while 336 (34%) are Female, while geopolitical distribution of the course participants on the basis of primary assignment showed that the North West account for 133, North East, 143; North Central, 147; South East, 137; South South, 141; South West, 144; and Lagos, 155. The training programme will take place simultaneously in NYSC camps located in the following 7 centres: Katsina in Katsina State, Mangu in Plateau State, Jalingo in Taraba State, Issele-Ukwu in Delta State, Ede in Osun State, Umunna in Abia State and Iyana Ipaja in Lagos State.

Business News

Bank of Industry launches N1bn Fashion Fund; restates commitment to Cluster Model for SME funding

The BaFASHION FUND APPROVEDnk of Industry, in line with its cluster-specific approach to SME financing, has launched a N1bn Fashion Fund for female SME operators in the fashion industry. The Fund, according to Mr. Rasheed Olaoluwa, Managing Director/CEO of the Bank, is the third in the series of special SME cluster-focused products that the Bank would be introducing, after the launch of the Cottage Agro Processing (CAP) Fund in 2014, and the launch of the BOI Nolly Fund earlier this year. Speaking at a briefing held at its Lagos Head Office to introduce the Fund, Mr. Olaoluwa pointed out that the Bank was particularly excited about the potentials of the Fund to impact significantly on the Nigerian fashion industry and the entire economy. He explained that BOI’s foray into the fashion industry through this Fund was in order to exploit the enormous opportunities the industry has to create jobs and generally grow the stature of the Nigerian fashion industry within the global fashion industry.
According to him, “We see an opportunity to support Nigeria’s leading fashion businesses, to increase their production volumes and quality, thereby making them more competitive in both the domestic and international markets. “Fashion provides an important opportunity to diversify Nigeria’s economy and create jobs, particularly among the youths. “We are therefore confident that the launch of this Fund will help to catalyse the fashion cluster, help in creating millions of jobs and also in generating foreign exchange earnings for the businesses and the country.” In her remarks at the event, the President of the Fashion Designers Association of Nigeria, Funmi Ladipo, while appreciating the bank for the gesture, sought additional support for the establishment of a production hub where factories could be made available for mass production of clothes.
 She said, “With a production hub, our young graduates can have a centre where they can receive additional training and be readily employed. Apart from creating jobs and encouraging people to patronise made-in- Nigeria clothes, it will save us the problem of chasing workers all over the place.” In his response, the Managing Director committed to the establishment of a production hub, stating that the Bank would engage with the Association and other stakeholders in the industry to ensure that the hub was operational within a short period. The N1bn Fashion Fund is available to women who are into fashion business in all the 36 states of the federation. it has a tenor of three to five years, with a moratorium period of 12 months from the date of disbursement. The loan is priced competitively, having a single digit interest rate of just nine (9) percent.
Entertainment News

BOI Nolly Fund To Boost Your Creative Media Business

The Bank of Industry (BOI), in its bid to salvage other sector s of the economy in order to improve their contributions towards Nigeria’s GDP, has raise various funds targeted SMEs with the aim of expanding their asset-base to enable them carry on projects of larger scale. The film sector of the entertainment industry is not any less, an emerging sector which contributed 1.42% ($7.3 billion or N1.4 trillion) to Nigeria’s Re-based GDP in 2013.

This is the rational behind the Nolly Fund. The Fund is to support film makers/producers by providing the needed financing required to grow the film industry and make bigger impact in the sector. Nollywood now ranked 3rd in the market after Hollywood (America) and Bollywood (India) in terms of number of contents produced.

The Fund will be accessed by Companies engaged in film production. The fund shall be used for film production value chain (i.e. from pre-production to post-production). To support this process and ensure that only commercially viable scripts with good storylines will benefit from the scheme, the Bank has set up a Project Implementation Advisory Group made up of two (2) cinemas management experts, one (1) national film distributor, two (2) production and post-production experts, two (2) film critics/reviewers, two (2) film producers and a Banker.



The total size of the Nolly Fund is N1.0 billion however a single obligor is limited to a maximum funding of N50.0 million.

The first tranche of the Fund is projected to create a minimum of 2,000 direct and 5,000 indirect jobs for Nigerians engaged in film production value chain.

  • 1% Processing fee (full payment at approval)
  • 1% Commitment Fee (full payment on acceptance of loan)
  • Quarterly Monitoring Fee of 0.125% of outstanding Principal
  • Interest rate: 10% per annum payable at the end of every month.

Maximum of one year commencing at the end of the moratorium period.


Six (6) months (with option for additional (3) three months) from date of loan disbursement.


  1. Customer requests for the facility and if approved an offer is made by BOI to customer based on approved terms and conditions.
  2. Customer accepts the offer and meets all conditions precedent to draw down.
  3. Disbursement is done in phases in accordance with agreed milestones.


Applications can be submitted at any of the participating banks, however the Bank of industry (BOI), has a number of existing accredited Business Development Service Providers (BDSP) and applying through this Organisations who have been well briefed on all BOI requirements can increases your chances and speed up the application process

Business News

Access Boi Capital Fund For Agricultural Product Processing

Nigeria is richly endowed with abundant agricultural products available in every state of the federation. However, limited capacity for processing and preservation, results in huge losses and wastages. In a bid to tackle this problem, BOI is establishing a Cottage Agro-Processors (CAP) Fund to support the establishment of cottage agro processing plants that will produce food products and raw materials for industries within and outside the Staple Crop Processing Zones (SCPZs) across Nigeria.

The fund is targeted at small-and medium-scale industries at the low-technology, labour-intensive end of the spectrum and is expected to finance about 1000 projects at nine percent interest charges, with total management fees of 1%,a tenor of five (5) years with a moratorium of six (6) months. The Fund will also help in creating a total of 20,000 direct and indirect jobs. The Fund will be accessed by Limited Liability Companies, Enterprises and Cooperative Societies engaged in the processing of agricultural products either into finished food products or raw materials for industry or for the export market. The products include; Cassava, Oil Palm, Rice Paddy, Groundnut, Yam, Maize, Sorghum, Aquaculture, Livestock, Cocoa, Shea nut, Plantain, Cashew, Tomato and all their individual derivatives.


  • Agriculture is the mainstay of the Nigerian economy
  • The sector enjoys the support of the federal government
  • Create jobs and ensure wealth distribution
  • Single digit interest rate (9%)
  • 5 year loan tenor
  • 6-month moratorium
  • Guaranteed working capital
  • Speedy processing


The fund is designed to benefit Limited Liability Companies, enterprises and Cooperative societies engaged in the processing of Agricultural produce into food products and/or raw materials, either for industry use or for export.


  1. Formal Application
  2. Photocopy of Certificate of Registration (Form CAC/BN/A1).
  3. Business Plan
  4. Valuation report on existing assets prepared by an accredited BOI valuer.
  5. Value of equipment to be purchased from a BOI accredited supplier (including invoices).
  6. Source(s) and value of raw materials to be purchased expressed in units.
  7. Two (2) passport photographs of the Promoter (business owner)
  8. Photocopy of the Current Tax Clearance Certificate of the Proprietor.
  9. Means of Identification (i.e. International Passport or Driver’s License or National Identity Card) of the Proprietor.
  10. Bank Statement of the Business Enterprise for six (6) months.
  11. Declaration of Outstanding Liabilities to other Banks and Individuals.
  12. Reference letter from a recognized traditional ruler or authorized Local Government Official.
  13. Provision of a minimum of two (2) External Guarantors to guarantee the loan. The Guarantors must belong to any of the following categories:
    1. Senior Civil Servant (not below the rank of Assistant Director).
    2. Bankers (not below the level of Branch Manager), with minimum of 5 years in service with the Bank (current employer).
    3. Lawyers (SAN).


The Bank of industry (BOI), understanding the need for entrepreneurship know-how for the agropreneurs mandates that all applicants to the CAP fund must undergo entrepreneurial training at any of the existing accredited Business Development Service Providers (BDSP) and apply through this Organisations who have been well briefed on all BOI requirements in order increases your chances and speed up the application process.


Presidency exempts NNPC, PHCN, BoI, 10 others from TSA

The Federal Government has exempted 13 government agencies from the  current Treasury Single Account (TSA) arrangement related to electronic or e-collection  and mop up exercise of government funds from commercial banks.

A circular exempting the  agencies was communicated to Central Bank of  Nigeria (CBN) from the Office of the Accountant-General of the Federation  (OAGF).

The exempted agencies of government are “profit oriented government business entities that pay dividends to the Federal Government of Nigeria.”

The circular addressed  to the Director, Banking and Payments System Department of the CBN, with  FD/LP2015/C/ADC/20/1/ /DF as reference number was dated September 14 this year. It was  signed by M K Dikwa,  for the  Accountant-General of the Federation, Federal Ministry of Finance, Funds  Department, Abuja, FCT.

The exempted agencies are:

Nigeria National Petroleum Corporation (NNPC), Power Holding Company of Nigeria (PHCN),  Bank of Industry (BoI), Nigeria Railway Corporation,  Federal Mortgage Bank of Nigeria, Bank of Agriculture, Niger Delta Power Holding Company/National Integrated Power Project, National Communication Satellite Limited, Galaxy Backbone Ltd and Ajaokuta Steel Company Ltd.

Others are Urban Development Bank, Nigerian Export – Import Bank and Transcorp Hilton Hotel.

The circular titled: Approval to Exempt  Some MDAs in Line with the e-Collection Mop Up Exercise, read: “Approval is hereby granted to your bank (CBN) to exempt the Accounts of  13 MDAs (category six) as listed below the mop-up in line with the e-Collection Circular No. HCFSF/428/S.1/120 dated 7th August 2015 as these are  profit-oriented government business entities that are to pay their dividends into the Treasury Single Accounts whenever they are declared.”

The circular urged the CBN to “note that in line with the Presidential approval,  the following as it relates  to  NNPC as listed above (S/No.9) under Category 4 should also apply:

“That National Petroleum Invetsment Management Services (NAPIMS) remains classified as an MDA that is funded from the  Federation Account under Category 4 of the Circular, being the NNPC business  unit responsible for the management of the Federal Government’s investment in   upstream activities and funded from direct proceeds of oil and gas revenue.

“That NNPC will continue to preserve the status with respect to NAPIMS  Operations Account as well as Escrow Account for Third Party Financing in view  of the Joint Venture (JV) cash funding currently being experienced; and  that all other NNPC’s commercial/business entities as re-classified as ‘Profit Oriented Public Corporations/Business Enterprises’ under Category  6 of the Circular which requires that only dividends from these entities be  paid into the TSA.”

When contacted Mr Ohi Alegbe spokesman for the NNPC said the NNPC will  continue, as it has always done, to remit its accruals into the Federation  Account but that the JV cash-call obligations with its partners  will use commercial banks and not the CBN.

Chinedu Moghalu of NEXIM confirmed that NEXIM has been exempted from  the TSA sheme while Shola Adeyemo of Transcorp Hilton Hotel said the firm is “aware of such a directive.”

An official of BoI who pleaded not to be named said  as a developmental institution, BoI does not fall into that category.

He noted that  BoI manages intervention funds on behalf of the CBN as a result, the BoI  will have to be exempted from the TSA arrangement.

Business News

BoI secures AfDB’s $100m facility for SMEs

The Bank of InAfDBdustry (BOI) has secured a $100 million line of credit from the African Development Bank (AFDB) to actualise its development financing objectives and intervention, especially for Small and Medium Enterprises (SMEs).

According to the bank, the line of credit, which is designed for on-lending to SMEs engaged in export-oriented businesses, is the first of such foreign facility accessed by BOI after its reconstruction in 2001 out of the defunct Nigeria Industrial Development Bank (NIDB).

The bank, in a statement at the weekend, explained that already, the first tranche of $50 million was recently disbursed to BOI from AFDB for on-lending to small businesses engaged in export-oriented businesses with capacity to generate foreign exchange.

BOI added that the credit approval was received as a result of the implementation of various strategies and plans which have enhanced its operations and re-positioned it to better tackle the current challenges of Nigerian small businesses.

“In order to deepen the impact of the facility, BOI hired an international firm, Messrs. BDO/GBRW, based on African Development Bank’s quality selection procedure, to render capacity building services to BOI staff and the prospective SME customers.

“The capacity building services would enhance the business capabilities of the SME customers thereby enabling them to better manage their businesses and mitigate risks. The capacity building would also strengthen the ability of staff members to manage small business loans and the related risk management issues.

“BOI wishes to acknowledge the support of the Federal Ministry of Finance, Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) among other stakeholders for facilitating access to the Line of Credit”, the statement read in part.

The bank however urged prospective entrepreneurs engaged in export-oriented businesses with potential to earn foreign exchange to submit their applications to facilitate access to the facility.

It could be recalled that the bank had within the last one year, embarked on various reforms while unveiling innovative products to address financing gaps in the real sector, with emphasis on small businesses.

Business News

BOI says poor business plan hinders credit to SMEs

The Bank of Industry, BOI has said though the Small and Medium Enterprises, SMEs are backbone to development of many nations funding has remained a challenge to that sub-sector.

The BOI noted that poor business plans have continued to make banks reluctant to give credit SMEs.

The banks managing director, Rasheed Olaoluwa who spoke at the conference of Finance Correspondents of Nigeria, FICAN in Lagos at the weekend also noted that absence of bankable Business Plans and lack of clear Business Models are major challenges hindering credits to SMEs.

Olaoluwa further said that information asymmetry arising from SMEs’ lack of accounting records makes it difficult for creditors and investors to assess the creditworthiness of potential SME proposals.

He observed that finance has been identified in many business surveys as a critical factor for the survival and growth of SMEs in both developing and developed countries.

“Access to finance allows SMEs to undertake productive investments to expand their businesses and to acquire the latest technologies, thus ensuring their competitiveness and that of the nation as a whole.

Poorly functioning financial systems can seriously undermine the macroeconomic fundamentals of a country, resulting in lower growth in income and employment” he added.

The MD noted that despite their dominant numbers and importance in job creation, SMEs traditionally have faced difficulty in obtaining formal credit or equity.

He said “For example, maturities of commercial bank loans extended to SMEs are often limited to a period far too short to pay off any sizeable investment.

This is due to the short term nature of their funds, with the attendant mismatch if granted as long-term facilities to SMEs.

Meanwhile, the tendency is for access to competitive interest rates to be reserved only for prime customers, while loan interest rates offered to SMEs remain high”.