BOI’s National Rating Upgraded By Fitch To ‘AAA(NGA)’; Long-Term Issuer Rating Affirmed At ‘B” With A Stable Outlook

October 19, 2022

Fitch Ratings affirmed Nigeria-based Bank of Industry Limited’s (BOI) Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. Fitch also upgraded BOI’s National Long-Term Rating to ‘AAA (nga)’ from ‘AA+(nga)’. 

Commenting on the announcement that Fitch, one of the world’s “big three” ratings agencies had upgraded the bank’s ratings. Mr. Olukayode Pitan, MD/CEO of BOI said the upgrade would help the bank attract additional funds: 

He stated that the upgrade opens up BOI to greater foreign investment despite the aftereffects of the COVID-19 Pandemic. It would also allow the bank to intensify its efforts to catalyze sustainable economic growth for Nigeria and the continent at large by continuing to leverage its strategic alliances, operating in line with global best practices, and maintaining extensive risk management and compliance frameworks as foundations of its growth strategy.

 

oil and gas

Impact in Oil and Gas

September 21, 2022

In 2021, BOI disbursed N36.9 billion to 24 oil and gas projects with the potential to generate an estimated 164,205 direct and indirect jobs.

Additionally, the Bank also manages the $300 million Nigerian Content Intervention Fund (NCIF) on behalf of the Nigerian Content Development and Monitoring Board (NCDMB). The board also has a $50 million fund for Research and Development (R&D), which both parties are discussing the possibility of being managed by BOI.

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Impact in Healthcare and Petrochemicals

September 21, 2022

To support the Federal Government’s drive to encourage healthcare development in Nigeria, BOI invested in the AFREXIM Medical Centre of Excellence (AMCE), a world-class healthcare centre with King’s College Hospital, London (KCH) as the official clinical partner. Considering that a lot of investment is still required, the bank continues to provide long-term funding for healthcare investment professionals in the sector.

In 2021, BOI disbursed N24.6 billion to 14 businesses in the sector with the potential to generate 109,470 direct and indirect jobs. Disbursement to the sector also covers petrochemical industries that manufacture plastics and plastic products, foam products, polyethene, soap, paints, sacks, etc

 

Impact in Creative Industry

September 21, 2022

In 2021, BOI provided N32.8 billion in loans to 16 enterprises in differnt sub-sector such as such as cinemas, movies, music, production equipment, outdoor advertisement, hotels, theme parks, etc , which enabled the creation of an estimated 145,960 jobs directly and indirectly.

services

Impact in Engineering and Technology

September 21, 2022

In 2021, BOI disbursed N9.8 billion to 7 businesses in the engineering and technology sector with the potential to generate 43,610 direct and indirect jobs. Sectoral disbursement covers engineering businesses such as automotive, cabling, printing, metal construction, aluminium works, etc.

renewable energy group

Impact in Renewable Energy

September 21, 2022

In 2021, BOI provided N852 million in loans to support 6 emerging renewable energy players in Nigeria and which has enabled the creation of an estimated 3,791 jobs directly and indirectly. This initiative will help promote the spread of renewable energy solutions across the country.

Impact in Agriculture

September 21, 2022

In 2021, BOI disbursed N3.0 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) programme. This initiative has improved the output of smallholder farmers and enabled them to provide quality raw material inputs required by our customers. Additionally, the bank also funded 49 agro and food processing businesses with N59.4 billion in loans. Our efforts in the agriculture industry led to the creation of an estimated 286,561 jobs.

Voltaire Lifestyle Services Limited

September 19, 2022

Voltaire Lifestyle Services Limited the owner of Gaia Africa – is a private members’ business and social club where leading women come together to do business, socialize, and establish bonds for impact. The club was launched in November 2021. BOI has provided financing to the company via a loan for the procurement of equipment set up for the clubhouse. As a result of the Bank’s intervention, the company has added 20 new direct and indirect jobs.

Digital Jewels Limited

September 19, 2022

Digital Jewels Limited was incorporated on November 8, 2007. The company is an Information technology Value Chain Consulting and Capacity Building firm with a focus on IT Governance, Risk & Compliance and deep competencies in Information Security. The company provides general training for the acquisition of skills in specialized IT fields to the corporate market. As a result of the Bank’s intervention, the company has added 6 new direct and indirect jobs.

Kes Products Limited

September 19, 2022

Kes Products Limited was incorporated on October 28, 1994, to engage in the production of polyethene and polypropylene industrial and agricultural packaging materials. BOI has supported the company with a loan for the procurement of plant and machinery for the production of ethylene and polypropylene industrial and agricultural packaging materials. As a result of the Bank’s intervention, the company has added 70 new direct and indirect jobs.

Lontor Hi-Tech Company Ltd.

September 19, 2022

Lontor Hi-Tech Company Ltd was incorporated on July 30, 2015, to engage in the importation of household, office and electrical appliances, such as rechargeable fans, rechargeable lanterns, torches and batteries. BOI supported the company with a loan for the establishment of integrated production and assembly of Rechargeable and NonRechargeable Fans, Rechargeable Lamps, Rechargeable Torches and Rechargeable Batteries. As a result of the Bank’s intervention, the company has added 20 new direct and indirect jobs.

Agro-processing Group

August 31, 2022

Through strategic partnerships with Agencies such as the Central Bank of Nigeria and the African Development Bank, BOI has supported over 110 projects with cumulative direct employment generation of over 12,000 and indirect employment of close to 120,000. As of December 31, 2021, BOI loan facilities to agro-processing large corporates stood at N116.9 billion inclusive of the Cotton, Textile & Garment (CTG) sector. Notable businesses financed by the bank through the agro-processing group include Vista International Limited, a part of the global conglomerate VISTA Group.

 

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