Products

The Bank’s successes in financing the creative economy have earned it much recognition, especially given its low Non-performing loan (NPL) ratio. The Group has grown its risk assets to N80.6 billion as of December 31, 2021, covering 16 sectors of the Creative Economy. Notable businesses financed by the bank through the culture and creative group include: Genesis Deluxe Cinemas, Viva Cinemas, Marriot Hotels Ikeja, Radisson Blu, Ikeja, Alpha & Jam Limited, Corart Ventures Ltd and others have generated employment in thousands in addition to their direct and indirect impact.

In 2021, the Engineering and Technology Group disbursed the total sum of N9.83 billion to projects within its focus area with a breakdown of about N4 billion to ICT being a sector in the forefront following the adoption of the new normal and the post-COVID era, N2.89 billion to the Power Sector and about N2.95 billion to other areas like Construction and Cash in Transit. Notable businesses financed by the bank through the engineering and ICT group include Foreshore Waters Limited, Main One Cable Company, North South Power Company, and Viathan Engineering.

The Food Processing Group has disbursed N156 Billion to companies within the sector. In 2021, the group disbursed over N27.87 Billion to about ten (10) companies in various sub-sectors for the acquisition of plants and machinery for the expansion of their existing operations, diversification and establishment of new product lines. This intervention resulted in the creation of over 90,000 direct and indirect jobs along the entire value chain. Notable businesses financed through the group include Sundry Markets, Yale Foods, Karflex Fisheries, Sona Agro Allied Foods, and Niger Biscuit Company Presco PLC.

As of December 2021, the total sum of N5.26 billion was disbursed by the gender business group to four (4) projects during the period under review. The intervention is expected to assist beneficiaries to enhance their production capacities, and save foreign exchange through import substitution. This has led to the creation of an estimated 116 direct and indirect jobs. Notable businesses financed by the bank through the gender business group include Monitor Hi-Tech Company, Kes Products, Digital Jewels and Voltaire Lifestyle Services Ltd.

The Healthcare and Petrochemicals Group provides support and services to companies that fall under the Healthcare, Personal Care and Petrochemicals sector. In 2021, the Group achieved approvals to the tune of N44 billion and disbursed over N 24 billion to various projects, creating an estimated 5,500 jobs and multiple medical and industrial facilities in the process. Notable businesses financed by the bank through the healthcare and petrochemical group include Evercare Hospital Lekki, Bhojraj Industries, Reliance Chemical Products, Royal Foam, and Daraju Industries.

Power and Airline Intervention Fund (PAIF) has funded over 1,662.3 MW generation capacity with 1,214.3MW being new capacity. It has also re-financed part of the acquisition costs for 29 aircraft for 10 airline companies and provided working capital-related facilities of N16.4 billion for 8 airline companies. The Restructuring & Refinancing Facility (RRF) has helped in stabilizing the SME and Manufacturing sectors through reduced interest burden and extended tenor. Notable businesses financed by the bank through the intervention funds include Ashakem PLC, Paras Energy and Natural Resources and BU Power.

In August 2018, The Bank partnered with the Nigerian Content Development and Monitoring Board to manage a $200 million Nigerian Content Intervention Fund at an interest rate of 8% (currently 6% due to the palliative measures offered to key players in the oil and gas sector). Following the opening up of the economy in 2021 after the COVID pandemic, the group disbursed the total sum of N32.9 billion to about 19 companies creating over 2000 direct and indirect jobs. Notable businesses financed by the bank through the Oil and Gas group include Buildwell Plants and Equipment Industries and Eunisell Limited.

The Renewable Energy Group provides financial and advisory support services to various commercial and industrial businesses switching their energy needs from fossil fuel to clean and sustainable energy solutions to reduce their initial CAPEX. In 2021, BOI provided funding over N5.27 billion in loans to support the emerging renewable energy industry in Nigeria. This has led to an increase in production capacity for all beneficiaries. Notable businesses financed by the bank through the Renewable Energy Group include Abuja Steel Mills and Auxano Solar Nigeria.

Solid Minerals Group’s (SMG) area of focus is solid minerals and metals project financing. The Group’s sub-sectors include cement, ceramic tiles, granite aggregates, roofing sheets, electricity wires and cables, steel and iron products, etc. As of December 2021, the total sum of N14.28 billion was disbursed to six (6) projects during the period under review. The intervention is expected to assist beneficiaries to enhance production capacities, and save foreign exchange through import substitution. Notable businesses financed by the bank through the Solid Minerals Group include Coleman Technical Industries and  Abuja Steel Mills.