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ABOUT BOI

Nigeria’s Oldest and Most Successful DFI

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution (DFI).It was incorporated in 1959 as the Investment Company of Nigeria (ICON) Limited and reconstructed into Nigerian Industrial Development Bank (NIDB) in 1964 under the guidance of the World Bank. 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.

The Bank transformed into the Bank of Industry in 2001, following the merger of the mandates on NIDB, Nigeria Bank for Commerce and Industry (NBCI), and the National Economic Reconstruction Fund (NERFUND) with an authorised share capital of N50 billion. In order to put the Bank in a better position to address the nation’s rising economic profile in line with its mandate, the share capital was increased to N250 billion in 2007 and subsequently increased to N500 billion.

The Bank of Industry has the mandate to transform Nigeria’s industrial sector by providing financial assistance for the establishment of large, medium and small enterprises, and rehabilitation of ailing ones; the Bank is aims to drive expansion, diversification, and modernisation, of existing enterprises. The Bank supports projects with potential developmental impact, and the capability to generate considerable multiplier effects such as industrialisation, job creation, and poverty alleviation, all of which would have significant positive effects on the socio-economic condition of Nigerians.

The Bank continues to support growth across various sectors with particular focus on MSME, Gender Businesses, Infrastructure, Youth Development , Technology, Climate and Sustainabilty

 

OUR STORY

Contributing To Sustainable Development Since 1959

Since our inception, BOI has consistently supported numerous Nigerian businesses across various sectors, including Agro and food processing, oil and gas, solid minerals, healthcare and petrochemicals, creative industries, renewable energy, engineering, and technology.

Mission

To transform Nigeria’s industrial sector by providing financial & advisory support services to enterprises.

Vision

To be Africa’s leading development finance institution operating under global best practices.

Mandate

Providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification, rehabilitation, and modernisation of existing enterprises.

OUR VALUES

Our Guiding Principles and Fundamental Beliefs

Market Focus

Nigerian Businesses in Need of Financial Support

There are certain factors that determine if a business is suitable for BOI to partner with. We service:

  • Small, medium and large enterprises, excluding cottage industries.
  • New or existing companies, seeking expansion, modernisation or diversification.
  • Committed and credit-worthy promoters with a project contribution of at least 25%, excluding land.
  • Clients with the evident ability to meet loan repayment schedules.
  • Borrowers who possess trustworthy management capability, financial situation, character, and reputation .
  • Borrowers with no prior record of unpaid loans to development finance institutions and commercial banks.

IMPACT

58 Years of Providing Financial and Technical Support to Nigerian Businesses

OUR PARTNERS

Strategic Partnerships Designed to Boost Businesses

BOI has also established strategic partnerships with key private, public & multilateral institutions towards enabling the bank to effectively achieve its mandate

Private

Public

Multilateral

PARTNER WITH US

We believe that collaboration is necessary to achieve our goal of economic transformation through a diverse ecosystem of private and public partners. Working together, we can deliver more sustainable and equitable solutions and amplify our impact.

DEVELOPMENT ORIENTATION

Supporting Quality Nigerian Projects

BOI’s emphasis is on careful project selection and management. Accordingly, the bank supports quality projects with a potential development impact.  

In furthering our commitment to creating impact in all parts of the country, we have offices in each of Nigeria’s geo-political zones and FCT Abuja.

The Bank of Industry assists projects to generate considerable multiplier effects such as job creation and poverty alleviation, both of which invariably enhance Nigerians’ social and economic conditions.

As a result of the high priority the bank places on the developmental impact of its operations, BOI is eminently positioned to manage foreign grants and aids that are given to facilitate the attainment of the nation’s developmental aspirations: the implementation of the National Economic Empowerment and Development Strategy (NEEDS). The realization of the Federal Government is sustainable pro-employment of a 10% economic growth rate per annum and the Millennium Development Goals.

ENTERPRISE RISK MANAGEMENT

Nigeria’s Most Successful DFI

BOI addresses risk management with the multi-dimensional approach of Enterprise-wide Risk Management (ERM) where the interaction of risks is assessed for their combined effects on the organization’s objective.

The Bank recognizes that risks should not be treated individually but collectively to achieve its mandate of providing financial assistance for the establishment of large, medium and small companies as well as expansion, diversification, modernization of existing enterprises and rehabilitation of ailing ones.

With an emphasis on risk management as an essential tool for achieving the Bank’s objectives, the BOI Board of Directors set the risk strategies and policies of the Bank and also ensures that the policies and mechanisms are enough to identify and control risk effectively. These policies define acceptable levels of risk for the Bank as well as the criteria for risk assessment.

The Board provides an oversight function for the risk management and internal control systems of the Bank, as well as carries out periodic reviews of the risk management system for adequacy and effectiveness. In line with best practices, BOI continues to institutionalise a sound and robust Enterprise-wide Risk Management framework with a focus on minimizing risks while seizing opportunities in the achievement of our Mission. This risk methodology of the Bank is in line with the five broad components of the COSO 2017 ERM Framework guidelines namely: Governance and Culture; Strategy and Objective Setting; Performance; Review and Revision; and Information, Communication and Reporting.

Who We Are