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 exists to facilitate 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.
This commitment has continuously driven us to develop innovative strategies, interventions and solutions that are propelling the Nigerian economy towards sustained growth. The Bank continues to support growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging its 30 state offices nationwide.
Our drive for developmental impact is far-reaching, cutting across vital industrial sectors, geopolitical zones and multilateral stakeholders. In doing so, we are focused on nurturing and expanding the emerging sectors of our economy, whilst supporting established segments for increased global impact.
Contributing To Sustainable Development Since 1964
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.
Our Guiding Principles and Fundamental Beliefs
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:
58 Years of Providing Financial and Technical Support to Nigerian Businesses
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
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.
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.