The Bank of Industry (BOI) has set a goal of making and sustaining three million jobs and growing its annual lending to N1.85 trillion by 2027, with plans to supply financing to 24,000 Micro, Small and Medium Enterprises (MSMEs).
The Managing Director of BOI, Olasupo Olusi, disclosed this on Thursday, October 22, 2026, throughout an engagement with media executives in Lagos, the place he outlined the financial institution’s financing and employment targets.
The targets type a part of BOI’s 2025–2027 company technique, which seeks to double its mortgage portfolio, disbursements and improvement affect whereas prioritising manufacturing, agriculture, native healthcare, climate-friendly companies and technology-driven enterprises.
BOI targets 24,000 MSMEs by 2027
According to Olusi, the technique is structured round six thematic areas, with 2025 serving as the inspiration 12 months, 2026 specializing in execution and growth, and 2027 devoted to consolidating outcomes.
He defined that the financial institution would prioritise financing for sectors able to strengthening home manufacturing, decreasing import dependence and producing sustainable employment.
- “We will deploy many of the resources that we need for growth in our country, in areas such as agriculture, local healthcare and manufacturing,” he mentioned.
- “This is so that Nigeria is able to provide more of the stuff of the food that it consumes and of medicines, all the relevant key materials.”
Olusi disclosed that BOI disbursed N625 billion in 2025, reaching 12,501 companies and supporting the creation and sustenance of 1.6 million jobs.
- He added that MSMEs accounted for greater than 31% of the funding, whereas roughly N120 billion went to women-owned companies.
To broaden this attain, BOI plans to allocate 35% of its funding to MSMEs, 15% to women-owned companies and 20% of MSME financing to youth-led enterprises.
The financial institution additionally intends to dedicate a minimum of 10% of its mortgage portfolio to climate-related investments whereas leveraging the $617.7 million Investment in Digital and Creative Enterprises (IDICE) programme to assist know-how and inventive companies.
- “Our mission is very simple. We have to finance what Nigeria makes,” Olusi mentioned.
BOI expands financing for small companies
The Bank of Industry is Nigeria’s improvement finance establishment accountable for offering long-term funding to companies, significantly these working in manufacturing, agriculture and different productive sectors.
In current years, the financial institution has expanded its intervention programmes to enhance entry to reasonably priced credit score for small companies and entrepreneurs.
- In 2024, the Federal Government introduced plans to extend the utmost single-digit curiosity mortgage obtainable to (*3*) below its N200 billion Presidential Intervention Fund, which included N75 billion earmarked for MSMEs.
- In October 2025, BOI launched a N2 billion entrepreneurship programme for National Youth Service Corps (NYSC) members, providing eligible beneficiaries loans of as much as N5 million at an annual rate of interest of 9% to assist youth-led companies and job creation.
These interventions type a part of broader efforts to deal with financing constraints affecting small companies, significantly these unable to entry reasonably priced credit score by way of typical industrial banks.
BOI strengthens capital mobilisation efforts
Beyond its home lending programmes, BOI has additionally been mobilising extra capital from worldwide improvement establishments and Nigeria’s debt market to broaden financing for native industries.
- In July 2026, the financial institution highlighted an €85 million financing arrangement with the European Investment Bank (EIB), geared toward strengthening agricultural worth chains, significantly native cocoa and dairy processing, to cut back dependence on uncooked commodity exports.
- The settlement, initially introduced in March, supplies long-term financing to assist agricultural companies and enhance home worth addition.
- In August 2026, BOI recorded an oversubscription of its inaugural N250 billion Series 1 Fixed Rate Bond, marking its debut in Nigeria’s home debt capital market.
The bond was issued by way of BOI Financing SPV Plc below its $1 billion Multi-Currency Instruments Programme, offering one other funding channel to assist the financial institution’s improvement financing actions.
The financing initiatives are geared toward increasing BOI’s capability to assist native industries and ship on its improvement financing targets.
