The Board of Directors of the African Development Bank Group has approved a $200 million financing facility for Nigeria’s Bank of Industry (BOI) to expand access to long‑term financing for enterprises in key growth sectors. The initiative is designed to drive Nigeria’s industrial transformation by supporting businesses in infrastructure, transport, agro‑food processing, health, pharmaceuticals, and green industrialization.
A central focus of the facility is small and medium‑sized enterprises (SMEs), particularly those owned by women and led by youth. At least 30% of the proceeds are expected to benefit Nigerian SMEs, helping to close persistent funding gaps and unlock new entrepreneurship opportunities. The financing will also support climate‑resilient and low‑carbon investments, including renewable energy, energy‑efficient processes, climate‑smart agriculture, and sustainable infrastructure solutions.
The package includes a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to strengthen SME capacity, improve environmental, social, and governance practices, and enhance BOI’s impact measurement systems. An additional Affirmative Finance Action for Women in Africa (AFAWA) component will improve access to finance, markets, and value chains for women‑owned and women‑led SMEs.
Over the long term, the intervention is expected to contribute to job creation, export growth, increased tax revenues, foreign exchange savings through import substitution, and stronger contributions of key sectors to Nigeria’s GDP. This will support a more inclusive, diversified, and climate‑resilient economy.
Abdul Kamara, Director General for Nigeria at the African Development Bank Group, emphasized that the approval reflects the Bank’s commitment to supporting Nigeria’s private sector and industrial growth ambitions. He noted that development finance institutions are critical for providing patient, long‑term capital where commercial banks may be constrained.
Olasupo Olusi, Managing Director and CEO of BOI, highlighted that the facility builds on BOI’s long‑standing partnership with the African Development Bank, following the successful repayment of a previous $100 million line of credit in 2025. He reaffirmed BOI’s commitment to ensuring that the financing delivers tangible opportunities, job creation, and inclusive growth across Nigeria.
