The Bank of Industry (BoI) has secured more than €2.22 billion and ₦250 billion in new funding between 2024 and 2026 to expand access to long-term financing for Nigerian businesses and strengthen industrial development.

The Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, disclosed the figures at a media roundtable, describing capital mobilisation as a key pillar of the bank’s 2025–2027 corporate strategy.

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The transactions include a €1.879 billion syndicated facility secured in 2024, €210 million raised from international development partners in 2025, and a ₦250 billion development bond issued in 2026, which attracted subscriptions above the amount offered.

The bank also secured €85 million from the European Investment Bank (EIB) to support agriculture and an additional €50 million facility for healthcare manufacturing in 2026.

Olusi said the transactions demonstrated investors’ confidence in the bank’s governance, financing pipeline and development impact, adding that access to affordable, long-term capital remained essential to expanding productive businesses.

“Nigerian businesses need long-term, affordable capital, and the commercial banking system cannot provide enough of it. Filling that gap is our job,” he said.

He added that investors had entrusted the funds to the institution because of their confidence in its governance, pipeline and results.

The €1.879 billion syndicated facility received industry recognition as Syndicated Loan Deal of the Year, while the oversubscription of the ₦250 billion development bond highlighted investor interest in the bank’s financing activities.

The EIB facilities are expected to support agricultural production and domestic healthcare manufacturing, helping Nigerian businesses expand local capacity in food and medicine production.

Under its 2025–2027 corporate strategy, BoI aims to double its loan book, disbursements and development impact instruments within three years.

The bank has prioritised 15 sectors grouped under agro-manufacturing, other manufacturing, infrastructure, extractive industries and services.

Olusi said 80 per cent of the bank’s large-enterprise lending now goes to manufacturing and infrastructure, sectors considered important for job creation, economic output and the expansion of local production.

The capital-raising drive comes amid growing demand for financing that can support business expansion, industrial equipment, infrastructure development and employment across Nigeria.

In 2025, BoI disbursed ₦644.9 billion to 12,501 businesses, representing a 26 per cent increase from the ₦510.9 billion recorded in 2024. The bank said the financing created or supported 1.68 million jobs.

Women-owned businesses received ₦120.9 billion in 2025, while micro, small and medium-sized enterprises accounted for 41 per cent of total disbursements, exceeding the bank’s target of 35 per cent.

The bank is also implementing a ₦200 billion Federal Government intervention package comprising a ₦50 billion Presidential Conditional Grant Scheme, a ₦75 billion MSME Intervention Fund and a ₦75 billion Manufacturing Sector Fund.

According to Olusi, more than 95 per cent of the intervention package had been delivered, reaching 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers.

Beyond manufacturing, BoI has expanded financing for agriculture and rural businesses.

The bank disbursed approximately ₦213 billion to agro-allied businesses and linked 47,508 smallholder farmers to processors.

Through its Rural Area Programme on Investment for Development (RAPID), the institution also disbursed ₦6.5 billion to 880 rural enterprises across Nigeria’s 36 states and the Federal Capital Territory, supporting more than 8,000 jobs.

Looking ahead, Olusi said the bank would deploy the new EIB facilities to agriculture and local healthcare manufacturing while expanding financing for information and communications technology businesses through the Investment in Digital and Creative Enterprises (iDICE) programme.

BoI is also working with the Federal Ministry of Industry, Trade and Investment on a proposed National Industrial Finance Compact designed to mobilise additional long-term capital for industrial development.

The bank’s strategy places emphasis on financing productive activities, improving access to capital for underserved businesses and supporting industries capable of generating employment and increasing domestic output.