The Bank of Industry (BOI) plans to create and sustain three million jobs and increase its annual lending to ₦1.85 trillion by 2027, as the development finance institution seeks to expand access to credit and boost local production.
The bank’s Managing Director, Olasupo Olusi, disclosed the target on Thursday, October 22, 2026, during a media engagement in Lagos, where he outlined BOI’s 2025–2027 corporate strategy.
According to a report by Punch on October 22, 2026, the strategy aims to double the bank’s loan portfolio, disbursements and development impact within three years, with priority given to businesses capable of generating employment and reducing Nigeria’s dependence on imported goods.
The bank will focus its financing on manufacturing, agriculture, local healthcare production, climate-friendly businesses and technology-driven enterprises.
BOI also plans to expand funding for micro, small and medium-sized enterprises (MSMEs), which play a major role in Nigeria’s business sector and employment generation.
Under the strategy, the bank aims to finance 24,000 MSMEs by 2027, allocate 35% of its funding to MSMEs and direct at least 15% to women-owned businesses. It also plans to reserve 20% of MSME financing for youth-led enterprises.
The strategy includes a climate financing target of at least 10% of the bank’s loan portfolio, reflecting its intention to support businesses and projects that contribute to environmental sustainability.
BOI’s 2025 performance provides a baseline for the planned expansion. In its Annual Development Impact Report published on July 3, 2026, the bank disclosed that it disbursed ₦644.9 billion to businesses during 2025, supporting 12,501 businesses and an estimated 1.68 million jobs.
The bank said the employment figure covered direct, indirect and supported jobs across 14 strategic sectors of the economy.
According to the same report, BOI channelled ₦266 billion, representing 41% of its funding, to MSMEs. Women-owned and women-led businesses received ₦120.9 billion, equivalent to 18.7% of total disbursements.
The bank’s expansion plan will require additional capital to support longer-term financing for manufacturers, farmers, healthcare businesses and smaller enterprises that often struggle to secure affordable credit.
BOI has identified capital mobilisation, financing for underserved businesses, stronger governance and risk management, and measurable development outcomes as key priorities under its corporate strategy.
The bank’s official 2025–2027 corporate strategy also identifies MSME financing, infrastructure development, women’s economic participation, youth empowerment, climate resilience and digital transformation as major areas of focus.
The 2027 targets will test BOI’s ability to increase lending while ensuring that its financing translates into sustainable employment, stronger businesses and higher domestic production.
