The Bank of Industry (BoI) has mobilised more than €2.22 billion and ₦250 billion through financing transactions concluded between 2024 and 2026, strengthening its capacity to provide long-term funding to Nigerian businesses and support industrial expansion.
The funding comprises a €1.879 billion syndicated loan facility secured in 2024, €210 million raised from international development partners in 2025, and two financing agreements worth €135 million secured from the European Investment Bank (EIB) in March 2026.
The bank also closed the bookbuilding for its maiden ₦250 billion development bond in August 2026, attracting subscriptions above the offer size.
BoI Managing Director and Chief Executive Officer, Olasupo Olusi, disclosed the funding figures at a media roundtable, describing the capital mobilisation programme as a key part of the bank’s 2025–2027 corporate strategy.
BusinessDay reported on October 28, 2026, that the €1.879 billion syndicated facility was secured in 2024, while the €210 million development-partner financing followed in 2025.
The syndicated facility was coordinated by Africa Finance Corporation and Standard Chartered Bank. AFC announced the successful syndication in December 2024, while international law firm White & Case confirmed that the transaction raised €1.879 billion equivalent following its initial general syndication closing.
The European Investment Bank agreements are targeted at two sectors considered important to Nigeria’s economic diversification and domestic production capacity.
On March 23, 2026, EIB Global announced an €85 million financing agreement with BoI to support agricultural value chains, particularly cocoa and dairy production. At least 70 per cent of the financing is earmarked for the two value chains, with eligible beneficiaries including agribusinesses, cooperatives and small businesses.
The same day, EIB Global announced a separate €50 million agreement with BoI to finance local healthcare manufacturers, including producers of pharmaceuticals, vaccines, medical devices and diagnostic products.
The healthcare facility is designed to improve access to long-term financing for domestic manufacturers and strengthen Nigeria’s capacity to produce essential medical supplies locally, reducing dependence on imports.
BoI’s domestic capital mobilisation also received a boost in August when its maiden ₦250 billion Series 1 Fixed Rate Development Bond attracted subscriptions above the amount offered.
In an announcement dated August 17, 2026, the bank confirmed that it had closed the bond bookbuilding process with an oversubscription. However, BoI stated that final subscription and allotment figures would be disclosed later, subject to regulatory approval.
The bond was issued through BoI Financing SPV Plc under the bank’s $1 billion multi-currency instruments programme, providing another source of long-term funding for businesses across priority sectors.
The expanded funding base comes as the development finance institution seeks to increase its lending capacity and deepen support for businesses facing difficulties accessing affordable, long-term capital through conventional commercial banks.
BoI disbursed ₦644.9 billion in 2025, representing a 26 per cent increase from ₦510.9 billion in 2024, according to figures disclosed by the bank’s management and reported by BusinessDay.
The lending reached 12,501 businesses and created or supported 1.68 million jobs. Women-owned businesses received ₦120.9 billion, while micro, small and medium-sized enterprises accounted for 41 per cent of total disbursements, exceeding the bank’s 35 per cent target.
Under its 2025–2027 corporate strategy, BoI aims to double its loan book, disbursements and development impact instruments within three years, with priority sectors including agro-manufacturing, other manufacturing, infrastructure, extractive industries and services.
Olusi said the bank would also deploy the new EIB facilities to strengthen agricultural production and local healthcare manufacturing, while expanding financing for information and communications technology businesses through its Investment in Digital and Creative Enterprises programme.
The bank is also working with the Federal Ministry of Industry, Trade and Investment on a proposed National Industrial Finance Compact to attract additional long-term capital into Nigeria’s industrial sector.
The latest financing transactions underline BoI’s growing reliance on international syndicated lending, development-partner funding and domestic capital-market instruments to expand credit availability for productive businesses and strengthen local value chains.
