The Bank of Industry (BOI) plans to create and sustain three million jobs and increase annual lending to N1.85 trillion by 2027, as it expands financing for small businesses and productive sectors of the Nigerian economy.
The bank also aims to provide funding to 24,000 micro, small and medium enterprises (MSMEs) under its 2025–2027 corporate strategy.
Olasupo Olusi, BOI Managing Director, disclosed the targets on Thursday, October 22, 2026, during an engagement with media executives in Lagos.
He said the strategy seeks to double the bank’s loan portfolio, disbursements and development impact, with priority given to manufacturing, agriculture, local healthcare, climate-friendly businesses and technology-driven enterprises.
According to Olusi, the three-year strategy is structured around six thematic areas, with 2025 serving as the foundation year, 2026 focused on implementation and expansion, and 2027 dedicated to consolidating results.
The bank intends to direct financing towards businesses that can strengthen domestic production, reduce import dependence and generate 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,” Olusi said.
He added that the objective was to enable Nigeria to produce more of the food it consumes, manufacture essential medicines and develop capacity to supply other critical materials locally.
Olusi disclosed that BOI disbursed N625 billion in 2025, reaching 12,501 businesses and supporting the creation and sustenance of 1.6 million jobs.
Micro, small and medium enterprises accounted for more than 31 per cent of the funding, while approximately N120 billion went to women-owned businesses.
To widen access to finance, the bank plans to allocate 35 per cent of its funding to MSMEs and 15 per cent to women-owned businesses. It also intends to direct 20 per cent of MSME financing to youth-led enterprises.
The bank plans to dedicate at least 10 per cent of its loan portfolio to climate-related investments, reflecting its growing focus on sustainable development and environmentally responsible businesses.
BOI will also leverage the $617.7 million Investment in Digital and Creative Enterprises (IDICE) programme to support businesses in the technology and creative sectors.
“Our mission is very simple. We have to finance what Nigeria makes,” Olusi said.
BOI is Nigeria’s development finance institution, providing funding to businesses, particularly those in manufacturing, agriculture and other productive sectors.
Its intervention programmes are designed to address financing constraints faced by entrepreneurs and small businesses, many of which struggle to secure affordable credit from conventional commercial banks.
In 2024, the Federal Government announced plans to increase the maximum single-digit-interest loan available to MSMEs from N1 million to N5 million under its N200 billion Presidential Intervention Fund, which included N75 billion earmarked for small businesses.
In October 2025, BOI launched a N2 billion entrepreneurship programme for National Youth Service Corps members, offering eligible beneficiaries loans of up to N5 million at an annual interest rate of nine per cent to support youth-led businesses and job creation.
These initiatives form part of broader efforts to improve access to capital, encourage entrepreneurship and strengthen the capacity of local businesses to expand operations and employ more Nigerians.
Beyond domestic lending programmes, BOI has been mobilising funds from international development institutions and Nigeria’s debt market to expand financing for local industries.
In July 2026, the bank highlighted an €85 million financing arrangement with the European Investment Bank to strengthen agricultural value chains, particularly local cocoa and dairy processing. The initiative aims to promote domestic value addition and reduce dependence on raw commodity exports.
