- The Bank of Industry disbursed N1.27 trillion, creating over 900,000 jobs and strengthening MSMEs across Nigeria.
- Strategic investments in green finance, renewable energy, and circular economy solutions position BoI as a climate-smart industrial leader.
In summary, the Bank of Industry drives Nigeria’s industrial growth, promotes the adoption of sustainable energy, and fosters economic development across multiple sectors.
The Bank of Industry (BoI) disbursed over N1.27 trillion to businesses across 14 sectors in 2024. Furthermore, the interventions created and sustained more than 900,000 jobs nationwide. Consequently, the Bank of Industry remains central to Nigeria’s industrialisation agenda, enabling businesses to expand operations, increase value addition, and strengthen employment.
Dr Olasupo Olusi, BoI Managing Director and CEO, highlighted the role of the N200 billion Federal Government MSME Intervention Fund. This fund provides affordable financing through three dedicated windows: N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and N75 billion for the Manufacturing Sector Fund. Therefore, small and medium enterprises benefit directly from these targeted interventions.
Green Finance and Clean Energy Initiatives
BoI is increasing investments in green finance, renewable energy, and circular economy initiatives. For instance, industries adopting energy efficiency, low-carbon processes, and clean energy solutions receive strategic support. This approach positions the bank as a leader in financing climate-smart manufacturing and sustainable industrial practices.
International Support and Collaboration
The EU, through the Africa-EU Green Energy Initiative, is expanding access to clean energy and energy efficiency across the continent. By 2030, the initiative aims to provide electricity to at least 100 million people. Additionally, the EU has provided around € 300 million in support for Nigeria’s power sector since 2008.
John Sloan of the Economic Commission for Africa emphasised that renewable energy and green technologies support industrialisation in mineral-producing communities. Special economic zones foster inclusive employment while creating financial value for local populations.