The African Development Bank Group (AfDB) has approved a $200 million financing facility for the Bank of Industry (BoI) to expand access to long-term funding for businesses operating in key sectors of the Nigerian economy.

  This approval was disclosed in a statement published on the bank’s website, highlighting the bank’s continued support for Nigeria’s industrialisation and private sector development agenda.

  According to the development finance institution, the facility is expected to support enterprises in strategic sectors including infrastructure, transportation, agro-processing, healthcare, pharmaceuticals, and green industrialisation.

  The AfDB said the financing package is designed to strengthen industrial growth while improving access to funding for micro, small and medium-sized enterprises (MSMEs), particularly businesses owned by women and young entrepreneurs.

 Director General for Nigeria, AfDB, Abdul Kamara, said Nigeria’s industrial transformation requires more patient, long-term capital than the market is structured to provide.

  BoI’s Managing Director and Chief Executive Officer, Olasupo Olusi, said the approval is timely and directs capital to work in areas where it matters most, supporting MSMEs, women entrepreneurs and young business owners driving Nigeria’s industrial growth and economic diversification.

  He said the facility builds on the institution’s existing partnership with the bank following the successful repayment of an earlier $100 million credit line in 2025.

  The AfDB noted that at least 30 per cent of the facility’s proceeds are expected to benefit Nigerian SMEs, helping to address longstanding financing gaps facing small businesses across the country.

  The financing package also includes a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to strengthen SME capacity and improve environmental, social and governance standards.

  According to the AfDB, the intervention will support climate-smart investments and low-carbon industrial projects across Nigeria.

  The facility will also finance renewable energy projects, climate-smart agriculture, energy-efficient industrial operations, and sustainable infrastructure solutions.    An additional technical assistance component under the Affirmative Finance Action for Women in Africa (AFAWA) initiative will improve access to finance and markets for women-owned businesses.

  The intervention is also expected to strengthen local manufacturing and healthcare value chains while reducing Nigeria’s dependence on imports. The AfDB also said the financing aligns with broader efforts to support economic diversification and private-sector-led growth in Nigeria.

  As at Q3 2025, AfDB’s active portfolio in Nigeria consisted of 52 projects valued at $5.1 billion.