BOI targets $10b from foreign investors to support real sector

Having raised about $4 billion in the last four years from over 100 international banks/investors in over 20 countries, the Bank of Industry (BOI) has stated that it hopes to increase the figure to about $10 billion to deepen its intervention.

Managing Director, BOI, Olukayode Pitan, explained that the funds raised over the years improved the bank’s capacity to support Nigeria’s real sector.

Speaking during the inauguration of the bank’s second tower in Abuja, Pitan hailed President Muhammadu Buhari for his support to enable the bank to approach the international capital market and conclude various funding transactions.

Some of the transactions, according to him, include a $750 million syndicated medium-term loan in 2018 which has now been fully paid, the €1billion syndicated loan in March 2020, a $1 billion syndicated loan in December 2020 and the €750 million senior Eurobond (the first by any African national DFI) in February 2022.
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