BOI raises ₦3.4tr from global institutions in 2024

The Bank of Industry (BOI) has raised nearly €2 billion, equivalent to ₦3.4 trillion, in 2024 from global institutions.

This contributed significantly to an increase in the bank’s total assets from ₦3.9 trillion in December 2023 to ₦6.38 trillion by the end of September 2024, giving Nigerian businesses access to affordable (9-14%), long-term capital and facilitating job creation.

The Civil Society Groups for Economic Recovery (CSGER), a coalition of over 76 civil society organizations, commended the management of BOI, led by Dr. Olasupo Olusi, for driving various sustainable economic initiatives aimed at improving service delivery to Nigerians.

CSGER remarked that this achievement came at a time when accessing capital is increasingly difficult due to global financial constraints and rising inflation.

In a communiqué issued and signed in Abuja after its annual board meeting and review of BOI’s economic recovery initiatives, the National Coordinator, Comrade Matekai Lawrence, noted that BOI is breaking new ground with initiatives to reduce trade barriers, expand market access, and create better conditions for foreign and domestic investment.

Matekai highlighted that the innovative leadership style of Dr. Olusi at BOI has prioritized support for Micro, Small, and Medium Enterprises (MSMEs), forging strategic partnerships to enhance financing and growth opportunities across the sector.

He added that BOI’s collaboration with the Small and Medium Enterprises Development Agency (SMEDAN) led to a ₦1 billion fund offering single-digit interest loans to nano and micro enterprises, with both organizations contributing ₦500 million each to expand grassroots access to finance.

He further stated that BOI has strengthened its partnership with relevant trade associations, as evidenced by the signing of MoUs with key private sector organizations—including the National Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Manufacturers Association of Nigeria (MAN)—to deepen real sector financing.

Additionally, he disclosed that under Olusi’s leadership, the bank spearheaded the implementation of the Federal Government’s ₦200 billion program supporting 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing companies, helping to drive job creation nationwide.

This, he said, is in addition to launching the Rural Area Program on Investment for Development (RAPID), committing over ₦100 billion to stimulate rural enterprises and aiming to create 300 new enterprises in each of the 36 states and the FCT.

“Olusi has also brought BOI closer to communities by opening and commissioning new state offices in Akwa Ibom, Jigawa, and others, and signing MoUs with states like Rivers, Katsina, and Akwa Ibom to provide billions of Naira through managed or matching funds,” he noted.

“Driven by a commitment to greater development impact, transparency, and efficiency, BOI is transforming into a knowledge bank to better support Nigeria’s private sector. Under his leadership, BOI launched PriceSenseNG, an innovative mobile app providing real-time food price data across Nigeria, helping to boost market transparency, guide policy, and combat food insecurity. Complementing this, the bank introduced two publications, the BOI Journal of Development Finance (Technical) and the BOI Journal of Development Review (Non-Technical), to share insights on MSME development and industrial growth.”

He further stated that BOI has secured international partnerships to stimulate bilateral economic activity. During the 2024 IMF and World Bank Group Spring meetings, BOI signed an MoU with the Export-Import Bank of the United States (EXIM) to jointly identify projects that foster economic prosperity in both Nigeria and the U.S.

Among its other achievements, he referred to BOI’s initiatives in Nigeria’s digital and creative sectors. Through the Federal Government-backed Investment in Digital and Creative Enterprises (iDICE) program, co-funded by organizations such as the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, BOI is providing training and capacity-building opportunities for Nigerian youth aged 15 to 35.

“By equipping 175,000 young Nigerians with ICT skills and supporting enterprise development, iDICE aims to create 800,000 jobs and foster entrepreneurship within Nigeria’s burgeoning digital economy.”

“In alignment with Nigeria’s sustainability agenda, BOI has also launched a climate-focused initiative under Dr. Olusi’s leadership. The bank has been nominated as a Direct Access Entity by the Nigeria Climate Change Commission (NCCC) to access financing for climate projects through the Green Climate Fund (GCF).

“This designation empowers BOI to spearhead climate initiatives and support sustainable development efforts in Nigeria. Additionally, through a partnership with RESWAYE, BOI has committed to planting 1,000 trees across Lagos State to address climate change and promote environmental conservation.

“This initiative complements BOI’s call for local and international climate funding to support green investments in Nigeria. At the launch of BOI’s Green Grows Initiative, Olusi emphasized the severe impact of climate change on the Nigerian economy and the need for collective action to mitigate these risks.

“BOI’s commitment to operational excellence and corporate governance continues to be recognized, as evidenced by its A+ rating from the Association of African Development Finance Institutions (AADFI) in 2023. The bank also holds top-tier ratings, including Aaa from Agusto & Co (domestic), Caa1 positive outlook from Moody’s Ratings (foreign), and AAA (nga) from Fitch (foreign), underscoring BOI’s high standards and transparency.

“Amid rising capital costs and shifting economic conditions, the bank under Dr. Olusi has demonstrated the critical role Development Finance Institutions (DFIs) can play in navigating challenges, maximizing capital for economic impact, and striving toward Nigeria’s $1 trillion economy target.

“In the past year, BOI has received multiple awards, reflecting Dr. Olusi’s impactful leadership. These honors include the EMEA Award for Best Social Development Program in Africa (for iDICE), the SERAS Award for Best Company in Financial Inclusion and Most Effective MDA/Parastatal in Sustainable Development, and the Philips Consulting Ltd. Award for Best Website and Overall Best Digital Presence for a Federal Parastatal.

“Dr. Olusi’s transformative work at BOI and in Nigeria’s banking sector earned him multiple honors in 2024, including honorary fellowships from the Chartered Institute of Bankers of Nigeria (CIBN), the Nigerian Economic Society, the Chartered Institute of Risk Management (CRMI), and the Chartered Institute of Directors (IoD).

“As BOI steps into its next phase, we believe the institution will continue to innovate in funding, products, and policy to foster growth across Nigeria’s industrial sector, as well as serve high-impact and underserved sectors. We are confident that under Olusi’s astute leadership, the bank will not only bridge the funding gap but will sustain its role in catalyzing inclusive industrial and entrepreneurial development, affirming its position as a pillar of Nigeria’s economic future.”