BoI raises €1.43 billion via syndicated global loan 

The Bank of Industry (BOI) has announced that it received €1.43 billion and recorded 142.5 per cent subscription from the senior phase of its global loan syndication.

The transaction also represented a 42.5 per cent oversubscription as the bank took advantage of the syndicated loan market. The facility includes a fully guaranteed and a partially guaranteed tranche by Africa Finance Corporation (AFC).

The development finance institution raised €1 billion via a term loan syndicated facility in July 2022, which was successfully repaid in July 2024.

The performance represented a mark of confidence in the bank and the Nigerian economy by foreign investors who perceive a bright future for the country.

In a statement, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the proceeds of the loan will help finance a growing demand for BoI funds across the country.

Olusi said, “This is the largest syndication in the bank’s history and is a testament to the hard work and dedication of the management of BoI to ensuring that much needed low interest and longer-tenured funds are available to Nigeria’s growing private sector in line with the vision of President Bola Ahmed Tinubu.

“We are grateful for the support received from the CBN and other agencies of government.”

Olusi further assured that the bank under his leadership will continue to work with global development financial institutions to ensure better loan terms for Nigeria’s private enterprises.