BOI to expand financing for agriculture, healthcare manufacturing in 2027

The Bank of Industry (BOI) said it will expand financing for agriculture, local healthcare manufacturing and digital businesses in 2027.

The bank stated this as it seeks to consolidate the gains of its 2025–2027 corporate strategy and strengthen Nigeria’s industrial development.

The bank’s Managing Director and Chief Executive Officer, Olasupo Olusi, disclosed the plan on Thursday at a meeting in Lagos, where he outlined the bank’s priorities for the final year of the strategy.

Mr Olusi said BOI would work with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact to attract more long-term capital into Nigeria’s industrial sector.

He also said the bank would deploy its new European Investment Bank facilities to agriculture and local healthcare manufacturing to increase domestic production of food and medicines.

The funding includes €85 million secured from the European Investment Bank for agriculture and another €50 million for healthcare manufacturing in 2026, as part of more than €2.2 billion in new funding the bank has secured for Nigerian industry since 2024.

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“We will deploy our new European Investment Bank facilities into agriculture and local healthcare manufacturing, so that Nigeria produces more of the food and medicines it consumes,” he said.

The bank also plans to expand its information and communications technology (ICT) and digital economy portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.

Mr Olusi said the initiatives formed part of the bank’s efforts to consolidate its achievements and meet the targets of its 2025–2027 corporate strategy.

“2027 is the final year of our strategy, and our task is to consolidate and meet every target we set,” the BOI boss, Mr Olusi, said.

BOI said it disbursed N644.9 billion in 2025, reaching 12,501 businesses and supporting 1.68 million jobs.