The United Nations Development Programme (UNDP) and the Bank of Industry (BOI) have signed a three-year Memorandum of Understanding (MoU) to strengthen enterprise development, advance inclusive industrialisation and expand economic opportunities for women and young people in Nigeria.
Under the agreement, UNDP and BOI will cooperate on enterprise development and industrialisation, with particular attention to micro, small and medium-sized enterprises (MSMEs), manufacturing and agro-processing.
Signed at the Bank of Industry’s Abuja office, the agreement renews the institutions’ partnership and establishes a framework for cooperation to help Nigerian enterprises become more competitive, strengthen their access to finance and markets, and participate in national and regional value chains.
The collaboration brings together BOI’s expertise in long-term development financing and industrial development with UNDP’s global experience, policy support and commitment to inclusive and sustainable development.
Speaking at the signing ceremony, UNDP Nigeria Resident Representative in Nigeria, Elsie G. Attafuah, emphasised the role of enterprises in driving Nigeria’s prosperity. Ms. Attafuah noted that “UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” she said.
Attafuah highlighted the importance of supporting businesses at diKerent stages of growth – from farmers moving into agro-processing to women expanding manufacturing businesses and producers seeking markets beyond Nigeria’s borders.
This will include support for value chains and corridor-based development that connects producers, processors and markets. Trade competitiveness and market access will be another priority, helping Nigerian businesses prepare to seize opportunities under the African Continental Free Trade Area (AfCFTA).
Speaking during the ceremony, Olasupo
Olusi, Managing Director/CEO, Bank of Industry stated that, “Project THRIVE brings together BOI’s development financing capacity, sector knowledge and enterprise networks with UNDP’s technical expertise, development programming capabilities, global partnerships and resource mobilization platforms”.
“Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth. This partnership grew from engagements that began in 2025, when our institutions started exploring how our respective strengths could be combined to address some of Nigeria’s development priorities.
“The MoU we are signing today provides an institutional framework for that collaboration. At BOI, our mandate is to advance Nigeria’s industrialisation by financing productive enterprises and supporting the value chains, skills and infrastructure that enable them to grow. Finance must be supported by technical expertise, market access, innovation and strong implementation partnerships if it is to deliver lasting development outcomes,” he said.
The partnership will also focus on young people’s skills, employability, entrepreneurship and innovation, alongside women’s economic empowerment.
Across these areas, the institutions will seek to strengthen access to finance, skills and markets, particularly for women-led businesses, young entrepreneurs and underserved communities. Additional areas of cooperation include digital inclusion and the creative economy, renewable energy, climate resilience and environmental sustainability.
The agreement also provides for collaboration on infrastructure and strategic enablers of industrial development, including the sustainable development of natural resources and the mining sector.
Implementation will focus on identifying joint priorities, coordinating delivery and regularly reviewing progress.
The institutions will draw on their respective strengths to develop practical initiatives that support enterprise growth and contribute to the Sustainable Development Goals.
The renewed partnership reflects a shared commitment to supporting Nigerian enterprises as drivers of job creation, economic diversification and sustainable development
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Iheanyi Nwachukwu, is a creative content writer with over two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Deputy Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
