The Bank of Industry (BOI) has set a target of creating and sustaining three million jobs and increasing its annual lending to N1.85 trillion by 2027, with plans to provide financing to 24,000 Micro, Small and Medium Enterprises (MSMEs).
The Managing Director of BOI, Olasupo Olusi, disclosed this on Thursday, October 22, 2026, during an engagement with media executives in Lagos, where he outlined the bank’s financing and employment targets.
The targets form part of BOI’s 2025–2027 corporate strategy, which seeks to double its loan portfolio, disbursements and development impact while prioritising manufacturing, agriculture, local healthcare, climate-friendly businesses and technology-driven enterprises.
BOI targets 24,000 MSMEs by 2027
According to Olusi, the strategy is structured around six thematic areas, with 2025 serving as the foundation year, 2026 focusing on execution and expansion, and 2027 dedicated to consolidating results.
He explained that the bank would prioritise financing for sectors capable of strengthening domestic production, reducing import dependence and generating sustainable employment.
- “We will deploy many of the resources that we need for growth in our country, in areas such as agriculture, local healthcare and manufacturing,” he said.
- “This is so that Nigeria is able to provide more of the stuff of the food that it consumes and of medicines, all the relevant key materials.”
Olusi disclosed that BOI disbursed N625 billion in 2025, reaching 12,501 businesses and supporting the creation and sustenance of 1.6 million jobs.
- He added that MSMEs accounted for more than 31% of the funding, while approximately N120 billion went to women-owned businesses.
To expand this reach, BOI plans to allocate 35% of its funding to MSMEs, 15% to women-owned businesses and 20% of MSME financing to youth-led enterprises.
The bank also intends to dedicate at least 10% of its loan portfolio to climate-related investments while leveraging the $617.7 million Investment in Digital and Creative Enterprises (IDICE) programme to support technology and creative businesses.
- “Our mission is very simple. We have to finance what Nigeria makes,” Olusi said.
BOI expands financing for small businesses
The Bank of Industry is Nigeria’s development finance institution responsible for providing long-term funding to businesses, particularly those operating in manufacturing, agriculture and other productive sectors.
In recent years, the bank has expanded its intervention programmes to improve access to affordable credit for small businesses and entrepreneurs.
- In 2024, the Federal Government announced plans to increase the maximum single-digit interest loan available to MSMEs from N1 million to N5 million under its N200 billion Presidential Intervention Fund, which included N75 billion earmarked for MSMEs.
- In October 2025, BOI launched a N2 billion entrepreneurship programme for National Youth Service Corps (NYSC) members, offering eligible beneficiaries loans of up to N5 million at an annual interest rate of 9% to support youth-led businesses and job creation.
These interventions form part of broader efforts to address financing constraints affecting small businesses, particularly those unable to access affordable credit through conventional commercial banks.
BOI strengthens capital mobilisation efforts
Beyond its domestic lending programmes, BOI has also been mobilising additional capital from international development institutions and Nigeria’s debt market to expand financing for local industries.
- In July 2026, the bank highlighted an €85 million financing arrangement with the European Investment Bank (EIB), aimed at strengthening agricultural value chains, particularly local cocoa and dairy processing, to reduce dependence on raw commodity exports.
- The agreement, originally announced in March, provides long-term financing to support agricultural businesses and improve domestic value addition.
- In August 2026, BOI recorded an oversubscription of its inaugural N250 billion Series 1 Fixed Rate Bond, marking its debut in Nigeria’s domestic debt capital market.
The bond was issued through BOI Financing SPV Plc under its $1 billion Multi-Currency Instruments Programme, providing another funding channel to support the bank’s development financing activities.
The financing initiatives are aimed at expanding BOI’s capacity to support local industries and deliver on its development financing objectives.