The Bank of Industry (BOI) has reaffirmed its commitment to driving sustainable industrialisation and working closely with government agencies to advocate for policies that foster a supportive business environment, particularly for MSMEs and start-ups, while recounting key milestones achieved in the last 65 years of operations.
MD/CEO, Bank of Industry Limited, Dr Olasupo Olusi, stated these during his remarks at the press conference held in commemoration of BOI’s 65th anniversary, held in Lagos.
According to him, BOI has for 65 years-maintained consistency in empowering Nigeria’s industrial growth and contributing to socioeconomic development. Adding that the bank has continuously evolved to meet the changing needs of Nigeria’s economy; thereby positively impacting the lives of countless Nigerians by supporting businesses, promoting job creation, and facilitating inclusive economic growth.
Speaking on the milestones achieved overtime, Olusi stated that BOI has increased share capital, entered into strategic alliances with SME-friendly commercial banks, and introduced various strategic initiatives in response to emerging macroeconomic issues, amongst other achievements.
He said, “In recognition of the pivotal role of MSMEs in national economic development, the bank in 2014 engaged 122 SME consultants and entered strategic alliances with 10 SME-friendly commercial banks. Today, we have over 300 Business Development Service providers supporting SMEs nationwide. The bank also has a robust on- lending programme with various financial institutions, including Microfinance banks and fintechs.
“In 2015, BOI commenced a national footprint expansion by opening eight state offices. This drive has continued through the years, and I am proud to say that today, the bank has a presence in 33 states nationwide.
“In 2017, BOI commenced raising funds on the international market with a US$750 million AFREXIM loan. Since then, we have successfully raised over $5 billion from the international capital markets through Eurobonds, loan syndications, and green finance instruments. This month, we concluded a global loan syndication that raised nearly 2 billion euros which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFIs.”
In terms of partnership, Olusi stated that BOI has established strategic partnerships with key local public and private institutions, as well as global financial and multilateral institutions to enable the bank to fulfill its mandate effectively.
He said, “BOI partners with state governments, and foundations to establish the “Matching Fund” scheme. We also have partnerships with trade associations, such as the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small-Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.
“BOI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a ₦1 billion fund at a single-digit interest rate.
“In November 2023, the Federal Government of Nigeria appointed BOI as the executing agency for the ₦200 billion FGN MSME Intervention Fund, which includes a ₦50 billion Presidential Conditional Grant Scheme (PCGS), a ₦75 billion Manufacturing Sector Fund, and a ₦75 billion MSME Intervention Sector Fund.”
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