Bank of Industry (BOI) – 2025: A Year of Strategic Growth, Recognition, and Sustainable Impact

In 2025, the Bank of Industry (BOI) has emerged as a leading force in African development finance, demonstrating excellence across multiple fronts — from innovative capital raising to strategic partnerships and sustainable financial leadership. The following report synthesizes BOI’s key achievements and initiatives so far this year.

1. BOI Honored with Syndicated Loan Deal of the Year

    The Bank of Industry (BOI) was awarded the prestigious “Syndicated Loan Deal of the year” at the 2025 Global Banking & Markets Africa Awards in Cape Town, South Africa, recognizing its historic €1.879 billion syndicated loan, the largest ever raised by an African Development Finance Institution (DFI). The deal underscores BOI’s growing influence in global financial markets and its expertise in executing complex, and high impact transactions.

    This win marks BOI’s third major award in 2025, further affirming its leadership role in delivering high-impact financing solutions across the continent. Mr. Rotimi Akinde, Executive Director, Corporate Finance & Risk Management, accepted the award on behalf of Dr. Olasupo Olusi, Managing Director/CEO of BOI. In his remarks, he emphasized that the syndicated loan is more than a financial transaction—it serves as a catalyst for inclusive economic growth, enabling BOI to scale its support for Nigerian industries and micro, small, and medium enterprises (MSMEs).

    Over the past six years, BOI has successfully raised approximately $7 billion from international markets through a couple of syndicated loans, bilateral facilities, and bond issuances. These efforts have significantly enhanced BOI’s ability to provide long-term, affordable financing to key sectors of the economy, including manufacturing, infrastructure, and SMEs.

    The Global Banking & Markets Africa Awards recognize groundbreaking deals based on factors such as size, tenor, structure, and distribution. Special emphasis is placed on transactions that demonstrate innovation, access new liquidity pools, or open up new markets—criteria that BOI’s syndicated loan clearly met.

    2. BOI and IsDB Group Sign Landmark Memorandum of Understanding (MoU) to Strengthen Sustainable Finance and Industrial Development

    In another significant development, BOI signed a landmark Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group. This strategic partnership aims to establish a collaborative framework focused on advancing sustainable economic development in Nigeria.

    The MoU underscores a shared commitment between BOI and ICD to mobilize capital for impact-driven projects, deepen financial cooperation, and support private enterprise growth in alignment with the United Nations’ Sustainable Development Goals (SDGs) and Nigeria’s national development priorities.

    As Nigeria’s leading development finance institution, BOI remains committed in its mission to prioritize partnerships that promote ESG-aligned investments, foster industrial transformation, and contribute to inclusive economic growth. This collaboration with the IsDB Group represents a critical step toward expanding access to financing for sustainable development projects across the country.

    3. Strategic Engagement with Afreximbank: Advancing Scalable and Sustainable Development Across Africa

    On the sidelines of the World Bank Group and IMF Spring Meetings, BOI engaged in a high-level strategic dialogue with Afreximbank to explore deeper collaboration in supporting Africa’s industrial and economic development. The meeting was led by BOI’s Managing Director/CEO, Dr. Olasupo Olusi, and hosted by Afreximbank’s Executive Vice Presidents, Dr. George Elombi and Mr. Haytham El Maayergi.

    The discussions centered around strengthening cooperation in areas such as financing and guarantee solutions aimed at catalyzing private sector growth and intra-African trade. Both institutions explored opportunities to jointly support industrialization, expand SMEs, and improve access to quality healthcare. BOI reiterated its commitment to supporting such initiatives such the African Medical Centre of Excellence (AMCE) in Abuja.

    Additionally, both institutions expressed potential areas of collaborations on the upcoming continental events such as the Intra-African Trade Fair (IATF2025), the Afreximbank Annual Meeting (AAM2025), and BOI’s participation in Afreximbank’s annual capacity-building program for African bankers scheduled for Abidjan in November 2025.

    This engagement reaffirms BOI’s commitment to forging strategic alliances that deliver scalable and sustainable development outcomes across Africa.

    4. BOI Emerges as Nigeria’s Best Bank for Sustainable Finance in 2025

    In a strong endorsement of its leadership in responsible financing, BOI was named the Best Bank for Sustainable Finance in Nigeria for 2025 by Global Finance at the Sustainable Finance Awards. The award recognizes BOI’s pivotal role in promoting green finance and driving inclusive economic transformation in the country.

    This recognition comes at a crucial time when sustainable finance is gaining increasing prominence globally, and Nigerian institutions are being called upon to align their financial practices with long-term environmental and social goals. BOI’s approach integrates sustainability into its core operations, ensuring that financing supports not only economic growth but also environmental stewardship and social equity.

    The award highlights BOI’s proactive stance in developing and implementing sustainable financial products and services that address climate change, promote clean energy, and support communities through job creation and inclusive development programs.

    5. Development of New Corporate Strategy 2025-2027

      To ensure these strategic themes are effectively embedded and driven across the bank, the Bank has launched its new 2025-2027 Corporate Strategy aligned with the Bank Six (6) thematic areas of priority: Youth & Skills, Gender, Digital, MSMEs, Climate Finance, and Infrastructure. This new strategy marks a clear shift from previous approaches, reflecting BOI’s renewed focus on measurable development impact.

      While the Bank has achieved strong financial performance in recent years, supporting its growth and sustainability, the current economic environment and alignment with the Federal Government mandate necessitated a more targeted approach. Specific goals and indicators were identified under each thematic area and cascaded across business units and integrated into staff deliverables and KPIs.

      To further drive successful implementation of the impact strategy, the Development Effectiveness Group has been created and led by a Chief Impact Officer with the sole responsibility of monitoring, evaluating and reporting the outcomes of the Bank’s progress toward achieving its strategic impact objectives.

       6. ₦200 Billion ($130.36 Million USD) FGN MSME Intervention Fund

        In November 2023, the Federal Government of Nigeria appointed BOI as the executing agency for the ₦200 billion ($130.36 Million USD) FGN MSME Intervention fund. The fund consists of 3 streams:

        • 50 billion ($32.6 Million USD) Presidential Conditional Grant Scheme (PCGS): The PCGS is a ₦50,000 ($32.59 USD) grant per beneficiary, with a target of reaching 1,000 beneficiaries in each local government area. The program focuses on six key sectors: trade, ICT, creatives, food services, transportation, and artisans. Moreover, the program prioritizes inclusivity, with 70% of beneficiaries targeted as women and youths, 10% for people with disabilities, 5% for senior citizens, and the remaining 15% distributed among other demographics.
        • 75 billion ($48.88 Million USD) Manufacturing Sector Fund: The Bank is in collaboration with the executives of the Manufacturers Association of Nigeria (MAN) to ensure that all loan beneficiaries are members of the association. Engagements have reached advanced stages of executing a Memorandum of Understanding (MOU) and Non-disclosure Agreement (NDA) with MAN for better collaboration on this intervention.
        • 75 billion ($48.88 Million USD) MSME Intervention Sector Fund: The FGN N75Billion ($48.88 Million USD)  MSME Intervention Program was established to provide financial support to micro, small and medium-scale enterprises (MSMEs) across Nigeria. This program seeks to drive economic growth, generate employment opportunities, revitalize the economy, and foster entrepreneurship across the country, with BOI as the executing agency. This will be achieved through direct disbursements to target enterprises and on-lending through Partner Financial Institutions (PFIs). The Bank of Industry is currently appraising a list of applicants in line with the Bank’s risk acceptance criteria (RAC) for disbursement.

        7. Rural Area Programme on Investment for Development (RAPID)

          On May 15, 2024, BOI launched the RAPID program, a ₦3.7 billion ($2.41 Million USD) initiative to assist micro and small businesses in rural Nigeria, particularly youth and women. The initiative aims to enhance income generation, promote economic diversification, ensure financial inclusion, and strengthen local value chains to stimulate job creation and address youth unrest. The program aims to provide loan facilities of N10 million ($6,517 USD) for at least 10 beneficiaries in each of the 36 states including  FCT at an interest rate of 5% (all-inclusive), a tenor of up to three years as well as moratorium period of six months.

          8. Expanded the Bank’s National Footprint

            Akwa Ibom State Office

            In February, the bank commissioned its 32nd office nationwide with the opening of the Akwa Ibom State office following engagement with the State Government.

            Jigawa State Office

            In July, Jigawa State office was commissioned, bringing the national footprint to 33. During the events, an MOU was also signed with the State Government for ₦4 billion ($2.61 Million USD) Matching and ₦2 billion ($1.3 Million USD) Managed Fund.

            Kogi State Office

            In June, Kogi state office was commissioned, bringing the national footprint to 34.

            Conclusion

            The year 2025 has been transformative for the Bank of Industry. Marked by landmark financial deals, strategic partnerships, and industry recognitions, BOI has demonstrated its ability to lead in both traditional and sustainable finance. Its efforts have not only expanded access to long-term financing for Nigerian businesses but have also positioned BOI as a key player in Africa’s broader economic and industrial development agenda.

            BOI’s continued success in attracting international capital, building strategic alliances, and championing sustainable development reflects its clear vision and execution capability. As it moves forward, BOI remains committed to its mandate of fostering industrial growth, empowering SMEs, and contributing to building a more resilient and inclusive Nigerian economy.

            Sources:

            1. https://www.boi.ng/bank-of-industry-wins-syndicated-loan-deal-of-the-year-at-the-global-banking-markets-africa-awards/#:~:text=The%20award%20celebrates%20BOI’s%20landmark,financing%20solutions%20across%20the%20continent.
            2. https://www.boi.ng/boi-and-isdb-sign-landmark-mou-to-foster-sustainable-economic-development/
            3. https://www.boi.ng/boi-engages-afreximbank-on-strategic-partnerships-to-accelerate-africas-industrialisation-and-sme-growth/
            4. https://www.boi.ng/boi-wins-best-bank-for-sustainable-finance-in-nigeria-2025/
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