By Jennete Ugo Anya
The Bank of Industry (BOI) and the International Finance Corporation (IFC) have signed a $50 million senior loan agreement to expand access to long-term financing for micro, small and medium-sized enterprises (MSMEs) in Nigeria, with particular attention to women-owned businesses.
The seven-year facility forms part of a broader IFC investment package of up to $100 million to support BOI’s lending capacity and strengthen financing for productive enterprises across manufacturing, agriculture, renewable energy and the creative industries.
The agreement was signed at the Africa Financial Industry Summit (AFIS) 2026 by BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, and IFC Managing Director, Mr. Makhtar Diop.
Under the arrangement, at least 25 percent of the loan proceeds will be dedicated to women-owned businesses. The seven-year tenor is expected to strengthen BOI’s funding base and enable it to provide longer-term capital to enterprises requiring sustained investment for expansion and productivity.
The financing will also combine direct development finance with domestic capital market mobilisation to attract additional private capital and deepen access to local-currency funding for smaller businesses.
Speaking on the agreement, Olusi described the transaction as a demonstration of confidence in the institution’s development mandate and capacity to support Nigeria’s industrial growth.
“This partnership represents a strong vote of confidence in BOI’s mandate, institutional capacity and role in advancing Nigeria’s industrial development,” he said.
He said that the facility would strengthen the bank’s ability to finance productive enterprises while expanding opportunities for women-owned businesses.
“Beyond the immediate financing, our collaboration with IFC reflects a shared commitment to mobilising capital, supporting enterprise growth and creating sustainable jobs,” Olusi stated.
Diop said access to longer-term finance remained essential to helping smaller businesses expand operations, create employment and strengthen domestic value chains.
“Through our partnership with the Bank of Industry, we are combining financing with local capital-market solutions to mobilize more private capital and expand local-currency funding for MSMEs, including women-owned businesses,” he said.
The transaction builds on BOI’s existing lending activities. In October, Olusi disclosed that the bank disbursed N644.9 billion to Nigerian enterprises in 2025, including N120.9 billion to women-owned businesses.
According to him, women-owned and youth-owned enterprises each received 20 percent of the bank’s total financing, while MSMEs accounted for 41 percent, exceeding BOI’s 35 percent target.
However, the impact of the new facility will depend on how effectively the additional capital reaches eligible businesses, particularly smaller enterprises facing financing constraints.
BOI said implementation would proceed following the completion of definitive financing documentation and fulfilment of customary conditions.
While the agreement strengthens development finance support for Nigerian businesses, its broader contribution will ultimately be measured by improved access to affordable capital, enterprise expansion and sustainable job creation.
