By Anita Dennis
The Bank of Industry (BOI)’s latest figures tell a story of quiet but powerful momentum in Nigeria’s industrial space. More than N1.27 trillion found its way into factories, workshops, farms, tech hubs and emerging green ventures in 2024. 14 key sectors received a lift, and the ripple effects touched over 900,000 jobs across the country.
The bank’s Managing Director (MD)/Chief Executive Officer (CEO), Dr Olasupo Olusi, made this known during the second day of the 10th Nigeria Energy Forum. The forum held virtually in Lagos and pulled in leaders from energy, manufacturing, and development circles.
Dr. Olusi who was represented by Ms Mabel Ndagi, Executive Director for Public Sector and Intervention Programmes, spoke on the bank’s expanding role in shaping Nigeria’s industrial path.
He explained that the funds were not just numbers on a spreadsheet. They helped businesses increase output, improve value addition, and strengthen their workforce. According to him, BOI’s presence in the real sector has become a lifeline for enterprises trying to scale in a difficult economic climate.
One of the highlights of his address was the update on the N200 billion Federal Government MSME Intervention Fund. The fund, which BOI manages, aims to reach businesses at the lower end of the productivity chain. It is split into the N50 billion Presidential Conditional Grant Scheme, the N75 billion MSME Intervention Fund, and the N75 billion Manufacturing Sector Fund. Together, these components offer small businesses affordable financing at a time when commercial lending rates often stifle growth.
Dr. Olusi stated that the bank is tilting more resources toward green and climate-friendly investments. He touched on rising commitments in renewable energy integration, circular economy models, energy efficiency, and low-carbon industrial processes. His message was clear. Industrial development in Nigeria cannot continue to rely on old templates.
His comments found an echo in the contributions of All On, the impact investment firm focused on off-grid clean energy. The company used the same forum to spotlight the Tertiary Institutions Energy Innovation Challenge, known as TIEC 3.0. The initiative is run in partnership with the Nigeria Energy Forum and encourages student-led solutions aimed at bringing clean energy access to underserved communities.
According to Ms Jadesola Rawa, Senior Associate for Grants Management at All On, the challenge has become a testing ground for young innovators who want to solve real problems with practical ideas. She noted that these students often build prototypes that can be scaled with the right support.
The NEF Director of Innovation, Mrs Bamise Olanrewaju, offered a glimpse of the impact. Teams from Cross River State University, the University of Lagos, and the University of Port Harcourt stood out in the latest round of the challenge. Green Preserve, AI Hybrid Agro Dryer, and Keytric have all made progress in refining their products, reaching communities, and shaping business models after months of mentorship.
Their stories mirror the wider message coming out of the forum. Nigeria’s industrial sector is in a transition. Traditional factories and small workshops are receiving capital injections to expand production. At the same time, young innovators are testing new ideas that could define the future of clean energy in the country.
For stakeholders at the event, the mix of heavy financing from institutions like BOI and the ingenuity of students and entrepreneurs is a sign that the country’s industrial engine is gathering speed. The bigger challenge lies in sustaining that momentum and ensuring that support reaches the businesses and communities that need it most.
