By Kingsley Benson
The Bank of Industry (BoI) emerged as one of the federal government’s strongest instruments for economic transformation in 2025, deploying N645 billion in strategic financing that created 1.68 million jobs, supported over 12,500 businesses and strengthened critical sectors ranging from manufacturing to agriculture, renewable energy and digital infrastructure.
The milestones, unveiled in the bank’s inaugural Annual Development Impact Report (ADIR) in Abuja, underscore a significant shift in Nigeria’s development finance model, where success is increasingly measured not by the volume of loans disbursed but by the economic and social impact generated.
According to the report, BoI financed 12,501 businesses and 1,615 start-ups during the year, while 950,362 businesses benefited from grant interventions. Its financing reached all 36 states and the Federal Capital Territory (FCT), with 59 percent of its portfolio supporting large enterprises and the remaining 41 percent channelled to micro, small and medium enterprises (MSMEs).
The interventions came at a time Nigeria recorded a real gross domestic product (GDP) growth of 3.98 percent, helping to bridge the long-standing gap between government industrial policy and actual economic expansion. Rather than serving as a conventional lender, the bank positioned itself as a catalyst for investment by directing capital to sectors capable of stimulating domestic production, expanding local value chains and attracting private investment.
Manufacturing, which contributes roughly 30 percent of national output, remained one of the biggest beneficiaries. BoI invested N4.6 billion to modernise six manufacturing plants, with nearly two-thirds of supported firms increasing production capacity by more than 20 percent. In agriculture, the bank connected 47,508 smallholder farmers to formal value chains, while supported businesses posted average revenue growth of 17.4 percent, strengthening food security and rural enterprise.
Its interventions also extended to transport, logistics, power and renewable energy. The bank committed N10 billion to transport and logistics projects, creating 516 new jobs, of which 84 percent went to young Nigerians. Through mini-grid investments, more than 100 rural communities were electrified, bringing electricity to 11,777 new customers and expanding energy access for businesses. Climate finance also enabled more than 55 companies to adopt renewable energy systems as part of Nigeria’s transition to cleaner industrial production.
The bank further served as the implementation agency for the federal government’s N200 billion MSME Industrialisation Fund, achieving a disbursement rate exceeding 95 percent. It also expanded the Rural Area Programme on Investment for Development (RAPID), disbursing about N11 billion between 2024 and 2025 to support 822 enterprises, with the North East recording the highest level of participation.
Commending the institution’s performance, Minister of State for Industry, Sen. John Enoh, described BoI as one of the federal government’s most effective agencies and a benchmark for public sector excellence.
Unlike conventional financial reports that focus primarily on lending figures, Sen. Enoh said the ADIR demonstrates the real value of development finance through businesses supported, jobs created, stronger industrial value chains and improved livelihoods.
He noted that virtually every manufacturing company he had visited since assuming office acknowledged the bank’s contribution to its growth, stating that BoI had consistently aligned its operations with the federal government’s industrialisation agenda through financing for MSMEs, youth entrepreneurship, gender inclusion and technology-driven businesses.
Sen. Enoh said, “Every manufacturing company has attested to BoI’s impact,” noting that industrial transformation “will ultimately be measured by outcomes rather than policy declarations.”
For the bank’s Managing Director (MD)/ Chief Executive Officer (CEO), Dr Olasupo Olusi, the report marks a defining moment in BoI’s evolution.
He explained that implementation of the bank’s 2025-2027 Corporate Strategy has shifted its focus from financing volumes to measurable development outcomes, with investments now evaluated based on their contribution to employment, industrial capacity, environmental sustainability and inclusive growth.
“This work has been guided by a clear conviction: development finance must be inclusive, sustainable, and transformational,” Dr. Olusi said.
He stated, “The ADIR is therefore BoI’s institutional expression of our commitment to development impact. It reflects our determination to measure development outcomes with the same discipline and rigor that we apply to financial performance.”
Beyond the impressive numbers, the report signals a broader transformation in Nigeria’s development finance landscape. As the government seeks to build a more diversified and competitive economy, BoI is increasingly redefining its role from that of a lender to a strategic investment institution that mobilises capital, de-risks productive sectors and measures success by tangible improvements in industries, communities and livelihoods. The bank’s performance in 2025 suggests that development finance, when aligned with clear national priorities and measurable outcomes, can become one of the country’s most powerful engines of inclusive economic growth.
