The Bank of Industry (BOI) has secured international recognition for two of its flagship development initiatives, earning top honours at the EMEA Finance Achievement Awards in a development that highlights the institution’s growing influence in advancing sustainable economic growth and social inclusion across Nigeria.

The awards, which celebrate excellence in finance and development across Europe, the Middle East and Africa, recognised BOI’s efforts in expanding access to renewable energy and supporting women-led enterprises—two areas increasingly viewed as critical to Nigeria’s long-term economic transformation.

BOI received the Best Sustainability Deal in Africa Award for its role in the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project, while its Guaranteed Loans for Women (GLOW) programme was honoured with the Best Social Development Deal in Africa Award.

The dual recognition underscores the Bank’s strategic focus on financing projects that not only generate economic returns but also deliver measurable social and environmental impact.

At the centre of the sustainability award is the DARES Project, a major intervention aimed at bridging Nigeria’s electricity access gap through clean energy solutions. The initiative is being implemented by BOI in partnership with the Rural Electrification Agency (REA) and supported by the World Bank through a $750 million International Development Association (IDA) credit facility.

The programme seeks to accelerate electricity access in underserved and unserved communities by deploying solar mini-grids and other renewable energy solutions, helping to reduce dependence on traditional energy sources while improving economic opportunities in rural areas.

For millions of Nigerians living in communities without reliable power, the project represents more than an infrastructure initiative—it is a pathway to improved livelihoods, business productivity, healthcare delivery and educational outcomes.

BOI’s commitment to expanding sustainable energy infrastructure is reflected in its broader Power and Utilities portfolio. According to the Bank’s 2025 Annual Development Impact Report, the institution disbursed ₦27 billion to eight businesses operating within the sector during the year.

Notably, all supported projects recorded 100 per cent financial additionality, meaning the investments would likely not have materialised without BOI’s financial intervention. This highlights the Bank’s critical role in unlocking projects that may otherwise struggle to attract conventional financing despite their developmental significance.

The report further revealed that the Power and Utilities portfolio achieved the highest Development Impact Framework score among all sectors financed by BOI, demonstrating the far-reaching benefits of investments in renewable energy and infrastructure development.

Equally significant was the recognition of the Guaranteed Loans for Women (GLOW) programme, a flagship initiative designed to promote financial inclusion and empower female entrepreneurs across Nigeria.

For many women-owned businesses, access to affordable financing remains one of the biggest obstacles to growth. Challenges such as limited collateral, financing constraints and restricted access to business networks have historically slowed the expansion of women-led enterprises.

The GLOW programme was established to address these barriers through a comprehensive support framework that combines financing with capacity development and business advisory services.



Beyond providing access to capital, the programme offers mentorship, training, market access support and opportunities for women entrepreneurs to improve their competitiveness in both domestic and international markets. It also positions beneficiaries to take advantage of emerging opportunities under the African Continental Free Trade Area (AfCFTA), which is expected to open new markets for African businesses.

Industry observers have described the initiative as a significant step toward narrowing the gender financing gap and strengthening the contribution of women-owned enterprises to national economic growth.

Speaking on the awards, BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said the recognition reflects the institution’s unwavering commitment to delivering development-focused financing solutions.

“These awards reflect the Bank of Industry’s deliberate focus on supporting projects and programmes that deliver measurable economic, social, and environmental outcomes for Nigerians. Whether it is bringing reliable electricity to underserved communities through renewable energy solutions or empowering women entrepreneurs by providing access to affordable finance and growth opportunities, our goal remains the same: to build a more inclusive, resilient, and sustainable economy. We are honoured by this international recognition and remain committed to deepening our impact across sectors that matter most to national development.”

The recognition adds to BOI’s growing profile as one of Africa’s leading development finance institutions, leveraging innovative financing mechanisms to tackle critical economic challenges while promoting inclusive growth.

As Nigeria continues to pursue economic diversification and industrial expansion, the Bank remains a key driver of the Federal Government’s development agenda through strategic investments that stimulate enterprise growth, create employment opportunities, strengthen local industries and improve living standards.

With growing emphasis on sustainability, financial inclusion and economic resilience, BOI’s latest international awards further reinforce its role as a catalyst for transformative development and long-term national prosperity.