The Bank of Industry (BoI) has stepped up its financing of Nigerian businesses, disbursing a record N644.9bn in 2025 and creating or supporting 1.68 million jobs across multiple sectors of the economy.
The amount represented a 26 per cent increase from the N510.9bn disbursed in 2024, underscoring the development finance institution’s expanded lending activities amid persistent economic pressures on businesses.
The Managing Director and Chief Executive Officer of BoI, Mr Olasupo Olusi, disclosed the figures on Thursday at a media roundtable with business editors in Lagos.
“In 2025, we disbursed N644.9bn, the highest amount ever by the Bank,” Olusi said.
According to the bank’s 2025 Annual Development Impact Report, the funding reached 12,501 businesses, with large enterprises accounting for 59 per cent of total disbursements, while small and medium enterprises received 29 per cent. Nano businesses accounted for seven per cent, and micro businesses received the remaining five per cent.
The performance comes as BoI implements its 2025–2027 Corporate Strategy, which seeks to double its loan book, disbursements and impact instruments within three years. The strategy is built around six priority areas: micro, small and medium enterprise (MSME) financing, infrastructure, women and gender, youth and skills, climate and sustainability, and the digital economy.
Olusi said the bank had exceeded its target for MSME financing in 2025, allocating 41 per cent of total funding to the segment against a target of 35 per cent.
Women-owned businesses received N120.9bn, while women-led and youth-led businesses each accounted for 20 per cent of the bank’s funding, reflecting its focus on broadening access to development finance.
In the infrastructure sector, the bank deployed more than N108bn, including funding for 100 mini-grids that connected 11,777 households and businesses to electricity.
“We also achieved our disbursement targets for Climate and Digital financing,” Olusi said.
Manufacturing, infrastructure take priority
To improve the impact of its lending, BoI has organised its financing activities around 15 priority sectors grouped into five divisions: agro-manufacturing, other manufacturing, infrastructure, extractive industries and services. Information and communications technology has been added as the bank’s newest sector.
Olusi said the bank was directing a substantial proportion of its large-enterprise financing towards manufacturing and infrastructure because of their capacity to generate employment and increase economic output.
“For our large enterprise lending, 80 per cent now goes to manufacturing and infrastructure, because these are the sectors that create the most jobs and output for every naira we lend,” he said.
The bank has also expanded its access to long-term financing to support its lending programmes. It closed a €1.879bn syndicated facility in 2024 and secured €210m from international development partners in 2025.
In 2026, BoI raised an oversubscribed N250bn Development Bond, alongside €85m from the European Investment Bank (EIB) for agriculture and another €50m for healthcare manufacturing.
Olusi attributed the confidence of investors and development partners to the bank’s governance framework, financing pipeline and reported results.
“Investors have placed this money with us because they trust our governance, our pipeline and our results,” he said.
Federal Government intervention reaches beneficiaries
Beyond its direct lending programmes, BoI played a major role in implementing the Federal Government’s N200bn intervention programme, delivering more than 95 per cent of the initiative, according to the figures presented by the bank.
The programme reached 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers, providing support to businesses and individuals across different segments of the economy.
Through its Rural Area Programme on Investment for Development (RAPID), the bank also disbursed N6.5bn to 880 rural enterprises across all 36 states and the Federal Capital Territory.
The programme supported more than 8,000 jobs, highlighting the bank’s efforts to extend financing beyond major commercial centres and encourage enterprise development in rural communities.
However, BoI’s report noted that businesses, particularly MSMEs, continued to face significant operating challenges in 2025. High inflation, elevated interest rates and exchange-rate volatility increased business costs, while informality and inadequate financial records constrained access to finance and limited opportunities for expansion.
These challenges have reinforced the need for improved financial access, stronger business management practices and sustained investment in productive sectors.
BoI targets stronger performance in 2026
Looking ahead, Olusi said the bank expected to surpass its 2025 performance in 2026 before consolidating its achievements and meeting the objectives of its three-year corporate strategy in 2027.
“For 2026, we are set to exceed our 2025 impact,” he said.
He added, “2027 is the final year of our strategy, and our task is to consolidate and meet every target we set.”
As part of its next phase of expansion, BoI is working with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact, an initiative aimed at attracting more long-term capital into Nigeria’s industrial sector.
The bank also plans to deploy the newly secured EIB facilities to agriculture and local healthcare manufacturing, while expanding its information and communications technology portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.
Olusi said the bank’s broader objective remained the provision of financing that would strengthen local production, support enterprise growth and create employment opportunities.
“Our mission is simple: finance what Nigeria makes, and create jobs for Nigerians,” he said.
The bank’s latest performance places increased emphasis on the role of development finance in supporting domestic manufacturing, improving infrastructure and expanding credit access for businesses as Nigeria pursues industrial growth and economic diversification.