• Seven-year facility forms part of IFC’s planned $100m investment package to deepen access to long-term credit
• Olusi: deal will strengthen BoI’s capacity to finance productive enterprises, expand opportunities for women-owned businesses
James Emejo in Abuja
Bank of Industry (BoI) has secured a $50 million loan from the International Finance Corporation (IFC) to expand long-term financing for Micro, Small and medium-sized Enterprises (MSMEs) in Nigeria, with women-owned businesses billed to receive at least a quarter of the facility.
The seven-year loan, signed at the Africa Financial Industry Summit (AFIS) 2026 in Luanda, Angola, formed part of a broader IFC investment package of up to $100 million for the Nigerian development finance institution.
The financing is expected to strengthen BoI’s capacity to provide longer-term capital to businesses operating in manufacturing, agriculture, renewable energy, and the creative industries, sectors with potential to expand domestic production and generate employment.
The agreement was signed by BoI Managing Director/Chief Executive, Dr. Olasupo Olusi, and IFC Managing Director, Makhtar Diop.
Under the arrangement, the facility will provide the Nigerian development finance institution with additional funding to support enterprises with the capacity to grow, create jobs, and strengthen local supply chains.
At least 25 per cent of the loan proceeds will be allocated to women-owned businesses, giving gender inclusion a defined place in the financing programme.
Speaking on the agreement, Olusi said the transaction reflected confidence in the bank’s institutional capacity and its role in driving Nigeria’s industrial development.
He said the funding would enhance the bank’s ability to provide long-term financing to MSMEs and other productive enterprises, particularly women-owned businesses.
According to him, the partnership extends beyond the immediate loan to a broader effort to mobilise capital, support business expansion and generate sustainable employment.
Olusi added that the agreement represented a milestone in BoI’s relationship with IFC and their shared objective of contributing to Nigeria’s economic transformation.
According to him, “This partnership represents a strong vote of confidence in BOI’s mandate, institutional capacity and role in advancing Nigeria’s industrial development.
“The $50 million facility will strengthen our ability to provide long-term financing to MSMEs and productive enterprises with a deliberate focus on 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.
“We see this as an important milestone in building a deeper strategic partnership that will contribute meaningfully to Nigeria’s economic transformation.”
Diop said access to long-term finance remained critical to helping smaller businesses expand operations, create jobs, and reinforce domestic value chains.
He said IFC’s partnership with BoI would combine direct financing with local capital-market solutions to attract additional private investment and expand local-currency funding for MSMEs, including businesses owned by women.
He said, “Expanding access to long-term finance is essential to helping Nigeria’s smaller businesses grow, create jobs, and strengthen local 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.”
The agreement aligns with BoI’s priorities on MSME development, enterprise growth, gender inclusion, and sustainable industrialisation, as well as the federal government’s broader push to expand private-sector-led economic growth and strengthen the productive base.
In a statement, the bank said it would continue to work with IFC to conclude the outstanding requirements.
BoI is the country’s principal development finance institution, providing financing and advisory services to enterprises across key sectors of the economy, while IFC, a member of the World Bank Group, focuses on mobilising private-sector investment in emerging markets.