The Bank of Industry (BoI) says it disbursed more than N1.27 trillion directly and indirectly to enterprises across 14 economic sectors in 2024.
The bank said the interventions contributed to the sustenance and creation of over 900,000 jobs nationwide during the year.
BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, made the disclosure on Tuesday during the virtual Day 2 session of the 10th Nigeria Energy Forum (NEF) held in Lagos.
Represented by the Executive Director, Public Sector and Intervention Programme, Ms. Mabel Ndagi, Olusi said the bank remained central to Nigeria’s industrialisation agenda, providing critical financing that enables businesses to expand operations, boost value addition and drive large-scale employment.
“BoI has disbursed more than N1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024,” she said.
FG’s N200 billion MSME fund driving nationwide support
He highlighted the role of the N200 billion Federal Government MSME Intervention Fund, managed by BoI, which he described as an essential engine of growth for small businesses across the country.
“The N200 billion Federal Government MSME Intervention Fund, managed by BoI, provides affordable financing to small businesses nationwide through three dedicated windows — N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and N75 billion for the Manufacturing Sector Fund,” he said.
Olusi noted that the bank’s strategic deployment of these funds had played a key role in strengthening micro, small and medium enterprises, many of which are vital to Nigeria’s economic stability.
BoI expands investment in renewable energy and green finance
The BoI CEO also announced increased investments in green finance, renewable energy adoption and circular economy initiatives.
He said the bank was positioning itself as a leader in financing climate-smart manufacturing and clean energy solutions.
“The bank is also expanding investments in green finance and circular economy solutions, supporting industries that integrate renewable energy, energy efficiency, and low-carbon processes,” he said.
According to him, BoI will continue to “dominate leadership” in supporting renewable energy infrastructure, clean manufacturing, and environmentally sustainable industrial practices.
EU, ECA push for stronger global energy transition
Also speaking at the forum, Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union Delegation to Nigeria, said the EU was scaling up investments in smart, clean and secure infrastructure across energy and other key sectors globally to help reduce inequalities and accelerate development.
She explained that the Africa-EU Green Energy Initiative aims to significantly expand access to clean and affordable energy across the continent.
“It will support investments in renewable energy generation and promote energy efficiency so that by 2030, it will provide at least 100 million people with access to electricity,” Stefoniwicz said.
She noted that the EU had been Nigeria’s largest grant donor to the power sector, contributing about €300 million since 2008.
Green transition holds promise for job creation — ECA
In his remarks, John Sloan, Economic Affairs Officer at the Economic Commission for Africa (ECA), said the transition to green energy offers substantial opportunities for industrialisation and job creation in mineral-producing communities across Africa.
“Special economic zones are engines of job creation, fostering inclusive industrialisation by providing sustainable employment opportunities for the local workforce,” he said.
Sloan added that harnessing renewable energy and green technologies could support new industries while creating economic value across the continent.
What you should know
In October, the Bank of Industry had launched a N2 billion entrepreneurship programme aimed at providing affordable loans to members of the National Youth Service Corps (NYSC) as part of broader efforts to tackle youth unemployment and promote small business growth.
- The initiative was titled the ‘N2bn BOI–NYSC Entrepreneurship Programme’.
- The fund was designed to support corps members with access to credit of up to N5 million each at a single-digit interest rate of 9% per annum.