The Bank of Industry has secured €2 billion through global loan syndication to enhance its financial capacity.
The funds will support infrastructure development, SME growth, and industrial diversification across key sectors.
BOI Managing Director, Olasupo Olusi, made this disclosure during the bank’s 65th-anniversary celebration on Thursday in Lagos.
He stated that the €2 billion is part of over $5 billion raised since 2017 from international capital markets through Eurobonds, loan syndications, and green finance instruments to expand the bank’s national footprint.
He said, “As we mark this historic milestone, I would like to highlight some of the Bank’s key achievements over time. In 2007, BOI’s authorised share capital was increased to N250bn to put the bank in a position to address its mandate better; this was subsequently increased to N500bn in May 2023.
“In recognition of the pivotal role of MSMEs in national economic development, the Bank in 2014 engaged 122 SME consultants and entered strategic alliances with 10 SME-friendly commercial banks. Today, we have over 300 Business Development Service providers supporting SMEs nationwide. The bank also has a robust on-lending program with various financial institutions, including microfinance banks and fintechs.
“In 2017, BOI commenced raising funds on the international market with a $750 million AFREXIM loan. Since then, we have successfully raised over $5bn from the international capital markets through Eurobonds, loan syndications, and green finance instruments. This month, we concluded a global loan syndication that raised nearly €2bn which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFIs.”
He stressed that the bank has engaged in key strategic partnerships with relevant agencies to empower Nigeria’s industrial growth, foster innovation, and contribute to socioeconomic development.
On the N200 billion FGN MSME Intervention Fund, Olusi confirmed that disbursements are ongoing to approved beneficiaries.
He also stated that the bank aims to extend its services to all 36 states by the first quarter of 2025.
In addition, the bank said its non-interest banking service is also coming up soon.
“In November 2023, the Federal Government of Nigeria appointed BOI as the executing agency for the N200bn FGN MSME Intervention Fund, which includes an N50bn Presidential Conditional Grant Scheme, an N75bn Manufacturing Sector Fund, and an N75bn MSME Intervention Sector Fund. This program is currently being disbursed and there are numerous stories on the impact on private enterprises.”
