Abuja, May 8, 2026 – The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed facility from African Development Bank to expand long-term financing for small and medium-scale enterprises.
The loan was approved by the Board of Directors of the African Development Bank Group at the weekend.
The loan will help provide medium and long-term funding for businesses in critical sectors like infrastructure and transport, agro-food processing, health and pharmaceuticals, and green industrialisation.
Olasupo Olusi, the Chief Executive of BOI, said the bank welcomed the renewed partnership with the AfDB.
“BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
“This new facility will further strengthen our capacity to provide long-term financing to enterprises operating in sectors critical to Nigeria’s economic transformation
“Beyond financing, this intervention is about enabling industrial growth, expanding opportunities for SMEs, empowering women and youth-led businesses, strengthening local manufacturing capacity, and accelerating Nigeria’s transition towards a more resilient and sustainable economy.
“We appreciate the African Development Bank’s continued confidence in BOI’s mandate, institutional capacity, and developmental impact, and we remain committed to ensuring that this financing translates into tangible economic opportunities, job creation, and inclusive growth across Nigeria,” he said.
“BOI has consistently supported industrial projects and underserved segments of the economy through development financing interventions.
“The operation builds on the African Development Bank Group’s engagement in Nigeria, with investments across all regions supporting inclusive growth and job creation.
“It also aligns with the bank’s 10-year strategy for inclusive and green growth and its priorities of unlocking capital, strengthening financial sovereignty, empowering women and youth, and developing resilient infrastructure and value-added industries.
Dr. Abdul Kamara, the Director General of the AfDB, said the approval of the facility demonstrated the Bank’s continued commitment to supporting Nigeria’s private sector and industrial growth ambitions.
“Nigeria’s industrial transformation requires more patient, long-term capital than the market is structured to provide. Development finance institutions exist precisely to bridge this gap by stepping in when commercial banks are not able to meet the market demand for long-term investment capital.
“This approval directs capital to work in areas where it matters most, supporting SMEs, women entrepreneurs, and young business owners driving Nigeria’s industrial growth and economic diversification,” he said.
Ahmed Rashad Attout, the Director of the Afdb Financial Sector Development Department, said the long-term affordable financing will strengthen BOI’s capacity to provide competitive loans to SMEs, women- and youth-led enterprises, and high-impact sectors.
