Nigeria’s Bank of Industry (BoI) has unveiled one of the most ambitious institutional innovations in recent years — a Business Clinic Model designed not merely to fund MSMEs, but to diagnose, treat, and rehabilitate them for long-term competitiveness.
In an economy where over 96% of businesses are MSMEs yet only a fraction achieve structural longevity, BoI’s new approach signals a systemic shift: from being a lender of last resort to becoming a development hospital for Nigeria’s entrepreneurial backbone.
This transformative model was announced at the BoI Thrive Summit 2025 in Lagos under the theme: “Driving Growth through Innovation and Financial Empowerment.”
A New Framework: The Bank as a Teaching Hospital
Dr. Obaro Osah, Divisional Head of Business Development at BoI, captured the essence succinctly:
“Financial distress is only a symptom. The real disease lies in operations, philosophy, governance and structure.”
In place of traditional banking that focuses on account opening and collateral, the Business Clinic Model introduces a structured process similar to medical triage:
BoI’s MSME Diagnostic Triage
- Business Maturity Assessment – Stage-by-stage analysis of business evolution
- Cash Flow Pulse Check – Liquidity, solvency, working capital stress test
- Market Temperature Reading – Competitive landscape mapping
- Operational X-Rays – Governance flaws, structural weaknesses, process gaps
Only after proper diagnosis does BoI prescribe advisory, restructuring, capacity building or financing.
Osah likened “prescription without diagnosis” to corporate malpractice — a reason many MSMEs relapse into recurring crises despite receiving capital.
Why This Is Revolutionary for Nigeria’s MSME Ecosystem
Despite their scale and potential, most MSMEs suffer chronic structural ailments:
- Weak corporate governance
- Fragmented operational systems
- Poor cash flow discipline
- Limited digital adoption
- Inadequate packaging and branding
- Lack of market access
- Zero succession or growth planning
BoI’s new clinic becomes a one-stop platform to cure these endemic weaknesses, not just plaster over them with loans.
Beyond Finance: A Full-Market Support System
Dr. Isa Omagu, BoI’s Chief Strategy & Development Officer, expanded the vision:
“MSMEs need more than finance—they need structure, advisory, governance, digital readiness and market intelligence.”
Under BoI’s 2025–2027 Corporate Strategy, the Business Clinic will:
- Provide structured advisory to MSMEs
- Support project design and development
- Build enterprise governance systems
- Improve digital capabilities
- Support export competitiveness
- Strengthen product development and branding
This aligns with Nigeria’s broader industrialisation agenda: grow MSMEs from survivalist micro-enterprises into bankable, competitive, scalable and investment-grade businesses.
ESG To Become a Growth Accelerator
Mrs. Eniola Akinsete, BoI’s Divisional Head for Sustainability, stressed the importance of ESG (Environmental, Social, and Governance) standards.
For MSMEs, ESG adoption is often seen as difficult, but BoI wants to change that narrative:
- ESG improves access to finance
- ESG drives global market compliance
- ESG helps structure internal governance
- ESG boosts long-term enterprise valuation
BoI is promising structured support for MSMEs to embed ESG into their operations.
A New Era of Entrepreneurial Health Management
BoI’s Executive Director, Rotimi Akinde, summed up the institution’s new mission:
“Through initiatives like this Business Clinic, we have found our role as a foster partner in your business growth journey.”
The summit’s sessions covered:
- Branding & marketing
- Corporate finance and investment fundamentals
- Human rights and labour standards
- HR and workplace culture
- Raising equity
- Digital adoption
- Technology and innovation strategy
These are the building blocks of modern enterprise competitiveness, and BoI aims to embed them into Nigeria’s MSME DNA.
BRANDECONOMY Insight: A Structural Shift for Nigeria’s Real Economy
The Bank of Industry is redefining development banking in Nigeria.
Rather than pumping capital into weak structures, the new model forces a rethink:
- Diagnose before lending
- Strengthen before scaling
- Restructure before refinancing
This could become a blueprint for African development finance, especially in markets where MSMEs collapse under the weight of operational weakness—not lack of capital.
If executed with discipline, the BoI Business Clinic may finally unlock the full productive capacity of Nigeria’s MSME sector — the engine room of jobs, innovation, and industrial transformation.
