BoI Disburses ₦1.27trn Across 14 Sectors, Backs 900,000 Jobs in 2024
In a year marked by macroeconomic pressures, energy transitions, and the urgent need to strengthen local value chains, the Bank of Industry (BoI) has emerged as a central pillar of Nigeria’s development financing architecture —disbursing over ₦1.27 trillion to enterprises across 14 sectors in 2024 while supporting more than 900,000 jobs nationwide.
This revelation was made by BoI Managing Director Dr. Olasupo Olusi, represented by Executive Director, Public Sector and Intervention Programmes, Ms. Mabel Ndagi, during Day 2 of the 10th Nigeria Energy Forum (NEF).
The scale of BoI’s interventions underscores its increasing role as Nigeria’s development finance engine, catalysing growth in manufacturing, MSMEs, technology, renewable energy, circular economy solutions, and climate-smart industrial practices.
A Year of Massive Financing: The Numbers Behind BoI’s 2024 Impact
BoI’s ₦1.27 trillion disbursement cut across enterprises of all sizes—micro, small, medium, and large-scale—reflecting a deliberate effort to:
- Expand domestic production capacity
- Deepen value addition
- Build industrial resilience
- Reduce import dependence
- Create jobs at scale
- Drive green industrialisation
The bank has consistently positioned itself at the centre of Nigeria’s industrial transformation agenda.
MSME Support: ₦200bn Federal Intervention Fund Accelerates Local Enterprise Growth
BoI continues to manage the Federal Government’s ₦200bn MSME Intervention Fund, broken into three core windows:
- ₦50bn – Presidential Conditional Grant Scheme
- ₦75bn – MSME Intervention Fund
- ₦75bn – Manufacturing Sector Fund
These instruments offer affordable financing to thousands of MSMEs nationwide—boosting productivity, lowering operational constraints, and enabling small businesses to scale.
The institution has become a lifeline for local enterprises, particularly in a volatile macro-economic environment marked by high interest rates, forex constraints, and supply-chain disruptions.
Green Finance, Energy Efficiency & Climate-Smart Manufacturing Take Centre Stage
Beyond traditional financing, BoI is aggressively expanding its green finance portfolio, backing industries integrating:
- Renewable energy systems
- Energy-efficiency technologies
- Waste-to-energy solutions
- Low-carbon manufacturing
- Circular economy models
This aligns Nigeria with global sustainability trends and provides the industrial sector with long-term cost reductions and competitiveness advantages.
BoI’s leadership in renewable energy infrastructure and clean manufacturing finance positions it as a key driver of Nigeria’s pathway to net-zero, low-carbon industrialisation.
Energy Innovation & Youth Entrepreneurship: Nigeria’s New Frontier
The NEF platform also spotlighted youth-led innovation in the energy transition, including the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0)—co-created by impact investment firm All On and implemented by NEF.
Winning teams highlighted include:
- Green Preserve – Cross River State University
- AI Hybrid Agro Dryer – University of Lagos
- Keytric – University of Port Harcourt
Their projects—ranging from agro dryers to solar-powered solutions—reflect a fast-growing ecosystem of young inventors driving inclusive energy access for underserved communities.
Global Partners Push Green & Inclusive Growth
European Union (EU):
EU officials emphasized major investments in:
- smart, clean, and secure energy infrastructure
- renewable energy generation
- energy efficiency programmes
Under the Africa–EU Green Energy Initiative, at least 100 million people are expected to gain electricity access by 2030.
The EU remains Nigeria’s largest donor in the power sector, with €300 million in grants since 2008.
UN, ECA & Global Energy Leaders:
Experts underscored Africa’s potential to leverage green minerals, lithium value addition, and circular economy models to drive industrialisation and job creation.
Africa Youth Energy Innovation Challenge (AEIC):
Over 400 entries from 38 African countries, with over 30% led by young women, demonstrate a continental shift toward clean-tech entrepreneurship.
Finalists will showcase solutions at NEF 2026 in Lagos, themed:
“Upscaling Value Addition for Sustainable Industrialisation.”
BRANDECONOMY Insight: BoI Is Now More Than a Lender—It Is a Development Powerhouse
The Bank of Industry is evolving into Nigeria’s most strategic development finance institution (DFI), combining:
- industrial financing
- climate-smart loans
- renewable energy partnerships
- MSME empowerment
- green innovation
- circular economy leadership
Its ₦1.27trn in loans is not just capital—it is systemic intervention aimed at reshaping Nigeria’s production structure and strengthening resilience across sectors.
In an economy seeking stability, diversification, and productivity, BoI’s role is both transformational and indispensable.
