The Bank of Industry (BoI) has announced that it disbursed over N1.27 trillion to enterprises spanning fourteen major economic sectors, empowering businesses nationwide and aiding in the creation and preservation of more than 900,000 jobs. This announcement was delivered by BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, during the second-day virtual session of the 10th Nigeria Energy Forum (NEF) in Lagos. Speaking through the Executive Director for Public Sector and Intervention Programme, Mabel Ndagi, Olusi reaffirmed the bank’s pivotal role in advancing Nigeria’s industrialisation drive by offering essential financing that helps businesses scale operations, deepen value addition, and spur mass employment opportunities.
Emphasising the significance of the N200 billion Federal Government MSME Intervention Fund managed by BoI, Olusi identified it as a vital catalyst for small business growth across the country. He explained that the fund allocates resources through three specific windows—N50 billion for the Presidential Conditional Grant Scheme, N75 billion for the MSME Intervention Fund, and another N75 billion for the Manufacturing Sector Fund. He noted that the targeted deployment of these funds has strengthened micro, small, and medium enterprises, many of which serve as anchoring pillars of Nigeria’s economic resilience.
BoI further revealed its heightened commitment to green finance, renewable energy solutions, and circular economy models, positioning the bank as a frontrunner in supporting climate-friendly manufacturing and clean energy projects. Olusi highlighted ongoing efforts to back industries embracing renewable energy, energy-efficient technologies, and low-carbon processes, stressing the bank’s dedication to clean manufacturing, renewable energy infrastructure, and sustainable industrial ecosystems.
Also speaking at the event, Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union Delegation to Nigeria, noted that the EU is expanding its investments in secure, smart, and environmentally friendly infrastructure globally to reduce disparities and drive development. She referenced the Africa-EU Green Energy Initiative, designed to broaden access to clean and affordable power across Africa, projecting that no fewer than 100 million people will gain electricity access by 2030. Stefoniwicz further revealed that the EU has invested approximately €300 million in Nigeria’s power sector since 2008, making it the largest grant contributor to the country’s energy industry.
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Similarly, John Sloan, Economic Affairs Officer at the Economic Commission for Africa (ECA), remarked that Africa’s shift toward green energy offers vast opportunities for industrial growth and job creation, especially in mineral-rich communities. He pointed out that special economic zones have the potential to become drivers of inclusive industrialisation, while renewable energy and green technologies will continue to generate economic value across the continent.
In a related development, BoI in October unveiled the N2 billion BOI–NYSC Entrepreneurship Programme aimed at offering affordable credit to National Youth Service Corps (NYSC) members. The initiative provides loans of up to N5 million per corps member at a single-digit interest rate of nine percent annually, further supporting youth-led enterprises, employment creation, and the expansion of small businesses throughout Nigeria.
