Bank of Industry, IFC sign US$50m loan to expand finance for Nigeria’s MSMEs

Bank of Industry, IFC sign US$50m loan to expand finance for Nigeria’s MSMEs

Bank of Industry Limited (BOI) and IFC, a member of the World Bank Group, today signed a US$50 million (fifty million United States dollars) senior loan to expand long-term financing for micro, small and medium-sized enterprises (MSMEs) across Nigeria. The commitment forms part of a broader IFC investment package of up to US$100 million (one hundred million United States dollars) in support of BOI, with at least 25 percent of the loan proceeds dedicated to women-owned businesses.

The agreement was signed at the Africa Financial Industry Summit (AFIS) 2026 by Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of BOI, and Makhtar Diop, Managing Director of IFC. The seven-year tenor of the loan will strengthen BOI’s funding base and allow it to extend longer-term finance to productive businesses in manufacturing, agriculture, renewable energy and importantly the Nigerian creative industries with the potential for job creation for the countries growing youthful population.

Focused on accelerating industrial development, supporting productive enterprises, in action: combining direct development finance with domestic capital market mobilisation to crowd in longer-term funding for enterprise growth. It also reinforces BOI’s ability to channel patient capital to businesses that create jobs, strengthen local value chains and support Nigeria’s inclusive industrial development.

On the approval, Olasupo Olusi, managing director of Bank of Industry, said the transaction demonstrates the power of strategic development finance partnerships.

“This partnership represents a strong vote of confidence in BOI’s mandate, institutional capacity and role in advancing Nigeria’s industrial development. The US$50 million facility will strengthen our ability to provide long-term financing to MSMEs and productive enterprises with a deliberate focus on expanding opportunities for women-owned businesses. Beyond the immediate financing, our collaboration with IFC reflects a shared commitment to mobilising capital, supporting enterprise growth and creating sustainable jobs. We see this as an important milestone in building a deeper strategic partnership that will contribute meaningfully to Nigeria’s economic transformation.”

Expanding access to long-term finance is essential to helping Nigeria’s smaller businesses grow, create jobs, and strengthen local value chains,” said Makhtar Diop, Managing Director of IFC. “Through our partnership with the Bank of Industry, we are combining financing with local capital-market solutions to mobilize more private capital and expand local-currency funding for MSMEs, including women-owned businesses.

The IFC support aligns with BOI’s strategic priorities around MSME development, gender inclusion, enterprise growth and sustainable industrialisation. It also supports the Federal Government of Nigeria’s broader objective of expanding private sector-led growth, deepening access to finance and strengthening Nigeria’s productive base.

BOI will continue to work with IFC towards completion of the definitive financing documentation and fulfilment of all customary conditions required for implementation.

BOI is Nigeria’s leading development finance institution, providing long-term financing and advisory support to enterprises across key sectors of the Nigerian economy. The Bank’s mandate is centred on accelerating industrial development, supporting productive enterprises and promoting sustainable and inclusive economic growth.

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2026, IFC committed a record $105 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.