BOI’s maiden N250 billion bond oversubscribed amid strong investor demand

The Bank of Industry (BOI) successfully launched its maiden N250 billion Series 1 Fixed Rate Bond in Nigeria's domestic debt capital market, surpassing the offered amount with strong investor demand. Issued through BOI Financing SPV Plc under the bank's $1 billion Multi-Currency Instruments Programme, the bond attracted subscriptions from a diversified group of institutional investors, including pension fund administrators, commercial banks, development finance institutions, corporates, and other institutions.

The proceeds will be utilized to bolster BOI's long-term financing capacity for businesses in priority sectors of the economy, promoting industrial growth, job creation, local value addition, and economic diversification. BOI Managing Director and CEO, Dr. Olasupo Olusi, expressed that the oversubscription indicates the domestic market's ability to support large-scale development financing.

He credited the strong investor turnout to policy support from President Bola Ahmed Tinubu, with a N100 billion fund approved for BOI to aid bond pricing and reduce borrowing costs for manufacturers and other beneficiaries. The bond issuance expands BOI's funding architecture alongside its access to international capital markets and highlights the rising demand for high-quality long-term investment instruments in Nigeria.