BOI targets 3m jobs, N1.85tn lending by 2027

The Bank of Industry (BOI) has set ambitious targets for job creation and lending growth over the next three years. By 2027, BOI aims to create and sustain three million jobs while increasing its annual lending to N1.85 trillion. Managing Director Olasupo Olusi announced these objectives during a media engagement in Lagos, detailing the bank's strategy for 2025-2027.

The strategy focuses on doubling the bank's loan portfolio and impact, with priority sectors including manufacturing, agriculture, healthcare, climate-friendly businesses, and technology-driven enterprises. BOI plans to structure its financing around six thematic areas, with 2025 as the foundation year, 2026 for execution and expansion, and 2027 for consolidation.

The bank will concentrate its efforts on sectors that can boost local production, reduce import dependence, and generate sustainable employment. Olusi highlighted the importance of these initiatives in fostering local food production and medicine supply. In 2025, BOI disbursed N625 billion to 12,501 businesses, supporting the creation and maintenance of 1.6 million jobs.

MSMEs received over 31% of the funding, with N120 billion allocated to women-owned businesses. The bank aims to provide financing to 24,000 MSMEs by 2027, targeting 35% for MSMEs, 15% for women-owned businesses, and 20% for youth-led enterprises. Additionally, BOI plans to allocate at least 10% of its loan portfolio to climate-related investments and leverage the $617.7 million Investment in Digital and Creative Enterprises (IDICE) program to support technology and creative businesses.