BOI, IFC sign $50m loan deal to boost MSME financing

Bank of Industry Limited and the International Finance Corporation, a World Bank Group entity, announced a $50 million senior loan agreement to bolster micro, small, and medium-sized enterprise financing in Nigeria. This commitment is part of a larger $100 million investment package from IFC, with at least 25% of the funds allocated to women-owned businesses.

The loan, signed during the Africa Financial Industry Summit 2026 by BOI's CEO Dr. Olasupo Olusi and IFC's Managing Director Makhtar Diop, will be repaid over seven years. The extended loan tenor will bolster BOI's funding capacity, enabling it to provide longer-term finance to productive businesses in manufacturing, agriculture, renewable energy, and the creative industries.

The initiative aims to foster industrial development, support productive enterprises, and empower BOI to allocate patient capital to job-creating businesses that enhance local value chains, contributing to Nigeria's inclusive industrial growth. Olusi highlighted that the partnership underscores the value of strategic development finance collaborations, while Diop emphasized the importance of expanding access to long-term finance to foster job creation, business growth, and local value chain strengthening.

The IFC's support complements BOI's strategic goals around MSME development, gender inclusion, enterprise growth, and sustainable industrialization, aligning with Nigeria's broader objective of fostering private sector-led economic expansion and enhancing productive capacity.