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

Bank of Industry Limited (BOI) and International Finance Corporation (IFC), a World Bank Group entity, have agreed to a $50 million senior loan to bolster long-term funding for micro, small and medium-sized enterprises (MSMEs) in Nigeria. The agreement, reached at the Africa Financial Industry Summit 2026, is part of a wider $100 million investment package from IFC to support BOI.

At least 25 percent of the loan funds will be allocated to women-owned businesses. The seven-year loan will bolster BOI's funding capacity, enabling it to provide extended financing to productive businesses in sectors such as manufacturing, agriculture, renewable energy and Nigeria's burgeoning creative industries, which have significant job creation potential.

BOI's Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, and IFC's Managing Director, Makhtar Diop, signed the deal. Olusi highlighted the strategic significance of the partnership, emphasizing the power of development finance collaborations. He noted that the transaction demonstrates confidence in BOI's mandate and its role in advancing Nigeria's industrial development.

Diop emphasized that expanding access to long-term finance is vital for Nigerian smaller businesses to grow, create jobs, and bolster local value chains. The IFC's support aligns with BOI's strategic focus on MSME development, gender inclusion, enterprise growth, and sustainable industrialisation, and it also helps Nigeria achieve broader goals of fostering private sector-led growth and enhancing access to finance.