The Bank of Industry (BOI) plans to lift its yearly lending to N1.85 trillion and create or sustain three million jobs by 2027, while extending financing to 24,000 Micro, Small and Medium Enterprises (MSMEs). Managing Director Olasupo Olusi disclosed the targets on Thursday, October 22, 2026, during a session with media executives in Lagos.
The commitments sit within BOI's 2025–2027 corporate strategy, which aims to double the loan portfolio, disbursements and development impact, with priority sectors including manufacturing, agriculture, local healthcare, climate-friendly businesses and technology-driven enterprises. Olusi said the strategy runs across six thematic areas, with 2025 as the foundation year, 2026 for execution and expansion, and 2027 for consolidating results.
"We will deploy many of the resources that we need for growth in our country, in areas such as agriculture, local healthcare and manufacturing," Olusi said, adding that the goal is for Nigeria to produce more of the food, medicines and key materials it consumes.
BOI disbursed N625 billion in 2025 to 12,501 businesses, supporting the creation and sustenance of 1.6 million jobs. MSMEs received more than 31% of the funding, while roughly N120 billion went to women-owned businesses. Going forward, the bank intends to direct 35% of funding to MSMEs, 15% to women-owned businesses and 20% of MSME financing to youth-led enterprises. It also plans to commit at least 10% of its loan portfolio to climate-related investments and to use the $617.7 million Investment in Digital and Creative Enterprises (IDICE) programme to back technology and creative ventures.
"Our mission is very simple. We have to finance what Nigeria makes," Olusi said.
The bank has been expanding small-business financing through other interventions. In 2024, the Federal Government announced plans to raise the maximum single-digit loan available to MSMEs from N1 million to N5 million under the N200 billion Presidential Intervention Fund, which set aside N75 billion for MSMEs. In October 2025, BOI launched a N2 billion entrepreneurship programme for National Youth Service Corps members, offering loans of up to N5 million at 9% annual interest.
BOI has also strengthened capital mobilisation. In July 2026, it highlighted an €85 million financing arrangement with the European Investment Bank for agricultural value chains, including cocoa and dairy processing. In August 2026, its inaugural N250 billion Series 1 Fixed Rate Bond was oversubscribed; the bond was issued through BOI Financing SPV Plc under a $1 billion Multi-Currency Instruments Programme.
