The Bank of Industry (BOI) and the United Nations Development Programme (UNDP) have renewed their partnership to strengthen Nigerian enterprises, improve access to finance and markets, and support industrial development and economic growth.

The agreement was signed at BOI’s office in Abuja, establishing a framework for cooperation aimed at helping businesses become more competitive and participate in national and regional value chains.

The partnership combines BOI’s expertise in long-term development financing and industrial development with UNDP’s global experience, policy support and commitment to inclusive and sustainable development.

Speaking at the signing ceremony, UNDP Nigeria Resident Representative, Ms. Elsie G. Attafuah, emphasised the importance of enterprises to the country’s economic prosperity.

“UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” she said.

Attafuah highlighted the need to support businesses at different stages of growth, including farmers moving into agro-processing, women expanding manufacturing businesses and producers seeking markets beyond Nigeria.

BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, also outlined how the institutions would combine their resources and expertise to advance the partnership through Project THRIVE.

“Project THRIVE brings together BOI’s development financing capacity, sector knowledge and enterprise networks with UNDP’s technical expertise, development programming capabilities, global partnerships and resource mobilization platforms”.

He added: “Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth.

This partnership grew from engagements that began in 2025, when our institutions started exploring how our respective strengths could be combined to address some of Nigeria’s development priorities. The MoU we are signing today provides an institutional framework for that collaboration.”

Olusi explained that BOI’s mandate centres on advancing Nigeria’s industrialisation through financing productive enterprises and supporting the value chains, skills and infrastructure required for business growth.

“At BOI, our mandate is to advance Nigeria’s industrialization by financing productive enterprises and supporting the value chains, skills and infrastructure that enable them to grow. Finance must be supported by technical expertise, market access, innovation and strong implementation partnerships if it is to deliver lasting development outcomes.”

Under the agreement, both institutions will collaborate on enterprise development and industrialisation, particularly in the micro, small and medium-sized enterprises (MSMEs) sector, manufacturing and agro-processing.

Their interventions will also target value chains and corridor-based development, connecting producers, processors and markets to strengthen business operations and expand commercial opportunities.

Trade competitiveness and market access will form another key component of the partnership, with efforts directed at helping Nigerian businesses prepare to benefit from opportunities under the African Continental Free Trade Area (AfCFTA).

The institutions will also prioritise skills development, employability, entrepreneurship and innovation among young people, alongside women’s economic empowerment. These efforts will seek to improve access to finance, skills and markets, particularly for women-led businesses, young entrepreneurs and underserved communities.

Other areas of cooperation include digital inclusion, the creative economy, renewable energy, climate resilience and environmental sustainability. The agreement also provides for collaboration on infrastructure and strategic enablers of industrial development, including the sustainable development of natural resources and the mining sector.

Implementation will involve identifying shared priorities, coordinating activities and regularly reviewing progress. BOI and UNDP will draw on their respective capabilities to develop practical initiatives that support enterprise growth and contribute to the Sustainable Development Goals (SDGs).

The renewed partnership reinforces both institutions’ commitment to positioning Nigerian enterprises as drivers of job creation, economic diversification and sustainable development.

Source: PM Express