The Bank of Industry (BOI) has obtained a $50 million senior loan from the International Finance Corporation (IFC), a member of the World Bank Group, to increase access to long-term financing for micro, small and medium-sized enterprises (MSMEs) in Nigeria.

The facility is part of a broader IFC investment package of up to $100 million designed to support BOI’s financing activities. At least 25 per cent of the loan proceeds will be allocated to women-owned businesses.

The agreement was signed at the Africa Financial Industry Summit 2026 by BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, and IFC Managing Director, Makhtar Diop.

With a seven-year tenor, the financing is expected to strengthen BOI’s funding capacity and enable the development bank to offer longer-term financial support to businesses across manufacturing, agriculture, renewable energy and the creative industries.

The facility will focus on productive enterprises capable of generating employment, reinforcing local value chains and advancing Nigeria’s industrial development, particularly in response to the needs of the country’s growing youthful population.

Commenting on the agreement, Olusi described the partnership as an example of how strategic development finance collaborations can contribute to Nigeria’s industrial growth.

He explained that the $50 million facility would improve BOI’s ability to provide long-term funding to MSMEs and other productive businesses, with particular attention to increasing financing opportunities for women-owned enterprises.

Olusi also noted that the partnership reflects a mutual commitment to mobilising capital, encouraging business expansion and generating sustainable employment.

On his part, IFC Managing Director Makhtar Diop highlighted the importance of accessible long-term financing in helping smaller Nigerian businesses expand their operations, create jobs and strengthen local value chains.

He further explained that the collaboration would integrate financing support with local capital market solutions to attract additional private investment and increase access to local-currency funding for MSMEs, including businesses owned by women.

The IFC investment supports BOI’s strategic priorities in MSME development, gender inclusion, enterprise expansion and sustainable industrialisation.

It also aligns with the Federal Government’s efforts to promote private sector-led economic growth and strengthen Nigeria’s productive capacity.

SOURCE: MSME Africa Online