BOI and UNDP sign three-year deal to back small businesses, women and youth
- The Bank of Industry and UNDP signed a three-year agreement in Abuja to support Nigerian enterprises.
- The deal focuses on small and medium businesses, manufacturing, agro-processing and access to finance and markets.
- Women-led businesses, young entrepreneurs and trade under the African free trade area are also priorities.
The Bank of Industry (BOI) and the United Nations Development Programme (UNDP) have signed a three-year agreement to support Nigerian businesses, with particular attention to small and medium-sized enterprises, manufacturing and agro-processing.
The Memorandum of Understanding (MoU) was signed at BOI's Abuja office. It renews a partnership between the two institutions and sets out a framework for helping Nigerian enterprises become more competitive and reach finance and markets, according to both organisations.
For everyday Nigerians, the focus is on the businesses that employ many people and supply everyday goods: farmers moving into processing, women growing manufacturing outfits, and producers looking for buyers beyond Nigeria's borders.
What the partnership covers
Under the deal, BOI brings its long-term development financing and industry knowledge, while UNDP brings policy support, global partnerships and development programming.
The two will work on value chains that connect producers, processors and markets, and on trade competitiveness, including preparing businesses for opportunities under the African Continental Free Trade Area (AfCFTA).
Other areas listed include skills, employability and innovation for young people, women's economic empowerment, digital inclusion and the creative economy, renewable energy, climate resilience, and the sustainable development of natural resources and the mining sector.
UNDP Nigeria Resident Representative Elsie G. Attafuah said the two institutions share a conviction that "Nigeria's prosperity will be built by its enterprises." She said support would cover businesses at different stages of growth.
BOI Managing Director and CEO Olasupo Olusi said the partnership, which he referred to as Project THRIVE, grew from talks that began in 2025. He said finance alone is not enough: "Finance must be supported by technical expertise, market access, innovation and strong implementation partnerships if it is to deliver lasting development outcomes."
What happens next
The institutions said implementation will focus on identifying joint priorities, coordinating delivery and reviewing progress regularly. Neither outlet reported a specific funding amount attached to the MoU, so it is not yet clear how much new money will reach businesses or when.
Both organisations said the partnership is meant to support job creation, economic diversification and the Sustainable Development Goals.
