BOI signs $50m IFC loan to fund small businesses, a quarter for women
- The Bank of Industry has signed a $50 million seven-year loan with IFC, part of a package worth up to $100 million.
- At least 25 percent of the money is set aside for businesses owned by women.
- The deal was signed in Luanda, Angola, and covers manufacturing, farming, renewable energy and creative businesses.
The Bank of Industry (BOI) has signed a $50 million loan with the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, to give small and medium businesses in Nigeria longer-term funding.
The agreement was signed in Luanda, Angola, at the Africa Financial Industry Summit 2026. The seven-year facility is part of a wider IFC package of up to $100 million for BOI.
At least a quarter of the loan is reserved for businesses owned by women, the bank said.
The money is meant for companies in manufacturing, agriculture, renewable energy and the creative industries — sectors that can create jobs for Nigeria's young population.
Why it matters for small businesses
Many Nigerian small businesses struggle to get loans that run long enough to buy equipment or expand. Short repayment windows and high interest often push owners to borrow from friends or dip into savings.
A seven-year loan gives BOI room to lend for longer periods. IFC said the deal combines direct funding with local capital-market solutions, with the aim of pulling in more private money and expanding naira funding for small businesses, including those owned by women.
BOI Managing Director Olasupo Olusi said the deal shows confidence in the bank's ability to drive industrial development. He said the facility would help BOI lend to small businesses and productive enterprises, with a deliberate focus on women-owned firms.
IFC Managing Director Makhtar Diop said long-term finance is key to helping smaller businesses grow, create jobs and strengthen local supply chains.
"Expanding access to long-term finance is essential to helping Nigeria's smaller businesses grow, create jobs, and strengthen local value chains," Diop said.
The bank said the support fits its priorities on small business development, gender inclusion and industrial growth, and the Federal Government's push for private-sector-led growth.
What happens next
The loan is not yet ready to draw down. BOI said it will keep working with IFC to complete the final financing documents and meet the usual conditions before the money can be used.
BOI is Nigeria's main development finance institution, lending to businesses across key sectors. IFC invests in private companies in emerging markets.
