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.
Di Bank of Industry (BOI) don sign $50 million loan with di International Finance Corporation (IFC), wey be di private-sector arm of di World Bank Group, to give small and medium businesses for Nigeria longer-term funding.
Dem sign di agreement for Luanda, Angola, for di Africa Financial Industry Summit 2026. Di seven-year facility na part of a bigger IFC package of up to $100 million for BOI.
At least a quarter of di loan na for businesses wey women own, di bank talk.
Di money na for companies inside manufacturing, agriculture, renewable energy and creative industries — sectors wey fit create jobs for Nigeria young population.
Why e matter for small businesses
Plenty Nigerian small businesses dey struggle to get loans wey go last long enough to buy equipment or expand. Short repayment windows and high interest often dey push owners to borrow from friends or dip into savings.
A seven-year loan dey give BOI room to lend for longer periods. IFC talk say di deal join direct funding with local capital-market solutions, with aim to pull more private money and expand naira funding for small businesses, including those wey women own.
BOI Managing Director Olasupo Olusi talk say di deal show confidence in di bank ability to drive industrial development. He talk say di facility go help BOI lend to small businesses and productive enterprises, with deliberate focus on women-owned firms.
IFC Managing Director Makhtar Diop talk say long-term finance na key to help 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 talk.
Di bank talk say di support dey fit its priorities on small business development, gender inclusion and industrial growth, and di Federal Government push for private-sector-led growth.
Wetin go happen next
Di loan never ready to draw down. BOI talk say e go keep working with IFC to complete di final financing documents and meet di usual conditions before dem fit use di money.
BOI na Nigeria main development finance institution, wey dey lend to businesses across key sectors. IFC dey invest in private companies for emerging markets.
