Bank of Industry and IFC Sign $50 Million Loan to Support Small Businesses in Nigeria

The Bank of Industry Limited (BOI) and the International Finance Corporation (IFC), part of the World Bank Group, have signed a loan agreement worth $50 million. This deal aims to provide long-term financing for micro, small, and medium-sized enterprises (MSMEs) across Nigeria.

The agreement was made during the Africa Financial Industry Summit 2026, with BOI’s Managing Director, Dr. Olasupo Olusi, and IFC’s Managing Director, Makhtar Diop, in attendance. A portion of the loan, at least 25%, is specifically set aside for businesses owned by women.

This seven-year loan will enhance BOI’s ability to offer longer-term financing to businesses in various sectors, including manufacturing, agriculture, renewable energy, and the creative industries. This initiative is expected to create jobs for Nigeria’s growing youth population.

Olusi highlighted that this partnership showcases the value of strategic finance collaborations. He emphasized that the loan will help provide long-term financing to MSMEs while focusing on increasing opportunities for women-owned businesses.

Diop noted that improving access to long-term finance is crucial for the growth of smaller businesses in Nigeria. He stated that the collaboration with BOI will combine financing with local market solutions to attract more private investment and expand funding for MSMEs.

This support from IFC aligns with BOI’s goals of promoting MSME development and gender inclusion, and it also supports Nigeria’s broader objective of encouraging private sector growth and improving access to finance.