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Tag: BoI

  • Reps probe ₦1.12tr anchor borrowers fund, demand accountability from NIRSAL, BOI

    Reps probe ₦1.12tr anchor borrowers fund, demand accountability from NIRSAL, BOI

    The House of Representatives Committee on Nutrition and Food Security has commenced a probe into the N1.12 trillion spent on the Anchor Borrowers Programme (ABP).

    The Committee is also probing the NIRSAL Microfinance Bank for N215 billion spent on agrobusinesses as well as the Bank of Industry for disbursed 3 billion to 22, 120 small holder farmers through the agriculture value chain financing programme.

    Chairman of the Committee, Hon Chike Okafor, during an investigative hearing on the alleged misuse of government interventions and agricultural funding by departments, agencies, schemes and programmes of the federal Government raised concern that of the 24 participating financial institutions (PFIs) who disbursed the amount for the APB, they only had evidence of none of the institutions.

    He said one of the key oversight mandates of the Committee is to ensure proper implementation of intervention programmes by relevant MDAs of the government related to food security and nutrition.

    He said, “We are probing how the Central Bank of Nigeria, through the Anchors Borrowers Programme, disbursed about N1.12 trillion to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.

    “The CBN should note, we are aware that you have about 24 participating financial institutions (PFIs) through which you disburse these humongous amounts. I am also aware that you have written to 24 of them, but we have evidence of only nine. So please note. And also, some of those PFIs have tried to make contact.

    “Second point we are probing how NIRSAL disbursed N215, 066, 982, 074.50 so far to facilitate agriculture and agribusinesses. And also the Bank of Industry how you disbursed N3 billion to 22, 120 small holder farmers through the agriculture value chain financing programme.

    “One of the key oversight mandates of the Committee on Nutrition and Food Security is to ensure proper implementation of intervention programmes by relevant Ministries, Departments and Agencies (MDAs) and agencies of government related to food security and nutrition. Investigations, monitoring of resource allocation, advancement of new laws and strengthening of existing ones, among others, on matters related to nutrition and food security.

    “These are comprehensively contained in the committee’s jurisdiction as captured in the standing order of the House. Please note that nutrition and food security are twin issues that cannot be separated and has been on the front burner of the renewed hope agenda of the present administration.

    “The creation of this committee on Nutrition and Food security is a legislative response to join forces with the executive arm of government and other stakeholders to tackle these issues and make Nigeria a food-secure and nourished populace,” he said.

    Read Also: Reps committees summon Finance Minister, CBN Governor over Auditor General’s report

    A representative of NIRSAL Microfinance Bank, Charles Bassey, said insecurity was a major challenge to the successful implementation of their loan scheme.

    He said in trying to determine who was qualified to benefit from the intervention, they paid attention very closely to laid down guidelines.

    “It was based on those guidelines that we disbursed these funds. Some of the challenges that they have written about include insecurity challenges. A couple of them had pointed out that after they had invested the funds in an agricultural business, they were not able to go back to the farms because of the experience of banditry and herdsmen. And these delayed their seasonal interventions and harvesting. Some also pointed to natural disasters such as flooding and drought, which affected them. A few of them actually asked for restructuring of the loan facility to allow them time to repay accordingly,” Bassey said.

    Group Head, Agric Finance and Solid Minerals, Sterling Bank, Olushola Obikanye, said they had repatriated N113, 490, 756, 332.54 to the CBN and were not owing under the scheme.

    “Therefore, the total fund repatriated to the Central Bank of Nigeria is the cumulative of the undisbursed funds that were returned and the disbursed funds that were returned. The total funds repatriated to the central bank stood at N113, 490, 756, 332.54. And it leaves Sterling Bank with an outstanding of zero naira zero kobo that we are owing under this scheme,” he said.

  • Youth-led industrialisation keyto job creation, says BoI MD

    Youth-led industrialisation keyto job creation, says BoI MD

    The Managing Director and Chief Executive Officer of the Bank of Industry (BoI) Limited, Dr. Olasupo Olusi has said Youth-led industrialisation, powered by innovation and entrepreneurship, can forge a pathway towards not only job creation but sustainable development and economic empowerment for the entire nation.

    In a thought-provoking public lecture delivered at Obafemi Awolowo University, Ile-Ife, Dr.  Olusi explored the essential nexus between youth innovation, entrepreneurship, and Nigeria’s path towards industrialisation and sustainable development.

    The lecture, titled: “Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry,” , Dr. Olusi’s painted a elucidated on the challenges and opportunities facing the country’s youth and industrial landscape, emphasising the narrative that the country must shift from one of limitation to one of limitless potential.

    “With a median age of just 18 years and over 70 per cent  of its population under 30, Nigeria is one of the youngest countries in the world. Yet, this youth bulge presents a dual-edged sword. Annually, around eight million young Nigerians enter the labour market, facing an economy that offers limited job prospects. As of Q3 2023, youth unemployment for ages 15 to 24 stood at 8.6 per cent , and a staggering 18 million young people are not in education, employment, or training. When a nation cannot absorb its youth into productive activity, the resulting frustration can lead to insecurity and disillusionment,” he said.

    He argued that the current state of Nigeria’s industrialisation is woefully inadequate, with manufacturing contributing only 8.6 per cent  to the GDP, in stark contrast to much higher figures in countries like China  28 per cent , Korea 25 per cent  and Vietnam 23 per cent.

    Dr. Olusi regretted that despite previous efforts and policies aimed at stimulating industrial growth, like the National Industrial Revolution Plan (NIRP) and the Economic Recovery and Growth Plan (ERGP), the pace of industrialisation in the country remains disappointingly slow. He hopes for a future, where Nigeria could leapfrog into a modern industrial paradigm, embracing smart manufacturing and technology rather than simply replicating outdated models.

    He underscored the importance of a coherent strategy that integrates digital innovation and sustainability into the foundation of Nigeria’s industrial policy.

    Though challenges persist, Dr. Olusi celebrated a rising cohort of youth entrepreneurs who are proactively reshaping Nigeria’s economic narrative.

    He cited numerous success stories of young innovators who have leveraged support from the Bank of Industry to establish flourishing businesses.

     These include Blessing Ebere, who, with Bank support, launched a skincare company that exports products and employs young Nigerians, and Ibrahim Yusuf, who transformed his family’s leathercraft into a successful venture.

    Read Also: Boi Heartless releases Mental Vibes

    “Despite limited support, these young entrepreneurs symbolize a wave of grassroots industrialization,” Dr. Olusi noted.

    He emphasized that this entrepreneurial spirit could catalyse a broader industrial transformation for Nigeria, one that capitalizes on local creativity and ambition.

     However, he highlighted that most youth-led businesses remain informal or small and are often disconnected from national industrial priorities due to structural barriers.

    Dr. Olusi argued that for Nigeria to harness the full potential of its young population, intentional efforts must be made to create a conducive environment for entrepreneurship and innovation.

    He outlined critical strategies that need to be adopted to include, Policy Framework- Youth first industrial policies that prioritize STEM education, finance, infrastructure development, and regulatory support tailored for startups.

    He also called for collaborative partnerships, urging stakeholders across academia, the private sector, development partners, and government to come together, aligning efforts to create ecosystems that foster youth innovation.

    The lecture also advocated the establishment of platforms designed specifically to nurture and scale youth enterprises, such as specialized funding mechanisms and a Youth Industrial Council that could guide policy and monitor implementation.

    He said: “Universities, like Obafemi Awolowo University, must become more than centres of knowledge—they must be incubators of enterprise and innovation.

    “Policymakers must match rhetoric with reform. Financial institutions must become more agile, more inclusive, and more willing to back youth-led risk. In addition, our youth—this continent’s greatest comparative advantage—must rise not with entitlement, but with enterprise.”

    Amidst highlighting youth potential, Dr. Olusi reiterated the pivotal role of the Bank of Industry in this transformative agenda.

    He noted that as the oldest and largest development finance institution in Nigeria, BOI aims to serve not merely as a lender but as a catalyst for industrial growth and youth empowerment.

    The bank has initiated programs like the Youth Entrepreneurship Support (YES) Programme which provides training, mentorship, and financing to aspiring entrepreneurs.

    Dr. Olusi also discussed the Bank’s plans for the future, including initiatives to support digital and creative enterprises.

    He emphasized that the upcoming Industrial Innovation Fund aims to finance the full innovation lifecycle, addressing the gaps in research, development, and market entry.

    He said the Bank is also launching the BoI Impact Fund, which will use various financial instruments from debt to equity to support high growth enterprises, strategic value chain companies, and to provide support to struggling businesses across Nigeria.

    “I want to announce that in line with the current administration’s Renewed Hope Agenda, BoI is supporting the Federal Government’s drive to create a Youth Bank which will focus entirely on developing youth entrepreneurship,” he added.

    Dr. Olusi was honoured with the award of Excellence in Innovation and Entrepreneurship Development by the Obafemi Awolowo University, Ile-Ife.

  • Lagos, BoI to sign MoU on access to finance

    Lagos, BoI to sign MoU on access to finance

    The Lagos State government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to sign a Memorandum of Understanding with the Bank of Industry (BoI) and Sterling Bank as part of efforts to boost access to finance for small and medium-scale entrepreneurs across the state.

    The ceremony, which is part of activities for the launch of a new initiative tagged: Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) programme, is billed to hold tomorrow at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.

    According to the Commissioner of Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

    Ambrose explained that the initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10million at a nine per cent interest rate for two to three years.

    She added that the loans are non-collateralised and will be 50per cent guaranteed by Sterling Bank.

    Read Also: What then is the hope of a Nigerian student?

    She said the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors, including Managing Director, BoI, Olasupo Olusi, Managing Director, Sterling Bank Plc, Abubakar Suleiman, President, Manufacturers Association of Nigeria (MAN), Dr. Francis Meshioye and President, Lagos Chambers of Commerce and Industry (LCCI), Gabriel Idahosa.

    During the launch, Commissioner will sign the MoU on behalf of the state government, while the Managing Director of the Bank of Industry will do same for the bank.

    The programme’s launch marks a significant milestone in Mr Governor’s THEMES+ economic transformation agenda and pathway to industrial inclusiveness in the State.

  • SecureID, BoI partner on smartcard expansion

    SecureID, BoI partner on smartcard expansion

    The Bank of Industry (BoI) will support the expansion drive of smart card manufacturing company, SecureID Limited, to boost Nigeria’s digital economy.

    Managing Director, Bank of Industry (BoI), Dr. Olasupo Olusi, led the bank’s management team to SecureID’s plant in Lagos.

    SecureID is Africa’s leading smart card manufacturing company based in Nigeria, serving clients across 21 African countries. It provides cutting-edge solutions for the financial, telecom, and public sectors.

    Olusi noted that SecureID’s successes are “a classic example of Nigeria’s entrepreneurship at its very best”.

    He said: “We are proud that BoI has supported SecureID since its inception.

     “We’ll continue to support them because the trajectory of their progress is amazing.

     “It’s one of those key success stories that you can point to and say this is truly remarkable coming out of Nigeria.”

    Chairman of SecureID, Adedotun Sulaiman, said BoI has been supportive, contributing to the company’s growth as the first smartcard manufacturing plant in Nigeria.

    He is confident that with BoI’s continued support, the company will move into uncharted territories.

     “The future is bright. There are many areas we have not conquered yet, especially the public sector.

     “We have the capacity to produce voter cards and international passports.

    “The possibilities are big,” Sulaiman said.

    Founder, SecureID, Kofo Akinkugbe, who led the BoI team on a tour of the plant, said the company was established in 2005 to bridge the gap in the payment space.

    Read Also: BOI partners NACCIMA to boost small business industrial growth

    According to her, BoI’s role in the company’s success goes beyond financing.

    Akinkugbe said: “I would call BoI a stakeholder – a stakeholder in the vision and dream that we had from the beginning.

     “BoI keeps giving us not just financial support but ensuring that we’re towing the right path.

     “We’re in the technology business so we need to keep innovating, and BoI has played a fantastic role as a strategic partner to SecureID.

     “They’ve seen us right from the beginning when we started our backward integration journey. We have made significant strides and have progressed to backward integrate on other aspects of our business”.

     “BoI helps companies like us to expand through their development finance, whose tenor helps to see this seed germinate.”

    Akinkugbe said SecureID received the first financing facility from BoI in 2010, adding that the bank’s gender sensitivity made it easy for her.

    “We’re proud to say we have clients in 21 countries across Africa that we export to and we’re looking beyond the continent.”

  • BOI partners NACCIMA to boost small business industrial growth

    BOI partners NACCIMA to boost small business industrial growth

    The Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), is working to drive industrial growth for small businesses across the country. 

    Dr. Olusi emphasized the importance of this partnership, describing it as a crucial step toward transforming Nigeria’s economic landscape.

    He noted that the initiative builds on previous engagements with key stakeholders such as the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small-Scale Industrialists (NASSI). 

    Speaking at the inaugural interactive session between BOI and NACCIMA in Abuja, themed “Driving SME Development through Strategic Partnerships,” Olusi highlighted the session’s role in fostering dialogue, innovation, and actionable solutions to support small businesses. 

    The collaboration follows the signing of a Memorandum of Understanding (MoU) between BOI and NACCIMA. Olusi stressed that sustainable economic growth cannot be achieved in isolation, emphasizing the need for shared responsibility and collective efforts to drive meaningful progress.

    Read Also: Ministry, BoI deepen partnership on funds for women

    He said: “This is not a time for silos or isolated efforts. It is a time for co-creation. BOI’s role is not only to provide financing but also to support an enabling environment for businesses to thrive, which includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets. However, expertise and insights are essential to inform these efforts.

    “We must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.  Today’s session is designed to foster open dialogue and actionable outcomes. We should also keep in mind six thematic areas of impact that BOI is focusing on in line with President Bola Ahmed Tinubu’s renewed hope agenda, they are, MSME Development: Supporting micro, small, and medium enterprises to drive innovation and job creation.”

    Speaking, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye emphasized the urgency to empower the Bank of Industry to enhance private sector productivity to drive economic growth and reduce inflation by 15%.

  • Ministry, BoI deepen partnership on funds for women

    Ministry, BoI deepen partnership on funds for women

    Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has reaffirmed the ministry’s commitment to strengthening its partnership with the Bank of Industry (BoI) for the effective implementation of the National Women’s Empowerment Fund (NaWEF) and the Business Development Fund for Women (BUDFOW).

    The minister acknowledged BoI’s unwavering dedication to advancing women’s economic empowerment since the inception of the NaWEF in 2017 and BUDFOW in 2006.

    She emphasised that this partnership aligns with the Renewed Hope Agenda, which prioritises gender equality, social inclusivity, and economic empowerment for women entrepreneurs and small business owners.

    Sulaiman-Ibrahim spoke during a meeting with BoI, held weekend in Abuja, according to a statement by her Special Adviser on Media and Publicity, Mr. Jonathan Eze.

    She said the renewed collaboration will foster stronger ties with both institutions.

    “The ministry is committed to ensuring that policies around women’s economic empowerment are properly coordinated, documented, and translated into actionable implementation strategies,” said Sulaiman-Ibrahim.

    To achieve the full impact of these initiatives, she highlighted the importance of collaboration in profiling beneficiaries to ensure equitable access to funding, monitoring and evaluating projects to enhance efficiency and sustainability, expanding access to financial support for women-led businesses, poviding critical capacity-building programmes, including financial literacy, business management training, and mentorship, and driving job creation and grassroots economic empowerment, in line with national and global commitments to gender inclusion.

    “We welcome partnerships that foster economic empowerment for women, children, families, and vulnerable groups. 

    “This collaboration with BoI is a significant step toward achieving lasting financial inclusion for Nigerian women,” the minister said. 

    Representing Dr. Olasupo Olusi, Managing Director of the Bank of Industry, Executive Director, Omar Shekerau, presented a review of the partnership, highlighting key financial updates and upcoming opportunities for women entrepreneurs.

    Read Also: BOI’s capital raising ignites hope for industrial financing

    Key highlights from the BoI’s Presentation included N685 million available for women entrepreneurs through the Islamic Bank funding dedicated strictly to women’s empowerment.

    On technology and Innovation, BoI stated that it is collaborating with the African Development Bank (AfDB) to integrate technology and innovation into women’s economic programmes.

    The bank chief also disclosed that $617.7 million has been disbursed, and details of the beneficiaries will be shared with the minister and the Ministry for transparency and better clarification.

    The minister commended BoI for its sustained support and reaffirmed the Ministry’s commitment to expanding NaWEF and BUDFOW to reach more women, particularly at the grassroots level.

    The Ministry and BoI commit to continue working together to refine the implementation process, ensuring greater accessibility, efficiency, and impact of these empowerment initiatives.

  • BOI, AGF sign $50m portfolio to scale women SMEs

    BOI, AGF sign $50m portfolio to scale women SMEs

    • AfDB, Italian agency sign $6b deal

    In order to boost women owned Small and Medium Enterprises (SMEs) and by extension reduce unemployment in Nigeria, the Bank of Industry has secured a $50 million loan portfolio from the African Guarantee Fund (AGF).

    The BOI-AGF deal came as the African Development Bank (AfDB) and the Italian government under the “Mattei Plan” signed a $6b investment deal to sustain the development of initiatives with Africa’s public and private sectors.

    The $6 billion deal gives additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and digital economy infrastructure and will provide credit protection to foster investment in Africa.

    The AGF is a specialized guarantee provider whose mission is to facilitate economic development and poverty reduction in Africa through increas access to finance for SMEs across key economic sectors through an array of guarantee products and capacity development assistance.

    The innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

    The transaction will be phased out in three tranches over a 10-year period and will significantly scale up BOI’s lending to Small and Medium Enterprises (SMEs) in the country.

    The partnership includes a comprehensive risk sharing mechanism that focuses on supporting MSMEs, Women-Owned enterprises and Green businesses to promote environmental sustainability and gender equity.

    Signing the facility at the ongoing Africa Investment Forum (AIF) in Rabat, Morocco on Thursday afternoon, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi said it would propel the country’s industrial sector by providing financial and business support services to enterprises.

    “Today, we signify a collaboration that promises to drive inclusive growth, innovation and sustainable development. With this portfolio guarantee of up to 50 million dollars, we are unlocking unprecedented opportunities for these enterprises that represent a resilient, inclusive and sustainable economic future for our great nation, Nigeria.

    “As you can imagine, MSMEs form the backbone of our economy and it is very important for our country to encourage them, to continue to support them, to make them create jobs and to support the long-term growth of the Nigerian economy.

    “Through AfDB’s support, BOI will deepen its commitment to reasonable prices, providing them with resources to scale their operations, innovate for impact and expand with new markets.

    “By prioritising women-owned businesses and environmentally sustainable enterprises, we are saying that women must not just participate in Nigeria’s economic history, they must lead it. We are saying that sustainable, climate-conscious practises are not functional, but they are imperative.

    Read Also: Senator quizzes BoI on $300m fund

    “This partnership also aligns strategic investment with the BOI’s vision to attract industrial transformation and our vision to keep Nigeria into a future defined by opportunity, legitimacy and resilience.

    “Over the past decade, BOI has disbursed over 1.6 trillion Naira in loans, supported millions of MSMEs and created millions of jobs. These agreements with AfDB are the first of the past decade to go further…

    “The lives it will touch, the businesses it will empower, and the legacy it will leave. And for us in Nigeria, that is very important because it aligns well with the vision of  investment, energy power and opportunity.

    “Let us also commit to ensuring that the impact of this partnership which resonates beyond discourse, brings new climate and transatlantic prosperity for the continent.

    “The road ahead is long, but it’s worth the wait. I’m delighted to have played your games. Together, we will ensure that the seeds of opportunity sown here today, grow to harvest prosperity in Nigeria,” he said.

    Dr. Olusi assured that the loan would be effectively disbursed and monitored through BOI’s robust system, adding that a lot of women owned businesses would benefit, adding that the initiative aligns with the Renewed Hope agenda of President Bola Tinubu’s administration.

    Expressing hope that the target population would effectively utilize and repay the loan in due time, Olusi said: “There are a number of women enterprises in Nigeria, and there are partnerships. Recently, we signed the Wi-Fi Code in partnership with the Central Bank of Nigeria and the Development Bank of Nigeria to compete to finance women enterprises.

    “This agreement or partnership with the AGF will enhance the capacity to deliver much-needed credits to women-owned institutions and businesses in the country. We are looking forward to the partnership.

    “There’s quite a lot of women who are out there and women-owned enterprises that are really looking forward to getting the support of the Bank of Industry to scale their operations and also to create jobs.

    “And this is critical for our economy, as you can imagine.

    Now, something that is important to say is that, you know, women are very efficient when it comes to the repayment of loans. This is a very well-established fact and so we’re very particular about supporting them.

    “We’ve seen many of the loans fully dedicated to women are well-managed, and they are paid on time and we believe that, you know, this agreement (1:20) that we’re going to be working on will be a major boost for women-owned enterprises,” he explained.

    Earlier, the Chief Executive Officer, AGF Group, Jules Ngankam, described the transaction as a great milestone that would impact Nigeria’s economy by unlocking up to USD 100 million in financing for SMEs.

    He said the AGF will also provide tailored guarantees and technical assistance towards the special SME products offered by BOI, targeting Women, Youth and Green Businesses.

    Also, the Vice President, Agriculture, Human and Social Development for the AfDB, Dr. Beth Dunford, said: “This strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative, to empower women entrepreneurs and foster economic growth in Nigeria.

    “It is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria; it is a beacon of hope and progress for African businesses, particularly for those led and owned by women.”

    This agreement signifies the start of a long-term strategic relationship, and it provides a perfect intersection of the AGF’s mission to unlock financing for SMEs, and BOI’s mandate to catalyse Nigeria’s industrialization and economic transformation.

    Speaking at the official signing of the agreement between the Italian Export Credit Agency, SACE and AfDB Group at the ongoing Africa Investment Forum in Rabat, Morocco, SACE’s Chief International Business Officer, Michal Ron, said: “Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development.

    “In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”

    Giving more insights, Ron said that the first €3 billion of the plan were under their management and derived from the Italian Climate Fund.

    “It is a €4.2B fund created a couple of years ago to help our partners transition their economy into a greener one.”

    The Nation reports that the $6b “Mattei Plan” is a special purpose vehicle designed to support businesses and the national economic system under the Italian Ministry of Economy and Finance. The agreement with the AfDB will foster investment in the continent with priority given to

    Algeria, the Republic of Congo, Egypt, Ethiopia, Ivory Coast, Kenya, Morocco, Mozambique, and Tunisia.

    It aims at bolstering economic links and creating an energy hub for Europe in Africa while curbing emigration of Africans to the European continent, was  unveiled earlier this year by the Italian Prime Minister, Georgia Meloni.

    AfDB’s Vice President for Finance and Chief Financial Officer, Hassatou N’Sele, who signed on behalf of the bank, said contrary to the perceived high risk in investing in Africa, the continent offers a wealth of opportunities with lower risks

    She said: “While there is often a perceived risk in investing in the continent, the reality is that Africa offers a wealth of opportunities with actual risk lower than the perception, particularly in key sectors such as education, agribusiness, healthcare, energy, and infrastructure.

    “The African Development Bank Group is committed to deepening our partnerships with institutions like SACE to expand financing and de-risking solutions for critical projects across Africa. Through collaborations like the ‘Mattei Plan’, in partnership with SACE, we aim to unlock these opportunities and ensure that Africa’s vast potential is fully realized.”

    The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.

    This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.

    It will support the financing of high impact projects in Africa, while jointly generating opportunities for business matching between African and Italian companies.

  • BOI, AGF sign $50m portfolio to scale women SMEs

    BOI, AGF sign $50m portfolio to scale women SMEs

    To boost women-owned Small and Medium Enterprises (SMEs) and by extension reduce unemployment in Nigeria, the Bank of Industry has secured a $50 million loan portfolio from the African Guarantee Fund (AGF).

    The AGF is a specialised guarantee provider whose mission is to facilitate economic development and poverty reduction in Africa through increased access to finance for SMEs across key economic sectors through an array of guarantee products and capacity development assistance. 

    The innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

    The transaction will be phased out in three tranches over 10 years and will significantly scale up BOI’s lending to Small and Medium Enterprises (SMEs) in the country.

    The partnership includes a comprehensive risk-sharing mechanism that focuses on supporting MSMEs, Women-Owned enterprises and Green businesses to promote environmental sustainability and gender equity. 

    Signing the facility at the ongoing Africa Investment Forum (AIF) in Rabat, Morocco on Thursday afternoon, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi said it would propel the country’s industrial sector by providing financial and business support services to enterprises.

    “Today, we signify a collaboration that promises to drive inclusive growth, innovation and sustainable development. With this portfolio guarantee of up to 50 million dollars, we are unlocking unprecedented opportunities for these enterprises that represent a resilient, inclusive and sustainable economic future for our great nation, Nigeria. 

    “As you can imagine, MSMEs form the backbone of our economy and it is very important for our country to encourage them, to continue to support them, to make them create jobs and to support the long-term growth of the Nigerian economy.

    “Through AfDB’s support, BOI will deepen its commitment to reasonable prices, providing them with resources to scale their operations, innovate for impact and expand with new markets. 

    “By prioritising women-owned businesses and environmentally sustainable enterprises, we are saying that women must not just participate in Nigeria’s economic history, they must lead it. We are saying that sustainable, climate-conscious practices are not functional, but they are imperative.

    “This partnership also aligns strategic investment with the BOI’s vision to attract industrial transformation and our vision to keep Nigeria into a future defined by opportunity, legitimacy, and resilience. 

    “Over the past decade, BOI has disbursed over 1.6 trillion Naira in loans, supported millions of MSMEs, and created millions of jobs. These agreements with AfDB are the first of the past decade to go further…

    “The lives it will touch, the businesses it will empower, and the legacy it will leave. For us in Nigeria, that is very important because it aligns well with the vision of investment, energy power,r and opportunity. 

    “Let us also commit to ensuring that the impact of this partnership which resonates beyond discourse, brings new climate and transatlantic prosperity for the continent.

    “The road ahead is long, but it’s worth the wait. I’m delighted to have played your games. Together, we will ensure that the seeds of opportunity sown here today, grow to harvest prosperity in Nigeria,” he said.

    Dr. Olusi assured that the loan would be effectively disbursed and monitored through BOI’s robust system, adding that a lot of women-owned businesses would benefit, adding that the initiative aligns with the Renewed Hope agenda of President Bola Tinubu’s administration.

    Expressing hope that the target population would effectively utilize and repay the loan in due time, Olusi said: “There are a number of women enterprises in Nigeria, and there are partnerships. Recently, we signed the Wi-Fi Code in partnership with the Central Bank of Nigeria and the Development Bank of Nigeria to compete to finance women’s enterprises.

    “This agreement or partnership with the AGF will enhance the capacity to deliver much-needed credits to women-owned institutions and businesses in the country. We are looking forward to the partnership. 

    “There’s quite a lot of women who are out there and women-owned enterprises that are looking forward to getting the support of the Bank of Industry to scale their operations and also to create jobs.

    “And this is critical for our economy, as you can imagine.

    Now, something that is important to say is that you know, women are very efficient when it comes to the repayment of loans. This is a very well-established fact and so we’re very particular about supporting them.

    “We’ve seen many of the loans fully dedicated to women are well-managed, and they are paid on time and we believe that, you know, this agreement (1:20) that we’re going to be working on will be a major boost for women-owned enterprises,” he explained.

    Earlier, the Chief Executive Officer, AGF Group, Jules Ngankam, described the transaction as a great milestone that would impact Nigeria’s economy by unlocking up to USD 100 million in financing for SMEs.

    He said the AGF will also provide tailored guarantees and technical assistance towards the special SME products offered by BOI, targeting Women, Youth, and Green Businesses.

    Also, the Vice President, Agriculture, Human and Social Development for the AfDB, Dr. Beth Dunford, said: “This strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative, to empower women entrepreneurs and foster economic growth in Nigeria. 

    “It is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria; it is a beacon of hope and progress for African businesses, particularly for those led and owned by women.”

    This agreement signifies the start of a long-term strategic relationship, and it provides a perfect intersection of the AGF’s mission to unlock financing for SMEs, and BOI’s mandate to catalyse Nigeria’s industrialization and economic transformation.

  • AFC coordinates two billion euros syndicated facility for BoI

    AFC coordinates two billion euros syndicated facility for BoI

    Africa Finance Corporation (AFC), the continent’s infrastructure solutions provider, has announced its role as Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor in the successful syndication of an up to €2 billion facility for Bank of Industry (BoI).

    The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.

    Proceeds of the facility will be used for general corporate purposes including tofinance trade and trade related projects of eligible corporates in Nigeria.

    The facility was syndicated at two levels with AFC, Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion. Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87 per cent. The facility is expected to further grow to €2 billion.

    This landmark global loan syndication is significant for Nigeria and BoI, as the institution was able to successfully tap the international capital market at a time when credit is scarce and prohibitively expensive. It also highlights market confidence in BOI and AFC as leading financial institutions, demonstrating the power of collaboration and innovation between African financial institutions.

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    “This successful syndication is a significant milestone achievement, not only for BoI but for Africa’s financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Executive Board member & Head of Financial Services at AFC, Banji Fehintola. “Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success,” he added.

    “This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC. We are grateful for the unique role that AFC played to make this transaction a success,“ said the Managing Director, BoI,Dr. Olasupo Olusi.

    As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions. The transaction aligns with the Corporation’s mission to provide pragmatic solutions that close the continent’s infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.

  • 41.5m MSMEs in our register, says BoI

    41.5m MSMEs in our register, says BoI

    • To disburse N1b loan to 1,000 Bauchi MSMEs

    About 41.5 million Micro, Small and Medium Enterprises operate in Nigeria, Bank of Industry (BoI) has said.

    The Federal Government, through BoI, is set to inject N1 billion to support 1,000 MSMEs  in Bauchi State.

    Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, who was guest speaker at 2024 Global Convention of Ekiti State University Alumni Association, called for a review of curriculum of universities.

    Speaking on: ‘Human Capital and Creativity as Pathway to Wealth Generation and National Development: Unlocking Potential for Prosperity,’ Olusi said MSMEs contributes 50 per cent to GDP.

    He said MSMEs account for 76.5 per cent of employment in the country.

     “In Nigeria, we have 41.5 million MSMEs contributing 50 per cent to GDP, account for 96 per cent of businesses, 76.5 per cent of employment and eight per cent to exports,” he said.

    Olusi, however, noted that despite the vast human and natural resources, Nigeria and Africa has been unable to break through technologically, economically, etc.  largely due to inability of its institutions to move from theories to practical.

    He advocated massive investment in research that breeds technical expertise                                     and not just theories.

    To promote a rigorous academic culture, the Vice Chancellor of Ekiti State University Prof Joseph Ayodele called on privileged alumni to invest in the schools where they were molded and imparted

    Citing the example his Senate leader, Senator Michael Opeyemi Bamidele, who he said has graciously donated a medical student hostel and a 2km asphalt laid road to the university which have been commissioned, he also said the FM radio station donated by Bamidele will soon be completed and commissioned, while the construction of a 500 capacity ICT center is ongoing in the university.

    The Senate leader, he also said is currently working on another batch of medical students hostel which is also under construction.

    He said the projects are graciously facilitated by the leadership of the EKSU alumni association.

    Read Also: BoI opens application portal for FG’s N75bn MSME Fund

    “Our university, the best state university in Nigeria according to the latest ranking by times higher education needs to improve on its present state of performance in the key areas of teaching, research and community services. We are poised to leverage the quality of our staff to take EKSU to a higher level of greatness.

    “It behoves on all member of the EKSU alumni association to continue to support the university. We assure you of our readiness to continue to accord the alumni association the much desired recognition.

    “We are equally ready to provide the enabling environment to enable the alumni association and all benefactors and critical stakeholders to successfully implement their progressive initiatives that will make our university an enviable center of academic excellence and a marketable brand to be patronized,” he said.

    Speaking in the same vein, the Chancellor of the institution, Dr. Tunji Olowolafe said alumni association should be development focused.

    Global President, Ekiti State University Alumi Association, Dipo Bamisaye, urged tertiary institutions to always strive for excellence.

    The Chairman Board of Trustees of Ekiti State University, Dr. Wale Jegede commended the state governor, for appointing competent academics to manage the institution.

    The event featured presentation of awards to alumnis of the EKSU who have contributed to the advancement of the school including Senator Bamide, a former presidential aide, Mr Kingsley Kuku, Dr. Olowolafe, and Prof Ayodele among others.

    Speaking in Bauchi yesterday, BoI Project Officer Kabir Saidu Musa said the application process is open, allowing entrepreneurs to apply online for up to N1 million in funding at https://fgnboimsmeintervention.boi.ng.

    Musa noted that, in addition to this loan, the government previously provided a N50,000 grant to beneficiaries across Bauchi’s 20 local councils.

     He explained that qualifying SMEs were selected by the bank’s local representative working with the state government.

    “For the FGN Intervention that is currently ongoing, applications are entirely online. Once successfully submitted, applicants will be redirected to our office for verification. We may reach out, visit the business, and make recommendations for final approval,” Musa said.

    He outlined that the loan terms include a three-year repayment period with a six-month grace period and a nine percent interest rate.

    Bauchi representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Abdulrasheed Aliyu, said the agency is offering business development services and workshops to loan recipients.

    He added that training is intended to help beneficiaries use the funds as intended and prevent misuse.