BOI Signs $50 Million IFC Loan Deal, Reserves 25% for Women-Owned Businesses

• BOI has signed a $50 million loan agreement with IFC to expand financing for Nigerian small businesses, with at least 25 per cent earmarked for women-owned enterprises.

The Bank of Industry (BOI) has signed a $50 million loan agreement with the International Finance Corporation (IFC) to expand access to long-term financing for micro, small and medium-sized enterprises across Nigeria.

At least 25 per cent of the loan proceeds—equivalent to $12.5 million—will be dedicated to women-owned businesses.

BOI announced the agreement on November 3, following its signing at the Africa Financial Industry Summit 2026.

The bank’s Managing Director and Chief Executive Officer, Dr Olasupo Olusi, signed on its behalf, while IFC Managing Director Makhtar Diop represented the World Bank Group institution.

The seven-year facility forms part of a broader IFC investment package of up to $100 million in support of BOI.

According to the bank, the financing will support productive businesses in manufacturing, agriculture, renewable energy and the creative industries, with job creation among its objectives.

Olusi said the partnership would strengthen the bank’s capacity to provide longer-term funding and expand opportunities for women entrepreneurs.

He described the transaction as a demonstration of confidence in BOI’s role in Nigeria’s industrial development, adding that the collaboration was intended to support business expansion and sustainable employment.

Diop said access to longer-term finance was necessary for smaller businesses to grow, employ more people and strengthen local supply chains.

He explained that the partnership would combine financing with domestic capital-market solutions to attract additional private investment and expand local-currency funding for businesses.

Implementation remains subject to the completion of financing documentation and the fulfilment of required conditions, according to the announcement. The signing therefore does not establish that funds have already been disbursed to individual businesses.

The announcement did not specify an application opening date, interest rates or borrowing limits for prospective business beneficiaries.