Sunday Ehigiator
The Bank of Industry (BOI) has revealed that it has recorded an increase of N500 billion in its authorised share capital over the past 16 years, raised $5 billion from international capital markets in seven years, while also establishing a presence in 33 states across the nation, just as it reaffirmed its commitment towards driving sustainable industrialisation in Nigeria.
The Bank’s MD/CEO, Dr Olasupo Olusi made this known while addressing journalists at the BOI’s 65th Anniversary Press Conference held yesterday in Lagos.
According to him, “In 2007, BOI’s authorised share capital was increased to N250 billion to put the bank in a position to address its mandate better; this was subsequently increased to N500 billion in May 2023.
“In recognition of the pivotal role of MSMEs in national economic development, the Bank in 2014 engaged 122 SME consultants and entered strategic alliances with 10 SME-friendly commercial banks. Today, we have over 300 Business Development Service providers supporting SMEs nationwide.
“In 2015, BOI commenced a national footprint expansion by opening eight state offices. This drive has continued through the years, and I am proud to say that today, the bank has a presence in 33 states nationwide.
“In 2017, BOI commenced raising funds on the international market with a US$750 million AFREXIM loan. Since then, we have successfully raised over $5 billion from the international capital markets through Eurobonds, loan syndications, and green finance instruments.”
He added, “This month, we concluded a global loan syndication that raised nearly 2 billion euros which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFIs.
“BOI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a N1 billion fund at a single-digit interest rate. We have partnerships with several other public agencies like NCDMB, to support specific sectors.
“In November 2023, the Federal Government of Nigeria appointed BOI as the executing agency for the N200 billion FGN MSME Intervention Fund, which includes a N50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.”
The program, he stated, is currently being disbursed and there are numerous stories on the impact on private enterprises adding that in 2024, it introduced our six thematic focus areas to drive developmental impact; Gender, Climate and Sustainability, Youth and Skills, Digital Economy, and Infrastructure.
These themes, he added, stem from their importance to Nigeria’s overarching development and will guide our financing interventions in the Nigerian economy.
“This year, we launched the Rural Areas Program on Investment for Development (RAPID) program, to promote financial inclusion and support the development of micro and small businesses in rural Nigeria, focusing on youth and women.
“We are improving on our product offerings with plans to scale up Non-Interest Banking (NIB), Export Credit Agency (ECA) and Supply Chain Finance (SCF) to provide adequate financing to various economic clusters, recognising our national diversity to drive economic growth.
“In alignment with Nigeria’s sustainability agenda, BOI has also launched a climate-focused initiative. As a testament to this, BOI has been nominated as a Direct Access Entity by the Nigeria Climate Change Commission (NCCC) to access financing for climate projects through the Green Climate Fund (GCF),” he stated.
“This designation empowers BOI to spearhead climate initiatives and support sustainable development efforts in Nigeria. Looking into the future, we reaffirm our commitment to driving sustainable industrialisation, supporting clients with innovative financing solutions, expanding our partnerships, strengthening financial inclusion efforts, and working closely with government agencies to advocate for policies that foster a supportive business environment, particularly for MSMEs and start-ups, thus, building a resilient and inclusive economy.
“This anniversary is a testament not just to the longevity of our institution but also to the resilience, adaptability, and shared purpose that we carry in our mission,” he added.
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