The African Development Bank Group has approved a $200 million financing facility for the Bank of Industry (BOI), in a major push to unlock long-term funding for businesses and accelerate Nigeria’s industrial growth.
The approval, granted by the Bank’s Board of Directors in Abidjan on May 13, 2026, is expected to ease persistent financing constraints faced by small and medium-sized enterprises (SMEs), particularly those owned by women and driven by young entrepreneurs.
Beyond immediate financing, the intervention is designed to deliver long-term economic impact, boosting job creation, increasing exports, strengthening local manufacturing and reducing Nigeria’s reliance on imports.
It will also support critical sectors such as infrastructure and transport, agro-food processing, healthcare, pharmaceuticals, and green industrialisation.
A significant portion of the funding will target climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions, aligning Nigeria’s growth ambitions with global climate goals.
To deepen its impact, the package includes a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA).
