Nigeria’s state-backed development lender Bank of Industry (BOI) has signed a seven-year, $50 million senior loan with the International Finance Corporation (IFC) to expand financing for smaller businesses. Announced on 3 November 2026 during the Africa Financial Industry Summit in Luanda, the agreement forms the first part of a financing package worth up to $100 million.
At least 25% of the loan proceeds are earmarked for micro, small and medium-sized enterprises owned or led by women. BOI intends to support manufacturers, agricultural businesses, renewable-energy companies and creative enterprises that require funding over longer periods than many conventional commercial loans provide.
A second channel through domestic bonds
The arrangement also includes a proposed IFC anchor investment of up to $50 million in a domestic BOI bond issue. An IFC investment disclosure published on 3 November and updated on 4 November states that at least 10% of the bond proceeds are to be directed towards smaller businesses. IFC’s participation as an anchor investor is intended to attract additional buyers, including pension funds and asset managers.
The two components would give the Nigerian development bank complementary sources of funding. The seven-year loan would provide long-term resources directly, while a local bond issue could also draw on capital held by domestic investors. IFC’s disclosure does not specify a final amount or timetable for that issue.
The loan agreement was signed in Luanda by BOI managing director Olasupo Olusi and IFC managing director Makhtar Diop. BOI said the parties were continuing work on definitive financing documents and the customary conditions required to implement the arrangement.
IFC says the Nigerian state indirectly owns 99.99% of BOI. The bank reported disbursing 636 billion naira to more than 7,000 businesses in 2025, across industry, agriculture and services.