BoI disburses record N644.9bn to 12,501 businesses, supports 1.68m jobs

The Bank of Industry disbursed a record N644.9 billion to 12,501 businesses in 2025, up 26% from N510.9 billion in 2024. The funding supported or created 1.68 million jobs, the bank said in its 2025 Annual Development Impact Report.

Managing Director and CEO Olasupo Olusi disclosed the figures on Thursday at a media roundtable with business editors in Lagos. He said the amount was the highest annual disbursement in the bank's history.

MSMEs take 41% as large firms lead

Micro, small and medium-sized enterprises received 41% of the 2025 funding, above the bank's 35% target. Large enterprises received 59% of the funds. Small and medium enterprises accounted for 29%, nano businesses got 7%, and micro businesses received 5%.

Women-owned businesses received N120.9 billion. Women-led and youth-led businesses each accounted for 20% of the bank's funding.

Infrastructure, jobs and rural funding

The bank deployed more than N108 billion to infrastructure projects. This included 100 mini-grids that connected 11,777 households and businesses to electricity.

Under its Rural Area Programme on Investment for Development, BoI disbursed N6.5 billion to 880 rural enterprises across the 36 states and the Federal Capital Territory. The programme supported more than 8,000 jobs.

BoI also implemented more than 95% of the Federal Government's N200 billion intervention. The intervention reached 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers.

Funding push and 2026 plans

To strengthen its financing capacity, BoI secured a €1.879 billion syndicated facility in 2024 and attracted €210 million from international development partners in 2025. In 2026, it raised an oversubscribed N250 billion Development Bond and secured €85 million from the European Investment Bank for agriculture, alongside €50 million for healthcare manufacturing.

The bank said its 2025 to 2027 corporate strategy aims to double its loan book, disbursements and impact instruments within three years. Priorities include MSME financing, infrastructure, women and gender, youth and skills development, climate and sustainability, and the digital economy. It has focused lending on 15 priority sectors across manufacturing, infrastructure, extractive industries and services, with ICT recently added.

Manufacturing and infrastructure accounted for 80% of large-enterprise lending because of their capacity to generate jobs and economic output. Olusi said BoI expects its impact to exceed the 2025 performance before consolidating achievements in 2027, the final year of the current strategy.

The bank is working with the Federal Ministry of Industry, Trade and Investment on the National Industrial Finance Compact to attract more long-term capital into the industrial sector. It plans to deploy the new EIB facilities to agriculture and local healthcare manufacturing, while expanding its ICT portfolio through the Investment in Digital and Creative Enterprises programme.

Cost pressures remain

The report identified inflation, high interest rates and exchange-rate volatility as challenges that increased operating costs for MSMEs. Informality and inadequate financial records also constrained business growth.

Olusi said the bank's mission remained focused on financing locally produced goods and creating employment opportunities for Nigerians.