BOI secures $50m IFC loan for MSMEs, 25% for women-owned businesses
The Bank of Industry (BOI) and International Finance Corporation (IFC) have signed a $50 million senior loan at the Africa Financial Industry Summit (AFIS) 2026 to expand long-term financing for Nigerian micro, small and medium enterprises. The seven-year facility forms part of a broader $100 million IFC investment package, with at least 25 percent of proceeds earmarked for women-owned businesses.
The deal strengthens BOI's funding base to extend longer-term finance to productive sectors—manufacturing, agriculture, renewable energy, and creative industries—targeting job creation for Nigeria's youthful population. IFC Managing Director Makhtar Diop said the partnership combines direct development finance with domestic capital market mobilization to crowd in more private capital and expand local-currency funding for MSMEs.
BOI's 2025 track record shows capacity: the bank disbursed ₦644.9 billion total, with ₦120.9 billion (20%) going to women-owned businesses—exceeding its 15% target. Youth-owned businesses also received 20% (meeting the 20% target), while MSMEs accounted for 41% of funding against a 35% target. BOI MD Olasupo Olusi called the transaction "a strong vote of confidence in BOI's mandate."
The agreement supports the Federal Government's push for private sector-led growth and deeper financial access. Implementation awaits completion of definitive documentation and customary conditions.
With BOI already exceeding inclusion targets, will this $50 million facility meaningfully expand the pipeline of bankable women-led and youth-led enterprises, or simply reinforce existing borrowers?