BOI Releases N1.27tn to 14 Sectors, Creating 900,000 Jobs

The Bank of Industry (BOI) has announced that it disbursed over N1.27 trillion to businesses across 14 key sectors of the economy in 2024, supporting more than 900,000 jobs nationwide, both directly and indirectly. BOI’s Managing Director/CEO, Dr. Olasupo Olusi, disclosed this during Day 2 of the 10th Nigeria Energy Forum (NEF), held virtually in Lagos. Olusi was represented by Ms. Mabel Ndagi, BOI’s Executive Director for Public Sector and Intervention Programmes.

Olusi highlighted that the bank’s interventions continue to play a crucial role in Nigeria’s industrial development, enabling businesses of all sizes to expand production, enhance value addition, and generate employment.

Speaking on the implementation of the N200 billion Federal Government MSME Intervention Fund, managed by BOI, Olusi explained that the initiative provides affordable financing to small businesses through three components: N50 billion Presidential Conditional Grant Scheme (PCGS), N75 billion MSME Intervention Fund, and N75 billion Manufacturing Sector Fund.

He added that the bank is increasing investments in green finance, circular economy initiatives, renewable energy integration, energy efficiency, and low-carbon industrial processes.

According to Ndagi, BOI’s strategy demonstrates its leadership in financing renewable energy infrastructure, clean manufacturing, and climate-smart industrial practices.

At the forum, All On, an impact investment company, also showcased efforts to promote clean energy innovation through the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0). Ms. Jadesola Rawa, Senior Associate, Grants Management at All On, said the initiative, co-created with NEF, aims to accelerate student-led energy innovations for underserved communities.

Mrs. Bamise Olanrewaju, NEF Director of Innovation, noted that winners of the challenge — Green Preserve (Cross River State University), AI Hybrid Agro Dryer (University of Lagos), and Keytric (University of Port Harcourt) — have made progress in product development, community engagement, and business structuring following mentorship support.