AfDB Approves $200M for Nigerian SMEs via BOI

The African Development Bank Group (AfDB) approved a $200 million financing facility for the Bank of Industry (BOI) to support small and medium-sized enterprises (SMEs) in Nigeria. This approval, disclosed in a statement published on AfDB's website on Friday, aims to expand access to long-term funding for businesses in key sectors of the Nigerian economy.

The financing package is designed to strengthen industrial growth and improve access to funds for SMEs, particularly businesses owned by women and young entrepreneurs. Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, stated that this facility builds on the existing partnership with AfDB, following the successful repayment of an earlier $100 million credit line in 2025.

The AfDB expects that at least 30% of the facility's proceeds will benefit Nigerian SMEs, helping to address the longstanding financing gap faced by small businesses across the country. Additionally, the financing package includes a $650,000 technical assistance grant fund to strengthen SME capacity and improve environmental and social governance standards.