BOI and IFC Secure $50M Loan for MSME Financing in Nigeria

The Bank of Industry Limited (BOI) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a $50 million senior loan agreement aimed at expanding long-term financing for micro, small, and medium-sized enterprises (MSMEs) across Nigeria. This loan is part of a broader IFC investment package totaling up to $100 million, with at least 25 percent allocated for women-owned businesses.

The agreement was signed during the Africa Financial Industry Summit 2026 by Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of BOI, and Makhtar Diop, Managing Director of IFC. The seven-year loan will enhance BOI’s funding capacity, enabling it to provide longer-term financing to sectors such as manufacturing, agriculture, renewable energy, and the creative industries, which are crucial for job creation among Nigeria's youthful population.

Olusi emphasized the importance of this partnership in advancing Nigeria’s industrial development, while Diop highlighted the need for expanded access to long-term finance for smaller businesses.