BOI's Dr. Olusi Targets N13trn MSME Funding Gap Closure

The managing director/chief executive officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, announced that the bank is intensifying its efforts to close Nigeria's estimated N13 trillion MSME funding gap. This gap has widened due to the Central Bank of Nigeria's withdrawal from development financing.

To meet the growing demand, BOI's Corporate Finance Directorate has adopted a multi-channel funding approach based on four pillars: Equity and Capital Management, Advisory Services, Structured and Project Finance, and Debt Capital Markets. The bank is syndicating with local and international financial institutions and collaborating with Export Credit Agencies and Original Equipment Manufacturers for large infrastructure projects.

BOI has attracted international partners for co-financing and is leveraging guarantee instruments to reduce collateral requirements for MSMEs. The bank's DIY portal went live on October 2, 2026, allowing businesses to apply for facilities online.

BOI aims to disburse N1.25 trillion by 2027 and has already financed over 12,000 MSMEs, supporting 1.7 million jobs in 2025.