A background on the Bank of Industry of Nigeria
The Bank of Industry (BOI) is a Nigerian development financial institution set up to provide credit facilities for the establishment of small and medium enterprises (SMEs). The BOI also provides loans for the expansion, diversification, and modernization of already-existing businesses.
The BOI in its current form is the product of a 2001 merger between the Nigerian Industrial Development Bank (NIDB), the National Economic Reconstruction Fund (NERFUND), and the Nigerian Bank for Commerce and Industry (NBCI).
The Bank of Industry is headed by the Managing Director/Chief Executive Officer and a governing board. The current MD of the BOI is Mr. Olukayode Pitan, while the chairman of the governing Board is Mr. Aliyu Abdulrahman Dikko.
The Bank of Industry will only give loans to registered businesses and not individuals or groups of individuals. BOI loans principally target businesses in oil and gas, solid minerals, agricultural processing, information technology, agro-processing, and the creative industry.
BOI loans are targeted at the procurement of industrial equipment. BOI loan facilities do not actively cover raw materials, working capital, or property. The BOI will not give the borrower money but will directly disburse funds to the suppliers of needed equipment.
Bank of industry loans to SMEs start at N5 million. Loans below N5 million are provided on BOI’s matching fund platform operated in collaboration with state governments and on the bottom of pyramid (BOP) scheme operated through microfinance banks (MFBs). Unlike other lenders, the BOI has flexible collateral requirements and will accept collateral other than landed property. BOI interest rates on loans range from 0 to 17% of the loan amount.
How to contact the Bank of Industry?
23, Marina Street,
BOI House. Plot 256, Zone A O. Off Herbert Macauley Way, Behind Unity Bank. Central Business District
Tel: (+234) 8073990022
How to obtain the Bank of Industry loan?
Those interested in obtaining the Bank of Industry loan should obtain a form from the nearest BOI office or apply online via the BOI website. An application tracking ID to be used in monitoring the progress of your application will be issued upon submission of your form.
Loans will be disbursed to successful applicants within two to four weeks of application.
BOI/Dangote loan is a BOI partnership with the Dangote Foundation that has raised a N5 billion matching fund accessible by LLCs and enterprises in agro-processing, manufacturing, and merchandizing for made in Nigeria products. The BOI/Dangote loan is disbursed at a 5% interest rate and a single obligor limit of N50 million.
The BOI grant is a N10 billion scheme devised by the BOI to tackle the massive youth unemployment problem in the country. The BOI aims to achieve this by building youth capacity and funding viable business ideas within the 40 identified clusters operated within the country. Funding is done
The BOI grant also known as the Youth Entrepreneurship Support (YES) program is designed to furnish youths with requisite knowledge and skills required to start and run a business. It is targeted at aspiring entrepreneurs aged 18-35 with at least an Ordinary National Diploma (OND).
Qualified and interested applicants can register for the YES program here.
Bank of Industry app
The BOI app is a SME mobile app launched in 2015 to provide entrepreneurs and interested members of the public easy access to information on the bank’s activities, products, and ways of accessing them. The BOI app is an attempt by the bank to take advantage of the large number of mobile device users in the country.
Other features of the BOI mobile app include the customer portal, which allows app users to upload and display their products, business model canvass, and a template for creating business plans. App users can also access loans from funds managed by the bank, along with a list of accredited business development providers (BDSPs), among other features.
The BOI mobile app can be downloaded for free on the App Store for iOS devices and on the Google Play Store for Android devices.
Bank of Industry branches and addresses
The BOI has zonal offices and branches across the geopolitical zones of the country.
Akure (South West Zonal Office)
Enugu (South East Zonal Office)
47 Coal City Estate,
Behind CBN Building
Bauchi (North East Zonal Office)
Kaduna (North West Zonal Office)
18 Muhammadu Buhari Way,
Asaba (South South Zonal Office)
Plot 25, Block 111
Phase IV Okpanam Road
Plot 162, Road 32,
Off Ordinance Road,
Trans Amadi Industrial Layout,
115 Marian Road,
Cross River State.
- John Aina Ajibola has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.