Nigeria’s first development finance institution, The Bank of Industry (BOI) recorded an impressive performance milestone in 2025 signaling a landmark era of industrial expansion and financial inclusion. Dr. Olasupo Olusi, who assumed leadership in late 2023, has fundamentally restructured the bank’s lending models to prioritize the renewed hope economic agenda. By successfully bridging the funding gap for indigenous manufacturers and small-scale entrepreneurs, BOI has recorded a 25% increase in total assets, further solidifying its role as the primary engine of Nigeria’s industrial renaissance.
The Bank of Industry (BOI) is Nigeria’s oldest, largest, and most successful development finance institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank’s mission is to provide long-term financial assistance for the establishment of large, medium, and small projects. BOI also facilitates the expansion, diversification, and modernisation of existing enterprises. With a focus on sectors with high growth potential and significant social impact, BOI operates as a self-sustaining institution, leveraging global partnerships and robust risk management to drive the nation’s non-oil export goals.
The 2025 fiscal year served as a definitive turning point for BOI’s impact on small businesses. In early 2025, BOI successfully completed the full rollout of the ₦200 Billion Presidential Intervention Fund. This includes the ₦75 billion MSME Intervention Fund and the ₦75 billion Manufacturing Sector Fund. The initiative has been a lifeline for thousands of businesses struggling with high operational costs. According to Dr. Olusi, the bank’s focus remained steadfast on ensuring that these funds were disbursed with transparency and speed to stimulate local production.
Beyond the presidential funds, the leadership of Dr. Olasupo Olusi continues to influence the massive growth of the Rural Area Program for Investment and Development (RAPID). This program was launched to address economic disparities in Nigeria’s hinterlands. RAPID provides loans of up to ₦10 million to rural MSMEs at single-digit interest rates. By the end of 2025, the program had successfully reached all 36 states and the FCT. RAPID successfully empowered rural entrepreneurs in the agribusiness and solid minerals sectors. It has also been credited with creating an estimated 250,000 direct and indirect jobs within the last 12 months.
The institutional strength of the Bank of Industry was further validated in late 2025 when Fitch Ratings reaffirmed its National Long-Term Rating at “AA+(nga)” with a stable outlook. This rating reflects BOI’s impressive balance sheet and strategic importance to the Nigerian government. With the leadership of Dr. Olasupo Olusi, the bank has also deepened its commitment to sustainability. In a landmark collaboration with the French Development Agency (AFD), BOI secured a €100 million credit line specifically dedicated to climate-friendly projects. This fund is currently being utilized to support Nigerian industries in transitioning to renewable energy sources, reducing carbon footprints while lowering energy costs.
While the primary focus has been on MSMEs and industrial recovery, it is applaudable that BOI has maintained its momentum in other critical areas. These include the sustained growth of the IDC (Investment in Digital and Creative Enterprises) program and the continuous digitalization of the bank’s loan application processes. The new digital process has slashed turnaround time for credit approvals by 30%.
As the 2026 fiscal year progresses, the shared vision of Dr. Olasupo Olusi and the Bank of Industry remain clear. First, to double the bank’s impact on the manufacturing sector and to serve as the lead facilitator for the $1 trillion national economy target. By leveraging data-driven lending and strengthening its presence in every geopolitical zone, BOI is ensuring that “Made in Nigeria” is not just a slogan, but a global reality.
Samuel Agboola is a member of the editorial team of TheScript Newspapers
