359:(UNDP) launched the Access to Renewable Energy Project. The project was set up to serve as an advocacy and awareness programme to promote and support the expansion of renewable energy services to support households and local enterprises in unserved and underserved communities. To achieve this, BOI and UNDP encouraged stakeholders in the renewable energy space to invest in the Nigerian sector. However, in 2015, the project was refocused to align with BOI's strategy to fund and implement renewable energy projects in collaboration with relevant stakeholders. As a result, the project was renamed to the Solar Energy Programme (SEP) to reflect the change in strategic direction.
33:
24:
422:
capacity to generate foreign exchange. The line of credit would be provided for funding projects aimed at systematic poverty reduction, employment generation and wealth creation through entrepreneurial, social and economic development. As part of the agreement, AfDB required the bank provide technical assistance for capacity building for both BOI and SMEs. To this end, BOI enlisted international companies BDO/GBRW.
163:
143:
696:. The bank offers a broad range of financial services to micro, small and medium-sized enterprises and various low-income earners both as individuals and as groups. It offers asset financing loans, working capital loans, consumer loans and group loan which do not exceed ₦500,000 per enterprise. In addition, BOI-MFB aims to encourage savings among the unbanked productive poor of the Nigerian society.
707:
BOI Industrial and
Development Insurance Brokers (BOI-IB) Limited offers insurance and consultancy services. BOI-IB Limited provides organisations with fire/extraneous perils insurance, burglary/housebreaking insurance, consequential loss, machinery breakdown, money insurance, goods in transit, group
332:
As part of efforts to expand financing opportunities, BOI began partnerships with several state governments under a matching fund scheme. The MSME matching fund is a 50:50 counterpart funding scheme with State
Governments to administer the fund for establishing micro, small or medium scale businesses
346:
In 2017, the
Federal Ministry of Mines and Steel Development (FMMSD) set up a ₦2.5 billion Nigerian Artisanal and Small-Scale Miners (ASM) Finance Support Fund and designated BOI as the sole fund manager. The purpose of the ASM Fund is to address the funding requirements of artisanal and small-scale
421:
In 2011, the Board of
Directors of African Development Bank (AfDB) Group approved $ 500 million multi-tranche line of credit to assist BOI in financing local SMEs Nigeria. In 2015 and 2017, the bank received $ 100 million (in two tranches of $ 50 million each) to fund export-oriented SMEs with the
678:
BOI Investment and Trust
Company Limited (BOI-ITC) was established in 1978 as a wholly owned subsidiary of BOI's predecessor, Nigerian Industrial Development Bank (NIDB). It was set up as a capital market operator to function as a trustee, registrar and fund/portfolio manager. The company is also
291:
In 2001, the BOI was reconstructed out of the merger of the
Nigerian Industrial Development Bank (NIDB), the Nigerian Bank for Commerce and Industry (NBCI) and, the National Economic Reconstruction Fund (NERFUND). Although the bank's share capital was initially set at ₦50 billion in the wake of
683:
as a finance company. As a
Trustee, BOI-ITC is engaged in the specialised business of trust services including private and public trust, employment retirement benefits, trust fund management for both private and corporate bodies, estate administration under trust, and executorships among other
390:
On the back of this success, BOI and UNDP entered into a cost-sharing agreement to fund the second phase of the project. In 2016, BOI provided $ 1.4 million debt financing while UNDP provided $ 600,000 grant to replicate the solar energy solutions in 11 additional off-grid communities across 4
362:
The SEP commenced with a Rural
Electrification Project which involved the provision of long term financing for the installation of low cost micro-grid and stand-alone solar energy solutions in nominated off-grid rural communities. Between 2015 and 2016, micro-grid and stand-alone solar energy
719:
LECON Financial
Services, formerly Leasing Company of Nigeria Limited, was established as a wholly owned subsidiary of Bank of Industry Limited (BOI), formerly Nigerian Industrial Development Bank Limited, (NIDB) in 1989. It was set up to augment the activities of BOI by providing ancillary
316:
scheme is made up of three programs: TraderMoni, MarketMoni and FarmerMoni. Through the fund, BOI supports trade cooperatives, women cooperatives, micro-enterprises and trade associations with loans ranging from ₦10,000 to ₦50,000. In June 2019, Bank of
Industry was given the award for
387:. Pre-paid metres, using Pay-As-You-Go models, were installed in each household and microenterprise to accommodate for flexibility of payment and to solve challenges of unpaid bills. The pilot phase was considered a success and also attracted several potential investors across Nigeria.
307:
BOI also manages and disburses the Government Enterprise and Empowerment Program (GEEP), one of a number of social intervention programmes introduced by the Federal Government of Nigeria. GEEP is a ₦140 billion fund aimed at supporting individuals in the
279:
Bank of Industry Limited began operations in 1959 as the Investment Corporation of Nigeria (ICON) Limited. In 1964, ICON Limited was reconstituted to become the Nigerian Industrial Development Bank (NIDB) Limited under the guidance of the
347:
miners while promoting the development of solid minerals potentials in Nigeria. Through the scheme, artisanal miners can access up to ₦10 million while small-scale miners can access up to ₦100 million.
410:
In view of the benefits of the SEP, BOI introduced a ₦2 billion Solar Energy commercial product in 2017 to be accessed by various categories of end users both directly through BOI and indirectly.
1108:
300:
The bank has been instrumental in administering the ₦300 billion Power and Aviation Intervention Fund and ₦50 billion Cotton, Textile and Garments Intervention Fund from the
1181:
1017:
304:, $ 200 million Nigerian Content Intervention fund (NCI Fund), ₦2.5 billion Nigerian Artisanal and Small-Scale Miners (ASM) Finance Support Fund amongst other funds.
413:
Through the Solar Energy Programme, the bank aims to power more than 100,000 off-grid households and microenterprises in rural and commercial communities by 2021.
891:
795:
692:
The BOI-Microfinance Bank Limited is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and regulated by
288:
held 75% equity in NIDB and produced the first Managing Director. However, the equity structure was diluted in 1976 as a result of the indigenization decree.
982:
968:
1031:
1001:
1083:
931:
917:
1258:
356:
1303:
1318:
729:
1313:
285:
835:
264:
869:
955:
950:
708:
personal accident, public liability, fidelity guarantee, marine insurance and automobile (motor) insurance.
770:
219:
699:
BOI-MFB is a major vehicle in delivering on the objectives of the BOI Bottom of the Pyramid Scheme (BOP).
32:
267:
currently operating. It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the
1308:
1135:
1057:
796:"Moody's downgrades eight Nigerian banks following downgrade of Nigeria's government bond rating"
693:
680:
301:
268:
108:
984:
Special Report on Bank of Industry (BoI): BOI: Driving the Engine of Nigeria's Industrial Growth
1109:"Nigeria: Mr Waheed A Olagunju Appointed Acting Managing Director/CEO, Bank of Industry (BOI)"
1035:
996:
892:"African Bankers' Awards: BOI wins Financial Inclusion Award for driving FG's GEEP programme"
809:
561:
439:
8:
1246:
318:
23:
1019:
AfDB Approves a Financial Package of USD 500 Million for the Bank of Industry (Nigeria)
450:
431:
341:
326:
104:
309:
1207:
1005:
1262:
565:
363:
solutions were installed in 6 off-grid rural communities in 6 Nigerian States:
1297:
1182:"Evelyn Ndali Oputu, a success story of breaking through the 'glass ceiling'"
1160:
400:
376:
227:
810:"Fitch Revises Bank of Industry's Outlook to Negative; Affirms IDR at 'B+'"
530:
416:
404:
384:
711:
BOI-IB limited also provides insurance cover for BOI loans and services.
443:
396:
392:
372:
364:
313:
87:
839:
368:
281:
187:
135:
43:
1208:"Nigeria: Obasanjo Approves MD for Newly Established Bank of Industry"
970:
BoI, UNDP Sign $ 2m Agreement on Solar Energy for Off-grid Communities
560:
The Bank of Industry has 31 offices across Nigeria, a headquarters in
380:
1233:
749:
1084:"Olukayode Pitan: Bringing the midas touch to the Bank of Industry"
342:
Collaboration with Federal Ministry of Mines and Steel Development
292:
NIDB's reconstruction, it was increased to ₦250 billion in 2007.
91:
1283:
322:
155:
687:
702:
673:
454:
435:
933:
BoI expands renewable energy funding with N1b solar fund
765:
763:
761:
759:
417:
Collaboration with African Development Bank (AfDB) Group
998:
BOI Secures AfDB $ 100 million Facility to Support SMEs
957:
BOI unveils N1bn solar energy fund to 'light up Nigeria
756:
247:
771:"Bank of Industry Annual Report & Accounts 2022"
321:
at the African Banker Awards ceremony which held in
919:
MMSD, BoI Call for application for ASM Support Fund
568:. The offices are located in the following states:
65:
Nigerian Industrial Development Bank (NIDB) Limited
350:
1295:
1081:
1234:"Bank of Industry Offices Locations in Nigeria"
457:of the Bank of Industry (in descending order):
720:facilities to loan beneficiaries of the bank.
312:with loans at zero percent interest rate. The
63:Nigerian Bank for Commerce and Industry (NBCI)
870:"GEEP, TraderMoni get UN, Oxford recognition"
750:"Our People | Bank of Industry, Nigeria"
438:of Bank of Industry. He was appointed by the
1082:Okwumbu-Imafidon, Ruth (24 September 2022).
61:Investment Company of Nigeria (ICON) Limited
1136:"Unveiling Rasheed Olaoluwa, BOI's New CEO"
1058:"Tinubu appoints Olusi MD Bank of Industry"
714:
271:(5.19%) and private shareholders (0.01%).
31:
22:
828:
788:
336:
1055:
688:BOI-Microfinance Bank Limited (BOI-MFB)
425:
286:International Finance Corporation (IFC)
198:BOI-Microfinance Bank Limited (BOI-MFB)
1296:
1133:
703:BOI Insurance Brokers (BOI-IB) Limited
674:BOI-Investment Trust Company (BOI-ITC)
201:BOI Insurance Brokers (BOI-IB) Limited
195:BOI Investment Trust Company (BOI-ITC)
329:, for its role in implementing GEEP.
265:Development Finance Institution (DFI)
1056:Angbulu, Stephen (19 October 2023).
357:United Nations Development Programme
13:
730:List of national development banks
263:) is Nigeria's oldest and largest
14:
1330:
430:Dr. Olasupo Olusi is the current
576:Abuja, Federal Capital Territory
162:
161:
142:
141:
1276:
1251:
1240:
1226:
1200:
1174:
1153:
1127:
1101:
1075:
1049:
1024:
1010:
989:
975:
961:
938:
924:
668:
449:The table below lists the past
351:BOI-UNDP Solar Energy Programme
1134:Oputah, David (May 19, 2014).
910:
884:
862:
853:
802:
742:
1:
836:":: Agusto & Co. Limited"
735:
295:
269:Central Bank of Nigeria (CBN)
44:Government Owned Corporation
7:
723:
555:
10:
1335:
1304:National development banks
872:. Chronicle. 24 April 2019
564:and a corporate office in
274:
1319:Banks established in 1959
503:Rasheed Adejare Olaoluwa
333:in participating states.
242:
216:National Long Term Rating
211:
186:
173:
153:
133:
115:
97:
77:
69:
57:
49:
39:
30:
21:
1314:Companies based in Lagos
1161:"Dr. Waheed A. Olagunju"
715:LECON Financial Services
257:Bank of Industry Limited
204:LECON Financial Services
17:Bank of Industry Limited
916:minesandsteel.gov.ng:
337:Strategic Partnerships
235:Agusto & Co.: Aa
121:Working Capital Loans
679:registered with the
562:Lagos State, Nigeria
543:Lawrence Osa-Afiana
446:, in October, 2023.
440:President of Nigeria
426:Corporate Governance
981:sunnewsonline.com:
798:. 10 November 2017.
514:Waheed A. Olagunju
487:Waheed A. Olagunju
461:
319:Financial Inclusion
175:Number of employees
103:Dr. Olasupo Olusi (
85:Lagos Island, Lagos
18:
1004:2020-11-30 at the
816:. 15 February 2017
776:. Bank of Industry
684:related services.
460:
123:Insurance Products
53:Financial Services
16:
967:thisdaylive.com:
597:Cross River State
553:
552:
518:
491:
451:Managing Director
432:Managing Director
391:Nigerian States:
355:In 2011, BOI and
327:Equatorial Guinea
259:(abbreviated as '
254:
253:
238:
233:
225:
182:
169:
149:
105:Managing Director
1326:
1309:Banks of Nigeria
1288:
1287:
1280:
1274:
1273:
1271:
1270:
1261:. Archived from
1255:
1249:
1244:
1238:
1237:
1230:
1224:
1223:
1221:
1219:
1204:
1198:
1197:
1195:
1193:
1188:. 15 August 2014
1178:
1172:
1171:
1169:
1167:
1157:
1151:
1150:
1148:
1146:
1131:
1125:
1124:
1122:
1120:
1115:. April 17, 2014
1105:
1099:
1098:
1096:
1094:
1079:
1073:
1072:
1070:
1068:
1053:
1047:
1046:
1044:
1043:
1034:. Archived from
1028:
1022:
1014:
1008:
993:
987:
979:
973:
965:
952:
945:
936:
928:
922:
914:
908:
907:
905:
903:
888:
882:
881:
879:
877:
866:
860:
857:
851:
850:
848:
847:
838:. Archived from
832:
826:
825:
823:
821:
806:
800:
799:
792:
786:
785:
783:
781:
775:
767:
754:
753:
746:
516:
489:
476:Olukayode Pitan
462:
459:
250:
248:Bank of Industry
236:
231:
223:
180:
167:
165:
164:
158:
147:
145:
144:
127:Leasing Services
125:Trustee Services
81:23 Marina Street
35:
26:
19:
15:
1334:
1333:
1329:
1328:
1327:
1325:
1324:
1323:
1294:
1293:
1292:
1291:
1282:
1281:
1277:
1268:
1266:
1257:
1256:
1252:
1245:
1241:
1232:
1231:
1227:
1217:
1215:
1206:
1205:
1201:
1191:
1189:
1180:
1179:
1175:
1165:
1163:
1159:
1158:
1154:
1144:
1142:
1132:
1128:
1118:
1116:
1107:
1106:
1102:
1092:
1090:
1080:
1076:
1066:
1064:
1054:
1050:
1041:
1039:
1030:
1029:
1025:
1015:
1011:
1006:Wayback Machine
994:
990:
980:
976:
966:
962:
948:
939:
929:
925:
915:
911:
901:
899:
890:
889:
885:
875:
873:
868:
867:
863:
858:
854:
845:
843:
834:
833:
829:
819:
817:
808:
807:
803:
794:
793:
789:
779:
777:
773:
769:
768:
757:
748:
747:
743:
738:
726:
717:
705:
690:
676:
671:
666:
636:Nasarrawa State
582:Akwa Ibom State
558:
546:December 2001
535:December 2005
495:February 2016
428:
419:
353:
344:
339:
310:informal sector
298:
277:
246:
234:
226:
218:
207:
176:
154:
138:
128:
126:
124:
122:
120:
100:
90:
86:
84:
82:
64:
62:
12:
11:
5:
1332:
1322:
1321:
1316:
1311:
1306:
1290:
1289:
1275:
1250:
1239:
1225:
1199:
1173:
1152:
1126:
1100:
1074:
1048:
1023:
1009:
988:
974:
960:
937:
923:
909:
898:. 27 June 2019
883:
861:
852:
827:
801:
787:
755:
740:
739:
737:
734:
733:
732:
725:
722:
716:
713:
704:
701:
689:
686:
675:
672:
670:
667:
665:
664:
661:
658:
655:
652:
649:
646:
643:
640:
637:
634:
631:
628:
625:
622:
619:
616:
613:
610:
607:
604:
601:
598:
595:
592:
589:
586:
583:
580:
577:
574:
570:
566:Abuja, Nigeria
557:
554:
551:
550:
549:December 2005
547:
544:
540:
539:
536:
533:
527:
526:
523:
520:
511:
510:
509:February 2016
507:
504:
500:
499:
496:
493:
484:
483:
480:
477:
473:
472:
469:
466:
427:
424:
418:
415:
352:
349:
343:
340:
338:
335:
297:
294:
276:
273:
252:
251:
244:
240:
239:
213:
209:
208:
206:
205:
202:
199:
196:
192:
190:
184:
183:
177:
174:
171:
170:
159:
151:
150:
139:
134:
131:
130:
117:
113:
112:
101:
98:
95:
94:
79:
75:
74:
71:
67:
66:
59:
55:
54:
51:
47:
46:
41:
37:
36:
28:
27:
9:
6:
4:
3:
2:
1331:
1320:
1317:
1315:
1312:
1310:
1307:
1305:
1302:
1301:
1299:
1285:
1279:
1265:on 2021-05-18
1264:
1260:
1254:
1248:
1243:
1235:
1229:
1214:. Daily Trust
1213:
1209:
1203:
1187:
1183:
1177:
1162:
1156:
1141:
1137:
1130:
1114:
1113:Business Wire
1110:
1104:
1089:
1085:
1078:
1063:
1059:
1052:
1038:on 2020-11-30
1037:
1033:
1027:
1021:
1020:
1013:
1007:
1003:
1000:
999:
992:
986:
985:
978:
972:
971:
964:
959:
958:
954:
953:
951:
949:thecable.ng:
944:
943:
935:
934:
930:guardian.ng:
927:
921:
920:
913:
897:
893:
887:
871:
865:
856:
842:on 2018-09-18
841:
837:
831:
815:
814:Fitch Ratings
811:
805:
797:
791:
772:
766:
764:
762:
760:
751:
745:
741:
731:
728:
727:
721:
712:
709:
700:
697:
695:
685:
682:
662:
659:
656:
654:Plateau State
653:
650:
647:
644:
641:
638:
635:
632:
629:
626:
624:Katsina State
623:
620:
617:
614:
611:
608:
605:
602:
599:
596:
593:
590:
587:
585:Anambra State
584:
581:
579:Adamawa State
578:
575:
572:
571:
569:
567:
563:
548:
545:
542:
541:
537:
534:
532:
529:
528:
524:
521:
519:
513:
512:
508:
505:
502:
501:
497:
494:
492:
486:
485:
482:October 2023
481:
478:
475:
474:
470:
467:
464:
463:
458:
456:
452:
447:
445:
441:
437:
433:
423:
414:
411:
408:
406:
402:
401:Anambra State
398:
394:
388:
386:
382:
378:
377:Anambra State
374:
370:
366:
360:
358:
348:
334:
330:
328:
324:
320:
315:
311:
305:
303:
293:
289:
287:
284:. Initially,
283:
272:
270:
266:
262:
258:
249:
245:
241:
229:
221:
217:
214:
210:
203:
200:
197:
194:
193:
191:
189:
185:
178:
172:
160:
157:
152:
140:
137:
132:
118:
114:
110:
106:
102:
96:
93:
89:
80:
76:
72:
68:
60:
56:
52:
48:
45:
42:
38:
34:
29:
25:
20:
1278:
1267:. Retrieved
1263:the original
1253:
1242:
1228:
1216:. Retrieved
1211:
1202:
1190:. Retrieved
1186:Business Day
1185:
1176:
1164:. Retrieved
1155:
1143:. Retrieved
1139:
1129:
1117:. Retrieved
1112:
1103:
1091:. Retrieved
1088:Nairametrics
1087:
1077:
1065:. Retrieved
1061:
1051:
1040:. Retrieved
1036:the original
1026:
1018:
1012:
997:
991:
983:
977:
969:
963:
956:
947:
946:
942:
941:
932:
926:
918:
912:
900:. Retrieved
896:The Guardian
895:
886:
874:. Retrieved
864:
855:
844:. Retrieved
840:the original
830:
818:. Retrieved
813:
804:
790:
778:. Retrieved
744:
718:
710:
706:
698:
691:
677:
669:Subsidiaries
663:Taraba State
660:Sokoto State
657:Rivers State
618:Kaduna State
603:Ebonyi State
588:Bauchi State
559:
531:Evelyn Oputu
522:April 2014
515:
488:
448:
442:, President
429:
420:
412:
409:
405:Kaduna State
389:
385:Kaduna State
361:
354:
345:
331:
306:
299:
290:
278:
260:
256:
255:
215:
188:Subsidiaries
156:Total assets
78:Headquarters
40:Company type
1284:"StackPath"
639:Niger State
633:Lagos State
630:Kwara State
627:Kebbi State
615:Gombe State
612:Enugu State
609:Ekiti State
600:Delta State
594:Borno State
591:Benue State
538:April 2014
468:Term Start
444:Bola Tinubu
397:Gombe State
393:Niger State
373:Gombe State
365:Niger State
314:microcredit
88:Lagos State
83:P.M.B 12855
58:Predecessor
1298:Categories
1269:2018-03-02
1042:2018-03-02
1016:afdb.org:
846:2018-03-02
736:References
648:Osun State
645:Ondo State
642:Ogun State
621:Kano State
573:Abia State
506:May 2014
479:May 2017
369:Osun State
296:Operations
282:World Bank
166:₦2.37tn
136:Net income
119:Term Loans
99:Key people
1218:4 January
1212:AllAfrica
1192:4 January
1166:4 January
1145:4 January
1140:The Cable
1119:4 January
1093:4 January
1067:4 January
902:4 January
876:4 January
820:3 October
780:4 January
651:Oyo State
606:Edo State
525:May 2014
498:May 2017
471:Term End
381:Edo State
224:(11/2017)
1259:"boi.ng"
1032:"boi.ng"
1002:Archived
995:boi.ng:
724:See also
556:Branches
517:(Acting)
490:(Acting)
146:₦52.9bn
116:Products
50:Industry
859:boi.ong
275:History
243:Website
220:Moody's
129:Savings
92:Nigeria
70:Founded
1247:boi.ng
323:Malabo
237:(2017)
232:(2017)
230:: AA+
212:Rating
181:(2022)
168:(2022)
148:(2022)
1062:PUNCH
774:(PDF)
465:Name
228:Fitch
222:: Aa3
1220:2024
1194:2024
1168:2024
1147:2024
1121:2024
1095:2024
1069:2024
904:2024
878:2024
822:2023
782:2024
455:CEOs
403:and
383:and
261:BOI'
179:619
73:1959
694:CBN
681:CBN
436:CEO
302:CBN
109:CEO
1300::
1210:.
1184:.
1138:.
1111:.
1086:.
1060:.
894:.
812:.
758:^
407:.
399:,
395:,
379:,
375:,
371:,
367:,
325:,
111:)
1286:.
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1236:.
1222:.
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1170:.
1149:.
1123:.
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453:/
434:/
107:/
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