Bank of Industry Signs N274.18bn Development Bond
The Bank of Industry has formally signed the transaction documents for its ₦274.1868 billion Series 1 Development Bond, a 17.60% five-year fixed-rate bond due 2031.
The signing marks the completion of a landmark domestic capital market transaction that was initially launched as a ₦250 billion offer and closed oversubscribed within five working days.
Issued via BOI Financing SPV Plc under the Bank’s $1 billion Multi-Currency Instruments Programme, the bond attracted strong institutional demand from Pension Fund Administrators (PFAs), banks, Development Finance Institutions (DFIs), corporates and other institutional investors. The Nigeria Sovereign Investment Authority (NSIA) and International Finance Corporation (IFC) served as anchor investors, strengthening the transaction.
More than a financing transaction, the bond represents a strategic step towards deepening Nigeria’s domestic capital market and mobilising long-term Naira capital to support businesses, expand productive capacity, create jobs and strengthen local value chains.
Managing Director/CEO Dr. Olasupo Olusi has previously described the investor response as a vote of confidence not only in BOI but in the capacity of Nigeria’s domestic capital market to mobilise long-term capital for productive investment. He also credited President Bola Tinubu’s executive approval for investor incentives and a N100 billion presidential support fund to cushion bond pricing for manufacturers and other BOI customers.
Proceeds from the issuance will enhance BOI’s capacity to provide long-term financing to eligible enterprises across priority sectors, focusing on industrial expansion, import substitution, local value addition and economic diversification.
It is also a strong vote of confidence in BOI’s mandate and its role in driving Nigeria’s industrial and economic transformation.
As we mark this milestone, the focus remains clear: mobilise more capital, reach more businesses and create greater development impact. #Bank of Industry Signs N274.18bn Development Bond # Bank of Industry Secures €60m Facility to Boost Cocoa Processing
