BoI Disbursed Over N1.27trn to 14 Sectors in 2024
The Bank of Industry (BoI) has disbursed more than ₦1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024.
The Chief Executive Officer of BoI, Dr Olasupo Olusi, disclosed this during the 10th Nigeria Energy Forum (NEF) Day 2 edition held virtually on Tuesday in Lagos.
Olusi was represented by the Executive Director, Public Sector and Intervention Programme, BoI, Ms Mabel Ndagi. He said the bank during the period supported more than 900,000 jobs.
He noted that BoI had been at the forefront of Nigeria’s industrial transformation, supporting enterprises of all sizes to expand production, enhance value addition, and drive employment creation.
“The ₦200bn Federal Government MSME Intervention Fund, managed by BoI, provides affordable financing to small businesses nationwide through three dedicated windows.
“₦50bn for the Presidential Conditional Grant Scheme, ₦75 billion for the MSME Intervention Fund, and ₦75 billion for the Manufacturing Sector Fund.
“The bank is also expanding investments in green finance and circular economy solutions, supporting industries that integrate renewable energy, energy efficiency, and low-carbon processes,” he said.
He said the bank would continue to dominate leadership role in financing renewable energy infrastructure, clean manufacturing, and climate-smart industrial practices.
Also speaking, Ms Jadesola Rawa, Senior Associate, Grants Management, All On, an impact investment firm, said the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0) was co-created by All On as Principal TIEC3.0 sponsor and implemented by the NEF.
Rawa said that the challenge was introduced to accelerate student-led energy innovation solutions for under-served and un-served communities in Nigeria.
Mrs Bamise Olanrewaju, NEF Director of Innovation, said the challenge featured winning teams represented by their Chief Executive Officers, Febechi Uzomadike (Green Preserve, Cross Rivers State University), Justice Esiri (AI Hybrid Agro Dryer, University of Lagos) and Fubara David (Keytric, University of Port Harcourt).
“The All On TIEC3.0 winners reported progress on product enhancements, community engagement and business structuring, using insights received from expert assessors and mentors,” she said.
Inga Stefoniwicz, Head of Green Growth and Digital Economy, European Union (EU) Delegation in Nigeria, said the union would invest in smart, clean and secure infrastructure in energy and other key sectors across the world to tackle inequalities.
Stefoniwicz added that the investment would put the Sustainable Development Goals back on track. According to her, Africa-EU Green Energy Initiative will increase the number of African people, businesses and industries having access to affordable, modern and sustainable energy services.
“It will also support investments in renewable energy generation and promote energy efficiency so that by 2030, it will provide at least 100 million people with access to electricity.
“The EU has been the biggest donor partner in terms of grants to Nigeria’s power sector (with about €300 million since 2008 and including the current NIP,” she said.
Mr John Sloan, the Economic Affairs Officer, Economic Commission for Africa (ECA), said there is great potential for the green energy transition to yield significant opportunities for industrialisation and job creation in mineral-producing communities across Africa.
“Special economic zones are engines of job creation, fostering inclusive industrialization by providing sustainable employment opportunities for the local workforce,” Sloan said.
The NEF Co-Chair, Mr Adekunle Makinde, said sustainable production, value addition and industrialisation of lithium in Nigeria would foster economic growth, create quality jobs and enhance environmental protection.
Makinde added that adoption and localisation of both the United Nations Resource Management Systems and African Green Minerals strategies in minerals processing projects in Nigeria would strengthen capacity building and contribute to achieving global sustainable development goals.
Ms Xandra Weinbeck, the Senior Business Development Manager, Materials Circular Economy, Invest NL, said supporting industry in critical raw material economy enhances economic resilience and sustainability.
In his remarks, Dr Daniel Adeuyi, the NEF Group Chairman said the 10th Africa Youth Energy Innovation Challenge (AEIC) organised by the NEF and co-supported by GEF-SGP UNDP, BoI and PCNG-I, attracted over 400 entries from 38 out of 54 countries in Africa.
Adeuyi disclosed that more than 30 per cent of the participating teams were led by young women. “The 2025 AEIC finalists were held during NEF2025 Day 2, comprising six independent expert assessors from the global energy community.
“The first prize winner Ecofuel Bioenergy DRC Grid Guard, Nigeria, received both the second prize and Public Vote Winner Prize. ”The third prize was awarded to AgroCold Solar Hub, Nigeria,” he said.’’
The most successful AEIC projects will be invited to showcase progress and exhibit products at the upcoming 11th Nigeria Energy Forum 2026 in July with the theme: “Upscaling Value Addition for Sustainable Industrialisation,” to be held in Lagos.
