BOI Targets Three Million Jobs, ₦1.85tn Lending by 2027

The Bank of Industry (BOI) has set a target of creating and sustaining three million jobs and increasing its annual lending to ₦1.85 trillion by 2027 as part of efforts to expand business financing and strengthen Nigeria’s productive sectors.

The bank’s Managing Director, Dr Olasupo Olusi, disclosed the targets on Thursday during an engagement with media executives in Lagos, where he outlined progress under the institution’s 2025–2027 corporate strategy.

Olusi said the strategy was designed to expand lending, increase the bank’s development impact and improve access to finance for businesses across the country. He identified manufacturing, agriculture, local healthcare production, climate-related businesses and technology-driven enterprises as priority areas.

He explained that the strategy was being implemented in three phases, with 2025 serving as the foundation year, 2026 focused on execution and expansion, and 2027 dedicated to consolidating the results.

The bank disbursed ₦625 billion in 2025, supporting 12,501 businesses and creating or sustaining an estimated 1.6 million jobs. Micro, small and medium-sized enterprises (MSMEs) accounted for more than 31 per cent of the funding, while approximately ₦120 billion went to women-owned businesses.

Olusi said the bank intended to direct more financing towards activities that increase local production, reduce dependence on imports and generate sustainable employment. He highlighted agriculture, manufacturing and healthcare as sectors where expanded domestic capacity could improve the availability of essential goods, including food and medicines.

To widen access to credit, BOI plans to provide financing to 24,000 MSMEs by 2027. Its targets include allocating 35 per cent of funding to MSMEs, 15 per cent to women-owned or women-led businesses, and 20 per cent of MSME financing to youth-led enterprises.

The bank also intends to allocate at least 10 per cent of its loan portfolio to climate-related investments, while supporting technology and creative businesses through the Investment in Digital and Creative Enterprises programme.

The strategy forms part of BOI’s broader mandate to support industrialisation, strengthen businesses and stimulate economic growth through long-term financing.

Olusi said the institution would continue mobilising funds and expanding its financing channels to help businesses grow, improve productivity and contribute to employment generation.

The bank’s progress towards its 2027 targets will depend on its ability to translate increased lending into sustainable business expansion, higher domestic production and measurable job creation.