The Bank of Industry has disclosed that it disbursed over N1.27tn to enterprises across 14 key sectors of the Nigerian economy in 2024, a move that directly and indirectly supported more than 900,000 jobs nationwide.
The Managing Director and Chief Executive Officer of the bank, Dr Olasupo Olusi, made the disclosure on Wednesday during Day Two of the 10th Nigeria Energy Forum held virtually in Lagos.
Olusi, who was represented by the Executive Director for Public Sector and Intervention Programme at the BOI, Ms Mabel Ndagi, said the bank’s interventions have continued to play a major role in advancing Nigeria’s industrial development.
According to him, the funding support has enabled businesses of all sizes to expand production capacity, boost value addition and create employment opportunities across multiple value chains.
Highlighting the implementation of the N200bn Federal Government MSME Intervention Fund currently managed by the BOI, Olusi explained that the facility provides affordable financing for small businesses through three components. He listed them as the N50bn Presidential Conditional Grant Scheme, the N75bn MSME Intervention Fund and the N75bn Manufacturing Sector Fund.
He added that the bank is also scaling up investments in green finance, circular economy solutions, renewable energy integration, energy efficiency and low carbon industrial processes as part of its climate focused growth strategy.
Speaking at the forum, Ndagi said the bank’s ambition reflects its leadership position in financing renewable energy infrastructure, clean manufacturing and climate smart industrial practices in Nigeria.
Also at the event, All On, an impact investment company, highlighted its efforts to promote clean energy innovation through the Tertiary Institutions Energy Innovation Challenge 3.0.
A Senior Associate in Grants Management at All On, Ms Jadesola Rawa, said the initiative, co created with the Nigeria Energy Forum, is designed to accelerate student led energy innovations targeted at underserved communities.
The Director of Innovation at the Nigeria Energy Forum, Mrs Bamise Olanrewaju, disclosed that winners of the challenge including Green Preserve from Cross River State University, AI Hybrid Agro Dryer from the University of Lagos and Keytric from the University of Port Harcourt, have recorded progress in product development, community outreach and business structuring following mentorship support.
She added that the innovation programme is helping to bridge the gap between research and real world energy solutions while promoting youth participation in Nigeria’s clean energy transition.
