Nigeria’s BOI signs $50m IFC loan for smaller businesses

Friday 6th November 2026

By inAfrika Newsroom

Nigeria’s Bank of Industry and the International Finance Corporation signed a $50m senior loan on 3 November to expand long-term lending to micro, small and medium-sized enterprises, according to the bank’s announcement.

At least 25% of the seven-year loan is earmarked for women-owned businesses. BOI said it would support productive enterprises in manufacturing, agriculture, renewable energy and the creative industries.

The signing at the Africa Financial Industry Summit involved BOI chief executive Olasupo Olusi and IFC managing director Makhtar Diop. The bank said definitive financing documentation and customary implementation conditions still needed to be completed.

The loan forms part of a broader package of up to $100m. IFC’s investment disclosure, updated on 3 November, also describes a proposed anchor investment of up to $50m equivalent in BOI’s domestic bond issuance.

An anchor investor commits funds to help a bond issuer attract other buyers. IFC said its proposed participation was intended to mobilise pension funds, asset managers and other private investors, with at least 10% of bond proceeds earmarked for smaller businesses.

The signed loan and proposed bond investment are separate components. The announcements do not establish that the full $100m has been disbursed.

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