• Abubakar Bagudu commends bank’s strong governance, transparency, innovative financing structures, others
•John Enoh: every manufacturing company has attested to BoI’s impact, describes bank as benchmark for public sector excellence
•Olasupo Olusi: outcome-based financing now driving jobs, industrial capacity, inclusive growth
James Emejo in Abuja
Bank of Industry (BoI), yesterday, disclosed that it deployed N645 billion in strategic financing to de-risk critical sectors of the economy, creating 1.68 million jobs in 2025.
The interventions also financed 12,501 businesses and 1,615 start-ups while 950, 362 businesses benefitted from grants.
BoI disclosed the milestones in its inaugural Annual Development Impact Report unveiled yesterday in Abuja.
Minister of State for Industry, Senator John Enoh, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and other stakeholders hailed the development finance institution under its current leadership headed by Dr. Olasupo Olusi, for its positive impact on the economy.
BoI stated that the disbursements helped to bridge the long-standing gap between government policy objectives and actual industrial expansion.
The report indicated that the development finance institution moved beyond conventional lending to become a major catalyst for industrial transformation, positioning itself as the execution engine of the federal government’s Renewed Hope Agenda at a time the economy recorded stronger momentum.
Against the backdrop of improved macroeconomic conditions and real GDP growth of 3.98 per cent in the review period, BoI said its interventions accelerated structural transformation by unlocking investments across manufacturing, agriculture, infrastructure, technology, renewable energy and logistics while promoting inclusive growth.
The report stated that rather than merely financing businesses, the bank deliberately targeted high-impact sectors capable of stimulating domestic production, strengthening local value chains, improving competitiveness and expanding productive capacity.
According to the report, the manufacturing sector, which contributes about 30 per cent of national output, benefited significantly from the bank’s intervention as financing helped reduce investment risks, unlocked private capital and translated policy ambitions into tangible industrial growth.
Overall, BoI stated that 7,078 businesses benefitted from its disbursements nationwide, with 59 per cent of the portfolio supporting large enterprises while 41 per cent went to Micro, Small and Medium-scale Enterprises (MSMEs), ensuring broad-based participation across all 36 states and the Federal Capital Territory (FCT).
The bank said the interventions reflected its strategic shift from measuring success by the volume of loans approved to assessing development outcomes through job creation, industrial capacity expansion, gender inclusion and environmental sustainability.
Stakeholders, including Enoh and Bagudu, hailed BoI under Olusi for its contributions to the economy.
Speaking at the launch of the Annual Development Impact Report, Enoh described BoI as one of the federal government’s most effective institutions, stating that its performance has become a benchmark for public sector excellence.
The minister said unlike conventional reports that focused mainly on financial figures, the BoI report demonstrated the real impact of development finance through businesses supported, jobs created, livelihoods improved, and stronger industrial value chains.
He pointed out that the bank had consistently aligned its operations with the federal government’s industrialisation agenda by expanding financing for MSMEs, promoting youth entrepreneurship, advancing gender inclusion, and supporting technology-driven businesses.
According to him, virtually every manufacturing company he has visited since assuming office acknowledged BoI’s contributions to its growth.
He described the institution as a strategic partner in implementing the Nigerian Industrial Policy (NIP), stressing that industrial transformation would ultimately be measured by outcomes rather than policy declarations.
Enoh added that the bank’s credibility and proven development impact should encourage greater support from development partners seeking to accelerate Nigeria’s industrialisation.
In a similar vein, Bagudu commended BoI for institutionalising an annual impact reporting framework, describing it as evidence that development finance should be assessed by lives transformed rather than funds disbursed.
Represented by Minister of State, Dr. Doris Uzoka-Anite, Bagudu said the bank was increasingly positioning itself as an architect of the country’s investment ecosystem through stronger governance, transparency, and innovative financing structures capable of attracting private capital.
Bagudu stressed that the country’s ambition of building a $1 trillion economy would require development finance institutions to move beyond lending towards mobilising investments, improving project preparation, and strengthening investor confidence.
He said BoI had demonstrated world-class management standards and innovative thinking, stating that the institution is helping to translate national development priorities into measurable economic outcomes.
The minister added that financing should ultimately be judged by enterprises expanded, industries strengthened, jobs created, women and youths empowered, investments mobilised and lives transformed.
In his remarks, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said 2025 marked a defining year for the institution as it deliberately shifted from measuring financing volumes to evaluating development outcomes.
Olusi said implementation of the bank’s 2025-2027 Corporate Strategy laid the foundation for stronger industrial development through expanded access to finance, stronger value chains, and infrastructure investments that enhanced productivity and competitiveness.
He said the bank’s interventions generated measurable impact by supporting millions of jobs, reducing carbon emissions, improving digital infrastructure, and expanding opportunities for women and young entrepreneurs.
Olusi disclosed that the inaugural report institutionalised the bank’s commitment to transparency, accountability, and evidence-based development finance, adding that the bank would continue to measure economic and social impact with the same rigour applied to financial performance.
He stated, “This work has been guided by a clear conviction: development finance must be inclusive, sustainable, and transformational. From supporting nano, micro, small, and medium enterprises to advancing women- and youth-led businesses, and financing infrastructure that enables enterprise growth, we have remained focused on ensuring that development reaches every segment of society.
“The Annual Development Impact Report is therefore BoI’s institutional expression of our commitment to development impact. It reflects our determination to measure development outcomes with the same discipline and rigor that we apply to financial performance.
“By strengthening how we evaluate, report, and learn from our interventions, we are building a more accountable, transparent, and impact-driven institution.”
According to the report, the framework tracked key development indicators, including employment generation, industrial capacity expansion, environmental sustainability, gender inclusion and youth participation, marking a departure from traditional development banking where success is often measured solely by loan volumes.
To reinforce the transition, the bank maintained staff attrition below three per cent while investing more than 2,200 training hours to strengthen internal capacity in environmental, social and governance (ESG) standards as well as development impact measurement.
The report stated that every project seeking financing now underwent an impact assessment through the Anticipated Development Results Report (ADRR), a tool designed to assign an Impact Score before approval, thereby ensuring that financing decisions were aligned with national development priorities.
BoI stated that its interventions were deliberately aligned with Nigeria’s Medium-Term National Development Plan, the Renewed Hope Agenda, African Continental Free Trade Area (AfCFTA) framework, and the United Nations Sustainable Development Goals (SDGs), particularly Goal Eight on decent work and economic growth and Goal Nine on industry, innovation and infrastructure.
According to the bank, the alignment is intended to ensure that its financing contributes directly to import substitution, export expansion, industrial competitiveness and poverty reduction while positioning Nigeria as a regional manufacturing hub.
The report further highlighted environmental sustainability as a key pillar of the bank’s development strategy.
It stated that a growing number of supported manufacturing firms adopted cleaner production technologies, emissions reduction measures, and energy-efficient processes as part of BoI’s broader commitment to climate-smart industrialisation.
Similarly, interventions across several sectors promoted improved environmental management, flood control systems and renewable energy adoption, reinforcing the bank’s objective of supporting industrial growth without compromising environmental sustainability.
BoI further reaffirmed its commitment to helping the country achieve its target of increasing manufacturing’s contribution to the economy through deeper value-chain integration, expanded green financing, stronger support for local industries, and greater mobilisation of private capital.
The bank added that it would continue to scale evidence-based financing, leveraging lessons from the 2025 reporting framework to deepen accountability and maximise development outcomes, while positioning Nigeria as Africa’s industrial engine over the long term.
Sectoral interventions recorded significant outcomes as BoI invested N4.6 billion to modernise six manufacturing plants, with nearly two-thirds of supported firms increasing production capacity by more than 20 per cent.
The transport and logistics sector received N10 billion, resulting in 516 new jobs, while 84 per cent of newly recruited workers were youths.
Power and utilities emerged among the strongest-performing sectors as the bank financed mini-grid projects that electrified over 100 rural communities, connecting 11,777 new customers to electricity and improving energy access for productive enterprises.
In agriculture and food processing, the bank linked 47,508 smallholder farmers to formal value chains while supported firms recorded average revenue growth of 17.4 per cent, boosting food security and rural enterprise development.
The pharmaceuticals sector also recorded gains, with financing supporting the introduction of nine new product lines, while climate finance interventions enabled over 55 companies to install renewable energy systems, reinforcing the country’s transition towards cleaner industrial production.
Beyond sector-specific financing, BoI also recorded strong performance in implementing national intervention programmes.
The report disclosed that the bank served as implementation agency for the federal government’s N200 billion MSME Industrialisation Fund, achieving a disbursement rate of over 95 per cent.
It also expanded the Rural Area Programme on Investment for Development (RAPID), disbursing about N11 billion between 2024 and 2025 to support 822 enterprises, with the North-east emerging as the leading beneficiary region.
Among other landmark interventions were financing for a N35 billion national broadband rollout project and N30 billion in mini-grid investments across Lagos, Imo and Rivers States.