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🇳🇬 Nigeria /Economy & Trade

Bank of Industry Disbursed N645bn, Created 1.68 Million Jobs in 2025

From ThisDay · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • The Bank of Industry (BoI) disbursed N645 billion in 2025, supporting 12,501 businesses and 1,615 startups, and creating 1.68 million jobs.
  • The bank's interventions, detailed in its inaugural Annual Development Impact Report, also provided grants to 950,362 businesses, bridging the gap between government policy and industrial expansion.
  • BoI's strategic financing targeted high-impact sectors like manufacturing, agriculture, and technology, accelerating structural transformation and aligning with the federal government's Renewed Hope Agenda.

The Bank of Industry (BoI) deployed N645 billion in strategic financing in 2025, a move that de-risked critical economic sectors and generated 1.68 million jobs. The development finance institution's inaugural Annual Development Impact Report, unveiled in Abuja, also highlighted its support for 12,501 businesses and 1,615 startups, with 950,362 businesses benefiting from grants.

Ministers and stakeholders lauded the bank's performance under Dr. Olasupo Olusi's leadership. Minister of State for Industry, Senator John Enoh, described BoI as a benchmark for public sector excellence, noting that every manufacturing company has attested to its impact. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, commended the bank's strong governance, transparency, and innovative financing structures.

every manufacturing company has attested to BoI’s impact, describes bank as benchmark for public sector excellence

— John EnohMinister of State for Industry, Senator John Enoh, commenting on the Bank of Industry's impact.

BoI's interventions aimed to bridge the gap between government policy objectives and actual industrial expansion. The report positions the bank as a catalyst for industrial transformation and an execution engine for the federal government’s Renewed Hope Agenda. It accelerated structural transformation by unlocking investments in manufacturing, agriculture, infrastructure, technology, renewable energy, and logistics, promoting inclusive growth amid improved macroeconomic conditions and a 3.98 percent real GDP growth.

The bank deliberately targeted high-impact sectors to stimulate domestic production, strengthen local value chains, improve competitiveness, and expand productive capacity. The manufacturing sector, contributing about 30 percent of national output, received significant financing that reduced investment risks and translated policy ambitions into tangible industrial growth. Overall, 7,078 businesses received disbursements, with 59 percent supporting large enterprises and 41 percent going to MSMEs, ensuring broad participation across all 36 states and the FCT.

outcome-based financing now driving jobs, industrial capacity, inclusive growth

— Olasupo OlusiDr. Olasupo Olusi, head of the Bank of Industry, on the bank's financing approach.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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