The Bank of Industry (BOI) has revealed that it disbursed over N1.27 trillion to enterprises across 14 key sectors of the economy, including solid minerals, in 2024.
The move, according to BOI’s Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, directly and indirectly supported more than 900,000 jobs nationwide.
He disclosed this on Tuesday, during Day 2 of the 10th Nigeria Energy Forum (NEF), held virtually in Lagos.
Olusi was represented by Ms Mabel Ndagi, BOI’s Executive Director for Public Sector and Intervention Programme.
According to him, the bank’s interventions continued to play a pivotal role in Nigeria’s industrial development, enabling businesses of all sizes to expand production, boost value addition, and create employment opportunities.
Highlighting the implementation of the N200 billion Federal Government MSME Intervention Fund, managed by BOI, Olusi said it provides affordable financing to small businesses through three components, N50 billion Presidential Conditional Grant Scheme (PCGS), N75 billion MSME Intervention Fund, N75 billion Manufacturing Sector Fund.
He added that the bank was scaling up investments in green finance, circular economy solutions, renewable energy integration, energy efficiency, and low-carbon industrial processes.
According to Ndagi, the bank’s ambition underscores its leadership in financing renewable energy infrastructure, clean manufacturing, and climate-smart industrial practices.
At the event, All On, an impact investment company, also highlighted efforts to promote clean energy innovation through the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0).
Ms Jadesola Rawa, Senior Associate, Grants Management at All On, said the initiative, co-created with NEF, seeks to accelerate student-led energy innovations for underserved communities.
The NEF Director of Innovation, Mrs Bamise Olanrewaju, said winners of the challenge, Green Preserve (Cross River State University), AI Hybrid Agro Dryer (University of Lagos), and Keytric (University of Port Harcourt), had reported progress in product development, community outreach, and business structuring following mentorship support.
BOI funds the solid minerals sector in Nigeria and is a key player in financing its development. It provides both direct financial support and partners on funds specifically for the sector, including programs for artisanal and small-scale miners, and a variety of other projects within the solid minerals value chain.
The bank has a specific Solid Minerals Group that finances projects like cement, steel, and granite production, with past disbursements totaling billions of naira.
In addition to loans, BOI provides business advisory services to help enterprises in the sector grow and modernize.
