The African Development Bank (AfDB) Group has approved a 200 million dollar financing facility for the Bank of Industry (BoI).
The intervention is designed to support Nigeria’s industrial growth and strengthen private sector productivity across strategic sectors.
The bank disclosed this in a statement issued on Friday in Abuja.The facility will provide medium- and long-term financing for businesses seeking expansion capital.
The funding targets infrastructure, transport, agro-food processing, healthcare, pharmaceuticals, and green industrialisation sectors.
The bank said the intervention aligned with efforts to deepen industrial capacity and improve economic competitiveness in Nigeria.It added that at least 30 per cent of the facility would support small and medium-sized enterprises.
The bank noted that women-owned businesses and youth-led enterprises would receive priority support under the arrangement.It said inclusive financing remained critical to sustainable growth and wider economic participation.
“The package also includes a 650,000 dollar grant from the Fund for African Private Sector Assistance.“The grant will strengthen SME capacity and support climate-smart business initiatives across productive sectors,” the statement read.
The bank said an additional technical support component would complement the financing package.It said the support would be delivered under the Affirmative Finance Action for Women in Africa initiative.
According to the bank, the initiative will improve financing access for women-led enterprises.“The intervention is expected to promote job creation, boost exports and strengthen local manufacturing.
“It will also reduce Nigeria’s dependence on imported industrial products,” the statement also read.The Director-General of AfDB’s Nigeria Country Department, Abdul Kamara, said the approval reflected the bank’s confidence in Nigeria’s industrial potential.
Mr Kamara said the institution remained committed to supporting industrialisation and private sector development across the country.
He said the financing would support SMEs, women entrepreneurs, and youth-led businesses driving economic diversification.Mr Kamara added that stronger local enterprises would contribute to sustainable industrial transformation.
The Managing Director of the Bank of Industry, Olasupo Olusi, described the facility as another milestone in BoI’s partnership with AfDB.Mr Olusi said both institutions had maintained a productive relationship focused on economic development.
He said the financing would unlock investment opportunities, create jobs and promote inclusive growth nationwide.
Mr Olusi added that the intervention would strengthen local manufacturing and support Nigeria’s long-term development goals. (NAN)
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