Bank of Industry Raises €1.879 Billion to Drive Nigeria’s Development

Guest WriterIn a year marked with economic and social turbulence, the Bank of Industry (BoI) emerged as a beacon of hope for Nigeria’s financial landscape, raising €1.879 billion from the international market to drive industrial growth, green economy, business growth and sustainable development.

Although 2024 was marked by significant economic and social challenges, the Bank of Industry (BOI) defied the odds and ended the year on a high note, achieving a remarkable milestone that has set a new standard for development financing in Africa. As many institutions grappled with economic instability and operational hurdles, the BoI raised €1.879 billion from international financial markets, marking the largest capital mobilization in its 65-year history and the most substantial by any African development financial institution (DFI). Established in 1959, the bank evolved from the Investment Company of Nigeria (ICON) to the Nigerian Industrial Development Bank (NIDB) in 1964, before becoming BoI in 2001. Since then, it has played a pivotal role in driving Nigeria’s industrial growth, fostering innovation, supporting micro, small, and medium enterprises (MSMEs) and contributing to the country’s socioeconomic development. In 2015, the bank expanded its national footprint with offices in eight states and now boasts a presence in 33 states.The €1.879 billion raised further solidifies the BoI’s role in boosting its capacity to bridge Nigeria’s developmental financing gap. Nigeria faces several financing gaps, including those for infrastructure, sustainable development, and micro, small, and medium-sized enterprises (MSMEs), which contribute to the high cost of doing business in the country. The country’s financing gap for sustainable development goals (SDGs) is estimated at $10 billion yearly, with the COVID-19 pandemic and other economic challenges increasing the financial requirements needed to achieve the SDG

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