General

BANK OF INDUSTRY

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Are you interested in knowing more about bank of industry? If yes, then tou are on the right page. Feel relaxed and make sure you read the article to the end.

bank of industry

Bank of Industry Limited (the “Bank” or “BOI”) is Nigeria’s foremost Development Financial Institution (DFI). It was incorporated in 1959 as the Investment Company of Nigeria (ICON) Limited and reconstructed into the Nigerian Industrial Development Bank (NIDB) in 1964 under the guidance of the World Bank. The International Finance Corporation which produced BOI’s pioneer Chief Executive held 75% equity along with a number of domestic and foreign private investors.

The Bank transformed into the Bank of Industry in 2001, following the merger of the mandates of NIDB, Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).

BOI has a mandate to transform Nigeria’s industrial sector by providing financial assistance for the establishment of large, medium and small enterprises; as well as to drive expansion, diversification and modernisation of existing enterprises; and rehabilitation of ailing ones. This mandate is geared towards supporting projects with potential developmental impact, and the capability to generate considerable multiplier effects such as industrialization, job creation, and poverty alleviation, which would have significant positive effects on the socio-economic condition of Nigerians.

The Bank continues to support growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging BOI’s state offices nationwide.

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What is the role of Bank of Industry in Nigeria’s Industrial Sector?

Bank of Industry encourages local industrial production and value creation through manufacturing, production and agro processing activities.

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The Bank primarily provides financial assistance, as well as business advisory/ support services to enterprises

What sectors do the bank target for support?

Being a key implementing institution of the Federal Government’s economic plans, the sectors supported by the Bank of Industry are a reflection of the priority sectors targeted by the government.

These include: Agriculture (Agro Processing and Food Processing), Solid Minerals, Creative Industry, Oil and Gas (Midstream and Upstream), Healthcare, Technology etc.

How many states of the country does BOI have offices?

The Bank of Industry currently has offices in 24 states of the federation. The bank has presence in all the 6 geopolitical zones of the country

What is the Bank of Industry’s Business operating hours?

The Bank of Industry is open from 8.00am to 5.00pm, every working day

How does the Bank of Industry differ from commercial banks?

It is a Development Finance Institution, which is different from commercial banking. Hence, the bank of industry does not take customer deposit. It mandate is primarily focused on developmental impact

Are there specific areas that the bank does not finance?

Currently, the bank does not support infrastructure (roads, rails etc.), real estate development (building construction) and primary agriculture.

Who owns the Bank of Industry?

The Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI) both own over 99% of the Bank’s shareholding.

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What kinds of products & services does the bank provide?

It provides both financial (loans) and non-financial (business advisory, mentoring, capacity building) services to enterprises in Nigeria.

Does Bank of Industry offer grant?

The Bank of Industry does not give grant but business loans

How do I apply for a BOI loan?

Loans can be applied for either physically or online. For physical application, customers are advised to apply either at any of the BOI branch offices that is closest to them or at the headquarters (for loan applications that are N1bn and above).

Customers who want to apply online can do so by applying on the bank’s website or by clicking the link www.boi.ng/apply to apply

Some different types of banks we have?

Retail banks. Retail banks, also known as consumer banks, are commercial banks that offer consumer and personal banking services to the general public. …
Commercial banks. …
Community development banks. …
Investment banks. …
Online and neobanks. …
Credit unions. …
Savings and loan associations.

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