The Bank of Industry (BOI) has announced that it disbursed over N1.27 trillion to businesses operating in 14 major sectors of the Nigerian economy in 2024—funding that the bank says helped sustain and create more than 900,000 direct and indirect jobs across the country.
BOI Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, revealed this during the second day of the 10th Nigeria Energy Forum (NEF), held virtually in Lagos.
Olusi, represented by Ms. Mabel Ndagi, BOI’s Executive Director for Public Sector and Intervention Programmes, said the bank remains central to Nigeria’s industrial advancement by helping enterprises expand output, increase value addition, and generate employment.
Speaking on the ongoing implementation of the N200 billion Federal Government MSME Intervention Fund, which is administered by the BOI, he explained that the initiative provides accessible financing to small businesses through three key components:
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N50 billion Presidential Conditional Grant Scheme (PCGS)
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N75 billion MSME Intervention Fund
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N75 billion Manufacturing Sector Fund
Olusi added that the bank is intensifying investments in green and sustainable development areas such as renewable energy, circular economy solutions, energy efficiency, and low-carbon industrial processes.
According to Ndagi, these efforts reinforce BOI’s leadership role in financing renewable energy infrastructure, clean manufacturing systems, and climate-resilient industrial projects.
During the forum, impact investment company All On also showcased its work in advancing clean energy innovation, particularly through the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0).
Ms. Jadesola Rawa, Senior Associate for Grants Management at All On, said the programme—developed in partnership with the NEF—aims to scale up student-driven energy solutions for underserved communities.
NEF’s Director of Innovation, Mrs. Bamise Olanrewaju, noted that teams emerging as winners—Green Preserve (Cross River State University), AI Hybrid Agro Dryer (University of Lagos), and Keytric (University of Port Harcourt)—have made notable progress in product development, community engagement, and business refinement after receiving mentorship.
