(3 Minutes Read)
The Managing Director of the Bank of Industry (BoI), Olasupo Olusi, announced that the Bank has raised a new funding package worth €2 billion through global loan syndication to improve its financial capacity to support a wide range of development initiatives.
Olusi told journalists at a media parley in Lagos that the initiatives by the bank include infrastructure projects, small and medium-sized enterprise growth, and industrial diversification in key economic sectors. He said the amount was part of over USD 5 billion raised from the international capital markets through Eurobonds, loan syndications, and green finance instruments since 2017 to expand its national footprint.
In 2007, BOI’s authorised share capital was increased to N250bn to put the bank in a position to address its mandate better; this was subsequently increased to N500bn in May 2023. In recognition of the pivotal role of MSMEs in national economic development, the Bank in 2014 engaged 122 SME consultants and entered strategic alliances with 10 SME-friendly commercial banks. Today, we have over 300 Business Development Service providers supporting SMEs nationwide. The bank also has a robust on-lending program with various financial institutions, including microfinance banks and fintechs.
In 2017, BOI commenced raising funds on the international market with a USD 750 million AFREXIM loan. Since then, the bank has successfully raised over USD 5bn from the international capital markets through Eurobonds, loan syndications, and green finance instruments. This month, we concluded a global loan syndication that raised nearly €2bn which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFI.
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The bank is engaged in key strategic partnerships with relevant agencies to empower Nigeria’s industrial growth, foster innovation, and contribute to socioeconomic development.
