AfDB Approves $200m Facility For BoI To Support SMEs

The African Development Bank Group has approved a $200 million financing facility for the Bank of Industry (BoI) to support small and medium enterprises (SMEs) and promote industrial growth in Nigeria.
The Bank disclosed this weekend in Abuja, stating that the intervention would provide medium- and long-term financing for businesses seeking expansion capital across strategic sectors of the economy.
According to the AfDB, the funding will target infrastructure, transport, agro-food processing, healthcare, pharmaceuticals, and green industrialisation projects.
The Bank said the intervention aligns with ongoing efforts to deepen Nigeria’s industrial capacity and improve economic competitiveness.
It added that at least 30 per cent of the facility would be dedicated to supporting small and medium-sized enterprises (SMEs), with women-owned and youth-led businesses receiving priority consideration.
According to the Bank, inclusive financing remains critical to sustainable economic growth and broader participation in productive sectors.
“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 said.
The AfDB further disclosed that an additional technical support component would be delivered under its Affirmative Finance Action for Women in Africa initiative to improve access to financing for women-led enterprises.
The Bank said the intervention is expected to stimulate job creation, boost exports, strengthen local manufacturing, and reduce Nigeria’s dependence on imported industrial products.
Director-general of AfDB’s Nigeria Country Department, Abdul Kamara, said the approval reflected the Bank’s confidence in Nigeria’s industrial potential and commitment to supporting industrialisation and private sector development.
Kamara said the financing would particularly support SMEs, women entrepreneurs, and youth-led businesses driving economic diversification across the country.
He added that stronger local enterprises would contribute significantly to sustainable industrial transformation.
The managing director of BoI, Dr Olasupo Olusi, described the facility as another milestone in the longstanding partnership between BoI and AfDB.
Olusi said the financing would unlock investment opportunities, create jobs, promote inclusive growth, and strengthen local manufacturing in line with Nigeria’s long-term development goals.