If You Want To Start A Business Or You Already Have A Business And You Want To Expand It. You Need Money To Start The Business And You Have Gone To Different Banks To Get A Loan, But The Interest Rate Is Holding You Back, You Should Look Into The Bank Of Industry. They Offer You Loans With Very Low-Interest Rates And Easy To Payback.

About Bank Of Industry

Nigeria’s Oldest, Largest, And Most Successful Development Finance Institution Is The Bank Of Industry Limited (Boi). The Nigerian Industrial Development Bank (Nidb) Limited, Which Was Established In 1964, Was Restructured In 2001.

The Bank Has Transformed Into An Efficient, Focused, And Profitable Institution That Is Well-Positioned To Effectively Carry Out Its Primary Mandate Of Providing Long-Term Financing To The Nigerian Economy’s Industrial Sector, Following A Successful Institutional, Operational, And Financial Restructuring Program That Began In 2002.

The Mandate Of The Bank Of Industry Is To Provide Financial Assistance For The Establishment Of Large, Medium, And Small Businesses As Well As The Expansion, Diversification, And Modernization Of Existing Enterprises; And Rehabilitation Of Existing Ones.

The Bank Of Industry Has A Strong Branch Network Across Nigeria With 24 Branches, A Headquarters In Lagos State, Nigeria, And A Corporate Office In Abuja, Nigeria.

Bank Industry Loan Vs Commercial Bank Loan

Low-Interest Rate

Bank Of Industry Offer Loans As Low As 0% – 10% Interest Rate While The Commercial Bank Charges As Much As 25% – 35% Interest Rate

High Loan Amount

Bank Of Industry Can Offer Your Business As Much As N1b And Above Loan In Form Of Long-Term Finance, Commercial Banks Do Not Have Such Capacity

Zero Collateral

Some Of The Bank Of Industry Loan Products Are Non-Collateral, Especially State Government Matching Funds. Commercial Banks Typically Request For Collateral That Is Triple The Loan You Need.

Startup Support

Yes, The Bank Of Industry Supports Start-Up Businesses. Most Commercial Banks Do Not Support Startups.

Developmental Focused

The Bank Of Industry Is A Development Finance Institution, Which Is Different From Commercial Banking. Hence, The Bank Of Industry Does Not Take Customer Deposits.  Its Mandate Is Primarily Focused On Developmental Impact.

Who Do They Fund?

The Typical Boi Customer Is A Registered Business Entity I.E. Micro, Small And Medium Enterprise (Msme) Or A Large Enterprise (Le). The Bank Also Works With Business Associations And Clusters To Support Micro-Entrepreneurs.

Supports Youth

The Bank Of Industry Supports Youth-Owned Enterprises. Unlike Commercial Banks. They Have Two Products, The Graduate Entrepreneurship Fund (Gef) And The Youth Entrepreneurship Support Programme (Yes-P) That Targets Youths Across The Country. These Products Comprise Of Both The Provision Of Non-Financial Support (Capacity Building And Business Advisory) And The Provision Of Financial Support (Loans) To Youths In Nigeria.

Bank Of Industry Loan Offers

The Bank Of Industry Has A Wide Range Of Loan Offers That You Can Choose From, Below Are Some Of Them

Boi/State matching Funds

The State/Boi Funds Are Matching Funds Based On Partnership Between The Bank Of Industry And Some State Governments. These Funds Can Be Accessed By Cooperatives, Enterprises And Limited Liability Companies Engaged In Manufacturing And Agro-Processing, With A Single Obligor Limit Of N50 Million. Interest Rates Range From Between 5% To 10%. Intending Applicants Should Visit The Relevant State Ministry Of Commerce And Industry For More Details.

BOI/Cbn Intervention Fund

N235 Billion Cbn Intervention Fund For Manufacturing Refinancing And Restructuring Facilities Of Banks’ Loans.

These Guidelines Relate To The N235 Billion Intervention Fund For Refinancing And Restructuring Of Banks’ Loans To The Manufacturing Sector (The Fund).

The Objectives Of The Fund Are To:

  •  Fast-Track The Development Of The Manufacturing Sector Of The Nigerian Economy By Improving Access To Credit To Manufacturers.
  •  Improve The Financial Position Of The Deposit Money Banks (Dmbs).
  •  Increase Output, Generate Employment, Diversify The Revenue Base, Increase Foreign Exchange Earnings And Provide Inputs For The Industrial Sector On A Sustainable Basis.

BOI/Dangote Foundation  

The Dangote Foundation/Boi Fund Is A N5bn Matching Fund, Which Could Be Accessed By Enterprises And Limited Liability Companies Engaged In The Manufacturing, Agro-Processing, And Merchandising Sectors For Made In Nigeria Goods, With a Single Obligor Limit Of N50.0 Million With An Interest Rate Of 5%.

FGN Special Intervention Fund For MSMEs (National Enterprise Development Programme)

The Fund Is A Federal Government Of Nigeria Initiative To Provide Subsidized Loans To Micro, Small, And Medium Enterprises (Msme) At A Single-Digit (9% Per Annum) All-Inclusive Interest Rate. The Fund Is Also To Cater For Applications Received From SMEDAN Under The National Enterprise Development Programme (Nedep) Scheme.

Graduate Entrepreneurship Fund

The Graduate Entrepreneurship Fund (Gef) Scheme Is The Bank’s First Youth Program Which Was Launched In October 2015 And Is Implemented By The Bank In Partnership With The National Youth Service Corps (Nysc) Directorate. This Initiative Is Specifically Targeted At Youths Undergoing The Mandatory One (1) Year National Service Program.

The Aim Is To Change The Job-Seeking Mindset Of Nigerian Youths To Entrepreneurship And Self-Reliance By Encouraging Them To Develop Skills For Self-Employment And To Contribute To The Accelerated Growth Of The National Economy.

Hence The Introduction Of The Graduate Entrepreneurship Fund Program To Address The Worrisome Phenomenon Of Unemployment And Restiveness. It Has A Zero Interest Rate And You Can Get Funds Up To 2 Million Naira

Food And Agro Commodity Processing

The Proposed Product Paper Seeks To Unlock Credit To The SMEs Across The Value Chain Of The Food And Agro Commodity Processing Sector; From The Aggregators That Require Technology Enhanced Logistics And Storage Facilities, To The SME Players At The Other End Of The Value Chain That Would Require Packaging And Or Distribution Infrastructure Facilities.

As Such, Financing Under This Product Programme Shall Be Available To Businesses Operating Either As Aggregators, Processors, Packaging And Distribution Firms Along The Food/Agro Commodity Processing Value Chain; As Well As Quick Service Restaurants (QSR).

Single Obligor Limit

Both Term Loan & Working Capital Should Not Exceed The Upper Limits Of The Following Categories:

  • Cooperatives/Enterprises       N10.0 Million Maximum
  • Limited Liability Company      N200.0 Million Maximum

Requests Above N50.0 Million Would Be Considered By Emc Using The Credit Rating Model And Not As A Bir (I.E. They Would Be Individually Assessed)”. Though The Terms And Conditions Of The P/Paper Would Still Apply.

Interest Rate:  9% Per Annum To Be Paid Back In 3 – 5 Years, Structured Working Capital Up To 36months (Inclusive Of Moratorium)

Moratorium  Is Up To 12 Months (From Date Of Loan Disbursement)


The Fund Will Be Accessed By Limited Liability Companies And Enterprises Engaged In Film Production Which Includes Beneficiaries Of The Federal Government’s Project Act Nollywood Grant For The Movie Industry. This Is Not Exclusive To The Above Groups. Program Limit Is N1.0 Billion, Single Obligor Limit Is N50.0 Million. Interest Rate Is At 10 % Per Annum Payable At The End Of Every Month.

Moratorium Six (6) Months (With Option For Additional (3) Three Months) From Date Of Loan Disbursement.

Fashion And Beauty

The Fashion Industry Is Divided Into The Creative (Design And Production) And The Sales (Sale And Distribution) Functions. In Nigeria, The Creative Part Is Present But There Are Not Enough Platforms For The Sales Functions. The Structure Of The Fashion Industry Is Centred On The Designers Which Make Mainly Three Different Categories Of Clothes: Haute Couture, Prêt A Porter (Ready- To -Wear) And High Street Fashion (Mass Produced).

The Fashion And Beauty Industry If Well-Developed Has The Capacity Of Generating Many Profitable Companies And Providing A Variety Of Jobs To Millions Of Nigerians, Especially The Youth And Women, By Empowering Them And Reducing The High Unemployment Rates.

The Fund Will Be Accessed By Limited Liability Companies, Enterprises And Cooperatives (Clusters) In The Following Segments Of The Fashion & Beauty Value Chains:

  • Adire (Tie & Dye) & Aso-Oke
  • Clothing (Design And Production)
  • Fashion/Beauty Training Institutes
  • Leatherworks
  • Distribution (Local Label Retailing)
  • Beauty Salons (Hair, Skin, Face Or Makeup, Feminine Cleaning Etc)

Single Obligor Limit

Both Term Loan & Working Capital Should Not Exceed The Upper Limits Of The Following Categories:

  • Micro Enterprises                         N10.0 Million Maximum
  • Small Enterprises                          N50.0 Million Maximum
  • Medium Enterprises                   N200.0 Million Maximum

Interest Rate Is 9% Per Annum

Term Loan: 3 – 5 Years

Working Capital: Structured Working Capital For Up To 3 Years

Moratorium: Up To 12 Months (From Date Of Loan Disbursement)

Youth Ignite Programme

The Scheme Will Provide The Young Aspiring Entrepreneurs Operating Micro Business The Opportunity To Access Funds For The Actualization Of Their Business Ideas, As Well As The Expansion Of Their Existing Businesses.

This Product Will Be Available To:

Young Nigerian Aspiring Entrepreneurs Above The Age Of 18, Who Have Participated In The Entrepreneurship Capacity Building Programme (As Stipulated In The Training Programme Framework Above).

Single Obligor Limit

MFBS: 25% Of Paid Up Share Capital Or 10% Of Total Deposits Ultimate Beneficiaries: Up To N100,000 For Loans, Scalable Up To N500,000 For Performing Accounts Upon Liquidation Of The Initial Loan.

Interest Rate To Mfb: 5% Per Annum.

21 Months Inclusive Of 3 Months Moratorium On Principal Repayment

Moratorium: Three (3) Months From Date Of Loan Disbursement.

National Programme On Food Security (NPFS)

The Implementing Agencies For The Scheme Are The Federal Ministry Of Agriculture And Rural Development (Through The National Programme On Food Security (Npfs)) And The Bank Of Industry (Boi) Limited.

The Memorandum Of Understanding (Mou) Designated Boi As The Fund Custodian And Administrator. Boi Has The Responsibility Of Fund Disbursement, Implementing And Monitoring The Projects As Well As Recovering The Loan And Interest Therefrom.

Target Market

  • Agro-Allied Processors
  • Farmers

Projected Impact

To Enhance The Productivity Of The Apex Farmers Association (Afa), Registered Co-Operative Groups And SMEs In All Thirty-Six (36) States

Loan Application Requirements

  1. Formal Application On Letterhead And Duly Completed Loan Application Form.
  2. Photocopy Of Certificate & Form Of Registration
  3. Business Plan Which Includes Detailed Profile Of The Business Enterprise With Curriculum Vitae Of The Key Management Staff
  4. Proforma Invoice For The Items Of Equipment To Be Purchased.
  5. Sources And Quotations For Raw Materials Expressed In Quantity And Amount
  6. Means Of Identification Of Promoters:
    1. Four (4) Passport Photographs And Biometrics Verification Number (BVN)
    2. Photocopy Of International Passport Or Driver’s License Or National Identity Card Or Permanent Voter’s Card
  7. Bank Statement Of The Business Enterprise For A Period Of One (1) Year (For Existing Business)
  8. Declaration Of Outstanding Liabilities To Other Banks And Individuals, If Any.
  9. Two Individual External Guarantors With Proper Means Of Identification Such As BVN, Four (4) Passport Photographs, Identity Cards And Letter Of Intent To Guarantee The Loan.
  10. Security: If Landed Property Is Being Pledged As Security, Then The Following Are To Be Provided:
    1. Photocopy Of The Title Document(S) To The Property Being Pledged. This Could Be A Certificate Of Occupancy, Deed Of Sublease, Or Deed Of Assignment/Conveyance
    2. Evidence Of Payment Of Ground Rent Up To Date
    3. Tax Clearance Certificate (Tcc) Of The Owner Of The Property Obtained From The State Where The Property Is Located.
    4. Valuation Report From One Of Boi’s Accredited Valuers
    5. Four (4) Passport Photographs And Bvn Of The Property Owner
    6. Means Of Identification Of The Property Owner
    7. Letter Of Consent Signed By The Property Owner To Mortgage Property To Boi
    8. If The Property Is Owned By A Limited Liability Company Different From The Borrower, Then Board Resolution Of That Company
  11. If Operating From A Rented Premises, Lease Agreement Must Have A Tenor Of At Least One Year Beyond Loan Tenor.

You Can Learn More About Bank Of Industry By Visiting www.boi.ng

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