The African Development Bank Group has approved a $200 million financing facility for the Bank of Industry (BoI) to support industrial expansion and boost private sector productivity across strategic sectors of Nigeria’s economy.
In a statement issued by the bank, the facility is expected to provide medium- and long-term financing for businesses seeking expansion capital, particularly in sectors considered critical to Nigeria’s economic transformation.
According to the AfDB, the intervention will target key sectors including infrastructure, transportation, agro-food processing, healthcare, pharmaceuticals and green industrialisation as part of efforts to strengthen local manufacturing capacity and improve the country’s economic competitiveness.
The bank disclosed that at least 30 per cent of the financing would be dedicated to Small and Medium-sized Enterprises (SMEs), with special emphasis on women-owned and youth-led businesses.
It noted that expanding access to inclusive financing remains crucial to achieving sustainable economic growth and increasing participation in productive sectors of the economy.
“The package also includes a $650,000 grant from the Fund for African Private Sector Assistance,” the statement added.
According to the AfDB, the grant will support SME development initiatives and climate-smart business practices across various productive sectors.
The financing arrangement also includes a technical assistance component under the bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, aimed at improving access to finance for women-led enterprises and strengthening their participation in industrial and commercial activities.
The development finance institution stated that the intervention is expected to stimulate job creation, boost exports, deepen local manufacturing and reduce Nigeria’s reliance on imported industrial products.
Director-General of the AfDB’s Nigeria Country Department, Abdul Kamara, said the approval reflects the bank’s confidence in Nigeria’s industrial potential and its commitment to supporting the country’s economic transformation agenda.
Kamara noted that the financing would empower SMEs, women entrepreneurs and youth-led businesses playing key roles in economic diversification and industrial expansion.
He added that strengthening local enterprises would significantly advance sustainable industrial transformation and inclusive economic growth.
Managing Director of the BoI, Olasupo Olusi, described the facility as another milestone in the long-standing partnership between both institutions.
Olusi said the collaboration has remained focused on promoting economic development, unlocking investment opportunities and creating jobs nationwide.
He added that the financing intervention would further strengthen local manufacturing capacity and support Nigeria’s long-term industrial development goals.
Comments