Bank of Industry Loan

Bank of Industry Loans: Bank of Industry Limited (BOI) is Nigeria’s oldest, largest, and most successful development financing institution.
It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The bank of industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry.

Here  is a list of SME product clusters that BOI currently supports:
1. Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture
4. Bakery
5. Blocks and Interlocking Stones
6. Bottled Water
7. Ceramics & Tiles
8. Chemicals and Paints
9. Cosmetics/Hair Products
10. Dairy
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting
15. Fish Smoking/Drying
16. Food Processing (comprising processing of agricultural products)
17. Foundries/Metal Fabrication/3-D Printing
18. Fruit Juice
19. Furniture/Wood Processing
20. Gemstones
21. Greenhouses
22. Laundry and Dry Cleaning
23. Leather/Footwear
24. Liquefied Petroleum Gas/Compressed Natural Gas
25. Meat Processing
26. Mechatronics
27. Health Care (Medical Diagnostics)
28. Laboratory/ Orthodontist/Ophthalmology/ Physiotherapy)
29. Movie Production (Nollywood)
30. Plastics
31. Quick Service Restaurants
32. Quarries
33. Recycling
34. Roofing Sheets
35. Soaps and Detergents
36. Solar (off grid)
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks
39. Water Transportation Riverine
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
41. Grocery packaging

Read Also: Where to Get Quick Online Loan Without Collateral In Nigeria

What you must know before applying for Bank of Industry Loan

You can apply for a loan for your businesses or company from the Bank of Industry. But before you proceed with your application, here are the things you must know.


1. Who can benefit from BOI finance/loans

Bank of the industry only finances enterprises or companies and not an individual person or group of persons. The company/enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.

2. Items that BOI can finance

The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.

3. How BOI disbursed loans

The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.

4. How much finance can the Bank of Industry provide?

BOI’s loan support to the SME starts from N5 million. However, loans below N5 million are provided on our matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.

5. BOI Collateral requirement before disbursing loans

As part of the fiduciary responsibility in managing funds under its care, the Bank of  industry requires that you pledge some assets to secure your loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

  • Legal mortgage on landed property. The property must be duly registered with a Certificate of Occupancy
  • Debenture on assets of the company
  • Bank Guarantee
  • External Guarantors with Notarized statement of Networth for loans below N10 million.

Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also note that the Bank is willing to accept third party collateral.

6. Startup businesses

While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years’ acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis.
A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with a sound management structure.
Read Also: Bank of Industry Recruitment | How to Apply

7. Document required for BOI Loan application

Below is the list of required document for BOI loan application

List of documents required for BOI Micro Credit Loan

  • Formal Letter of Application
  • Photocopy of Certificate of Registration
  • Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)
  • Business Plan
  • Four (4) passport photographs of the Promoter (business owner)
  • Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.
  • Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.
  • Bank Statement of the Business Enterprise for a period of one (1) year (for existing business).
  • Sales record for six (6) months and operating expenses.
  • Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).

List of document required for BOI SME/Large Enterprise Loan

  •  Formal Letter of Application
  • Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.
  • Photocopies of the Certified True Copy of Forms C02 and C07.
  • Business Plan.
  • Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment).
  • Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center).
  • Approved Building Plan (If new building).
  • Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.
  • Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
  • Quotations for items of plant and machinery (at least 3 quotations from different sources).
  • Three (3) years most recent Audited Accounts of the company (for existing company).
  • Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
  • Four (4) recent passport photographs of each of the two Directors and the Company Secretary.
  • Evidence of appointment of a Company

Click here to begin your application

Bank of Industry Loan Programmes

Youth Entrepreneurship Support (YES)

The BOI’s Youth Entrepreneurship Support (YES) Program aims to alleviate Nigeria’s alarming youth unemployment crisis by strengthening youth skills and supporting their entrepreneurial ideas.

The YES program aims to provide young people with the expertise and training they need to become self-employed and manage their own firms.

They are looking for up-and-coming entrepreneurs between the ages of eighteen and thirty-five who are creative, have cutting edge ideas and are with at least an Ordinary National Diploma (OND).


With an average yearly turnover of $590 million, the Nigerian Creative Industry has been regarded as being among the country’s most vibrant sectors of the economy, adding 1.42 per cent to the country’s rebased Gross Domestic Product (GDP) in 2013.

The industry faces significant obstacles in terms of access to institutional funding and distribution networks. The Bank has been funding distribution networks such as theatres and DVD/CD retail businesses to achieve this goal.


The Bank of Industry (BOI) has restructured its Solar Energy Fund into an N6 billion Solar Energy Fund to help different consumers (commercial and residential) get reputable solar systems.

End consumers and solar energy businesses can get cash immediately from BOI or obliquely via Deposit Money Banks (DMBs) or Microfinance Banks (MFBs).

Graduate Entrepreneurship Fund (GEF)

The Graduate Entrepreneurship Fund (GEF) initiative, which was introduced in October 2015 and is managed in collaboration with the National Youth Service Corps (NYSC) Department, is the Bank’s inaugural youth project.

The effort is aimed primarily at young people who are serving in the mandated one-year national service program.

The goal is to encourage Nigerian youths to build self-employment skills and support the country’s accelerated growth by changing their job-seeking mentality to innovation and entrepreneurship.

As a result, the Graduate Entrepreneurship Fund was established to tackle the problematic issue of unemployment and discontent.

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