Bank of Industry brings electricity to 100 towns, supplies power to 11,777 households

The Bank of Industry's investments in power and rural infrastructure had a significant impact in 2025, with over 100 communities electrified and 11,777 new customers connected to electricity.

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This information was revealed in the bank's 2025 Development Impact Report, which highlighted the growing role of development finance in addressing Nigeria's energy access challenges.

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The report showed that the bank's interventions created and retained 1.68 million jobs, while also linking 47,508 smallholder farmers to processing facilities and supporting thousands of businesses across key sectors of the economy.

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The power and utilities sector was one of the bank's strongest-performing areas, with eight businesses supported through interventions that accelerated rural electrification and the deployment of mini-grids.

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According to the report, 80 per cent of the projects promoted cleaner production practices and adopted emissions control, with the Power and Utilities sector emerging as a top performer.

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The bank's expanding role in industrialisation and economic inclusion was also highlighted in the report, with impact felt across several high-priority sectors contributing to the national industrialisation target of a 25 per cent manufacturing GDP share.

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In agriculture and food processing, the bank linked 47,508 smallholder farmers to value chains, while supported firms recorded average revenue growth of 17.4 per cent.

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The agro-processing sector created 2,491 jobs, with more than 71 per cent of supported food-processing firms adopting cleaner production methods.

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The report also highlighted gains in manufacturing, with N4.6bn invested to modernise six manufacturing factories, resulting in capacity increases of more than 20 per cent in 63 per cent of the supported firms and supporting 6,178 jobs.

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The transport and logistics sector received N10bn in financing, creating 516 net jobs, while the pharmaceutical sector introduced nine new product lines and hired 182 women.

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The bank mobilised €210m, about N350bn, from international funding partners in 2025, with €125m earmarked for healthcare and €85m for agriculture and food security.

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The bank managed N73bn in matching funds on behalf of state governments and institutional partners and served as the lead implementation agency for the Federal Government's N200bn MSME Industrialisation Fund, achieving a disbursement rate of more than 95 per cent.

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The report further disclosed that the bank launched the Rural Area Programme on Investment for Development, which disbursed N6.01bn between 2024 and 2025 to support 822 enterprises.

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This initiative created 880 rural enterprises and generated more than 8,000 direct and indirect jobs nationwide.

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Other interventions included N35bn for broadband infrastructure, N30bn for mini-grid projects in Lagos, Imo and Rivers states, and financing support for women- and youth-owned businesses.

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Women-focused enterprises received N150bn, while youth-owned businesses accessed N12bn.

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According to the Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, the institution had shifted its focus from the volume of funds disbursed to the measurable development impact of its interventions.

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Olasupo Olusi said the year 2025 marked a defining moment for the Bank of Industry, as it was the first full year of executing its 2025-2027 Corporate Strategy.

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The bank disbursed N644.9bn to nano, micro, small, medium and large enterprises in 2025, with more than 30 per cent directed to nano and MSMEs, according to Olusi.

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Olasupo Olusi added that the bank exceeded its 2025 targets across its six strategic priorities of infrastructure, MSMEs, digital economy, youth, gender and climate.

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The bank's priority is to deepen support for enterprises and value chains that create jobs, add value locally, and strengthen Nigeria's industrial competitiveness, Olusi said.

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He added that the bank remains committed to aligning its interventions with the Federal Government's economic development agenda.