Bank Of Industry Raises €2bn In Global Loan Syndication

The Bank of Industry (BOI), after concluding its global loan syndication this month, was able to raise about 2 billion euros.

This, it said, remains the largest fundraising in BOI’s history and indeed the largest syndication in the history of African Development Finance Institutions (DFIs).

Speaking at a media parley to commemorate the 65th anniversary of the Bank of Industry (BOI) in Lagos yesterday, the managing director/CEO, BOI, Dr. Olasupo Olusi, said the proceeds of the loan will help finance a growing demand for BoI funds across the country, adding that, this development is testament to the hard work and dedication of the management of BoI to ensuring that much needed low interest and longer tenured funds are available to Nigeria’s growing private sector.

According to him, “this month, we concluded a global loan syndication that raised nearly 2 billion euros which is the largest fundraising in BOI’s history and indeed the largest syndication in the history of African DFIs.”

One key thread in achieving these milestones through the years, he said, was its partners as the bank has established strategic partnerships with key local public and private institutions, as well as global financial and multilateral institutions to enable the bank to fulfil its mandate effectively.

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“In November 2023, the federal government appointed BOI as the executing agency for the N200 billion FGN MSME Intervention Fund, which includes a N50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund. This programme is currently being disbursed and there are numerous stories on the impact on private enterprises,” he stressed.

He acknowledged the support of its strategic partnerships which extend to numerous organisations, such as African Development Bank (AfDB), the African Finance Corporation (AFC), Investment Climate Reform (ICR) initiative, the African Guarantee Fund (AGF), the Multilateral Investment Guarantee Agency (MIGA), the United States Export-Import Bank (US EXIM), the International Finance Corporation (IFC), among others.

In the last 12 months, we have also revised our strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda and in response to emerging macroeconomic issues, he pointed out.

As the bank celebrates its past achievements, especially, in the last 65 years, he said: “we also recognise the opportunities and challenges that lie ahead. We live in a time of rapid technological advancement, shifting economic dynamics, and growing environmental concerns.

“Looking into the future, we reaffirm our commitment to driving sustainable industrialisation, supporting clients with innovative financing solutions, expanding our partnerships, strengthening financial inclusion efforts, and working closely with government agencies to advocate for policies that foster a supportive business environment, particularly, for MSMEs and start-ups, thus, building a resilient and inclusive economy.”

This anniversary, he noted, is a testament not just to the longevity of our institution but also to the resilience, adaptability, and shared purpose that “we carry in our mission. To our partners and stakeholders who have contributed to our journey, thank you for your passion, dedication, and belief in our vision. To the board members, executive management, and bank staff, your diligence and hard work are deeply appreciated.”