The Bank of Industry (BOI) has successfully raised €1.43 billion through a global loan syndication, marking a significant milestone for the development finance institution. The transaction received an impressive 142.5% subscription, underscoring the confidence of foreign investors in both BOI and the Nigerian economy.
The facility, which includes fully and partially guaranteed tranches by the Africa Finance Corporation (AFC), will help finance the growing demand for BOI funds across Nigeria. This is the largest syndication in the bank’s history and a testament to the dedication of its management in ensuring the availability of low-interest, long-term funds for the country’s private sector, in line with President Bola Tinubu’s vision.
Dr. Olasupo Olusi, the Managing Director of BOI, expressed gratitude for the support received from the Central Bank of Nigeria (CBN) and other government agencies. He assured that the bank will continue to collaborate with global development financial institutions to secure better loan terms for Nigeria’s private enterprises.
Olusi, a distinguished economist and seasoned development finance expert, is expected to bring his remarkable career spanning over two decades to bear on BOI’s outlook. With his extensive experience at prestigious institutions like the World Bank and the International Finance Corporation (IFC), Olusi brings a wealth of expertise to the bank.
During a visit to various facilities in Abuja, Olusi reaffirmed BOI’s commitment to supporting local manufacturing in Nigeria. He praised the progress made by companies like G U Ebeco, which has grown from a small enterprise to a national company with over 1,500 employees and several facilities across the country. Olusi encouraged young entrepreneurs to stay focused, assuring them of BOI’s continued support for Nigeria’s industrialization efforts.
The BOI boss also visited the Nisa Medical and Zeberced Group facilities at the Idu Industrial Layout. He emphasized the importance of job creation and the need for locally manufactured products to bear the “Made in Nigeria” label. Olusi commended the Zeberced Group’s vision and optimism, pledging BOI’s partnership and support for the project’s expansion and job creation goals.
Industry analysts expect BOI to witness remarkable strides under Olusi’s leadership, with his expertise in shaping economic policies, fostering fiscal sustainability, and driving private and financial sector development on a global scale. The successful €1.43 billion syndication is a testament to the bank’s commitment to supporting Nigeria’s growing private sector and driving sustainable industrialization.
