The African Development Bank Group has approved a $200 million financing facility, worth about ₦280 billion, for Nigeria’s Bank of Industry. This funding will accelerate industrial growth, expand access to credit, and strengthen the manufacturing base.
The intervention aims to boost industrial growth and private-sector productivity across key sectors.
The bank announced this in a statement issued on Friday in Abuja.
The facility will provide medium- and long-term financing to businesses seeking expansion capital.
The funding targets infrastructure, transport, agro-food processing, healthcare, pharmaceuticals, and green industrialisation.
The bank said the intervention aligned with efforts to deepen industrial capacity and improve Nigeria’s economic competitiveness.
At least 30 per cent of the facility will support small and medium-sized enterprises.
Women-owned businesses and youth-led enterprises will receive priority support.
Inclusive financing is vital for sustainable growth and broader economic participation.
The package also includes a $650,000 grant from the Fund for African Private Sector Assistance, according to the statement.
The grant will strengthen SME capacity and support climate-smart business initiatives..
The bank said it will complement the financing package with additional technical support.
Support will be delivered under the Affirmative Finance Action for Women in Africa initiative.
According to the bank, the initiative will improve access to financing for women-led enterprises.
The intervention creates jobs, boosts exports, and strengthens local manufacturing.
It will also reduce Nigeria’s reliance on imported industrial products.
The Director-General of AfDB’s Nigeria Country Department, Abdul Kamara, stated that the approval reflects the bank’s confidence in Nigeria’s industrial potential.
The institution is committed to supporting industrialisation and private sector growth nationwide.y.
He said the financing will support SMEs, women entrepreneurs, and youth-led businesses, driving economic diversification.
Stronger local enterprises will drive sustainable industrial transformation.
The BoI Managing Director, Olasupo Olusi, called the facility another milestone in BoI’s partnership with AfD.B.
Both institutions have maintained a productive relationship focused on economic development.
The financing will unlock investments, create jobs, and drive inclusive growth nationwide.
The intervention will strengthen local manufacturing and support Nigeria’s development goals.
