Bank of Industry signs MoUs to boost Nigerian exports and industrialization

The Bank of Industry (BOI) has entered into two significant agreements aimed at driving economic diversification and enterprise growth in Nigeria.

In a Memorandum of Understanding (MoU) with the Nigerian Export Promotion Council (NEPC), the BOI aims to strengthen the non-oil export ecosystem. The partnership focuses on identifying export-oriented enterprises that require financing to compete in regional and global markets. This initiative seeks to address challenges such as limited access to finance, inadequate logistics, and difficulties meeting international standards. According to BOI Managing Director Dr. Olasupo Olusi, Nigeria’s non-oil exports reached a record $6.1 billion in 2025.

Additionally, the BOI signed a three-year MoU with the United Nations Development Programme (UNDP) to advance inclusive industrialization. This collaboration targets micro, small, and medium-sized enterprises (MSMEs), manufacturing, and agro-processing, with a specific emphasis on expanding opportunities for women and young people. The partnership, which includes the Project THRIVE initiative, intends to help Nigerian businesses improve market access and competitiveness, particularly under the African Continental Free Trade Area (AfCFTA).