Bank of Industry unveils 2026 strategy to boost Nigerian manufacturing and power

The Bank of Industry (BOI) has announced a 2026 financing strategy designed to drive Nigeria’s industrial recovery. Under this plan, 80 per cent of the bank’s lending to large enterprises will be directed toward priority sectors, including power, manufacturing, agribusiness, pharmaceuticals, and digital infrastructure. The strategy aims to mitigate economic challenges such as high inflation, foreign exchange shortages, and rising energy costs.

BOI intends to allocate 35 per cent of its total funding to micro, small, and medium enterprises (MSMEs), with 20 per cent of that MSME portion specifically targeting young entrepreneurs. Other allocations include 30 per cent of large enterprise financing for infrastructure, 15 per cent for women-owned businesses, 15 per cent for digital and IT initiatives, and 10 per cent for green projects. The bank aims to double its asset base by 2027.

In a related call for economic support, Dele Alabi, Chairman of the Council of the Chartered Institute of Bankers of Nigeria, urged commercial banks to increase lending to MSMEs. Alabi noted that declining yields on government securities and the demand for cheaper credit from large corporations are squeezing bank margins, necessitating a shift toward smaller businesses to sustain profitability and support growth.