# Nigeria Bank of Industry economic diversification efforts

> Developing situation record from CLSTR: https://clstr.news/situations/nigeria-bank-of-industry-economic-diversification-efforts
> Updated: 2026-10-27T01:34:10.000Z. Sources: 5. Developments: 2.

The Bank of Industry (BOI) has launched several initiatives to promote economic diversification and industrialization in Nigeria. The bank entered into agreements with the Nigerian Export Promotion Council to strengthen the non-oil export ecosystem and with the United Nations Development Programme to advance inclusive industrialization for micro, small, and medium-sized enterprises, specifically targeting women and youth.

Further efforts include the expansion of the Innovation Tech Hub Program, which has established 15 hubs to support entrepreneurs and startups. Additionally, the BOI secured a $30 million credit facility from the Agence Française de Développement to provide affordable financing for Nigeria’s creative and cultural industries, such as music, film, and fashion, with an emphasis on youth-led and women-led businesses.

## Timeline

### 2026-10-27: Bank of Industry expands Nigerian tech and creative sector support

The Bank of Industry has established 15 tech hubs impacting over 9,000 entrepreneurs and signed a $30 million deal with AFD to fund Nigeria’s creative and cultural sectors.

2 sources. https://clstr.news/cluster/bank-of-industry-expands-nigerian-tech-and-creative-sector-support

### 2026-10-21: Bank of Industry signs MoUs to boost Nigerian exports and industrialization

The Bank of Industry has signed MoUs with the NEPC and UNDP to enhance Nigeria's non-oil exports and support inclusive industrialization for MSMEs, women, and youth.

3 sources. https://clstr.news/cluster/bank-of-industry-signs-mous-to-boost-nigerian-exports-and-industrialization

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Cite as: Nigeria Bank of Industry economic diversification efforts. CLSTR, https://clstr.news/situations/nigeria-bank-of-industry-economic-diversification-efforts