The African Development Bank Group has approved a 200 million dollar financing facility for the Bank of Industry, the bank said in a statement on Friday in Abuja. The move aims to boost Nigeria’s industrial growth and lift private sector productivity across strategic sectors.
The facility will give medium- and long-term finance to businesses looking for expansion capital. It targets infrastructure, transport, agro-food processing, healthcare, pharmaceuticals and green industrialisation — all areas the AfDB says will deepen industrial capacity and improve Nigeria’s competitiveness.
At least 30 per cent of the money will back small and medium-sized enterprises, with women-owned businesses and youth-led enterprises given priority. The bank stressed that inclusive financing is key to sustainable growth and wider economic participation.
“The package also includes a 650,000 dollar grant from the Fund for African Private Sector Assistance. “The grant will strengthen SME capacity and support climate-smart business initiatives across productive sectors,” the statement read.
An extra technical support component will come under the Affirmative Finance Action for Women in Africa initiative to improve finance access for women-led firms.
“The intervention is expected to promote job creation, boost exports and strengthen local manufacturing. “It will also reduce Nigeria’s dependence on imported industrial products,” the statement also read.
Abdul Kamara, Director‑General of AfDB’s Nigeria Country Department, called the approval a vote of confidence in Nigeria’s industrial potential and reaffirmed the bank’s commitment to industrialisation and private sector development. Bank of Industry MD Olasupo Olusi called the facility another milestone in the AfDB‑BoI partnership.
