Bank of Industry, IFC Africa Sign $50m Loan Deal for SMEs

By Aduragbemi Omiyale

A $50 million senior loan agreement has been signed between the Bank of Industry (BOI) and the International Finance Corporation (IFC), a member of the World Bank Group.

The agreement was sealed by the parties at the Africa Financial Industry Summit (AFIS) 2026 in Luanda, Angola.

While Mr Olasupo Olusi signed the deal on behalf of BOI as the chief executive, Mr Makhtar Diop signed for IFC Africa as the Managing Director.

The seven-year facility is part of IFC’s broader investment package of up to $100 million to support BOI’s financing operations, expand access to long-term finance for Nigeria’s micro, small and medium-sized enterprises (MSMEs) and strengthen the lender’s efforts to mobilise capital through the domestic capital market.

It reinforces both institutions’ commitment to enterprise growth, job creation, gender inclusion and Nigeria’s industrial development.

It was disclosed that at least 25 per cent of the loan proceeds will be dedicated to women-owned businesses.