BOI Electrifies 100 Communities, Connects 11,777 Power Users
The Bank of Industry has said its investments in power and rural infrastructure electrified more than 100 communities and connected 11,777 new customers to electricity in 2025, highlighting the growing role of development finance in addressing Nigeria’s energy access challenges.
The development finance institution disclosed this in its 2025 Development Impact Report. The report also showed that the bank’s interventions created and retained 1.68 million jobs, linked 47,508 smallholder farmers to processing facilities and supported thousands of businesses across key sectors of the economy.
According to the report, the power and utilities sector emerged as one of the bank’s strongest-performing areas, with eight businesses supported through interventions that accelerated rural electrification and the deployment of mini-grids.
“The Power and Utilities sector emerged as a top performer, electrifying 100 rural areas and connecting 11,777 new customers through mini-grids,” the report stated. It added that the projects promoted cleaner production practices, noting that “80 per cent adopted cleaner production and emissions control.”
Beyond power, the report highlighted BOI’s expanding role in industrialisation and economic inclusion. It stated, “Impact was felt across several high-priority sectors, each contributing uniquely to the national industrialisation target of a 25 per cent manufacturing GDP share.”
In agriculture and food processing, BOI said it linked 47,508 smallholder farmers to value chains, while supported firms recorded average revenue growth of 17.4 per cent. The agro-processing sector created 2,491 jobs, while more than 71 per cent of supported food-processing firms adopted cleaner production methods.
The report also highlighted gains in manufacturing, stating that N4.6bn was invested to modernise six manufacturing factories, resulting in capacity increases of more than 20 per cent in 63 per cent of the supported firms and supporting 6,178 jobs.
Similarly, the transport and logistics sector received N10bn in financing, creating 516 net jobs, while the pharmaceutical sector introduced nine new product lines and hired 182 women.
According to the report, BOI also mobilised €210m, about N350bn, from international funding partners in 2025, with €125m earmarked for healthcare and €85m for agriculture and food security.
The bank also managed N73bn in matching funds on behalf of state governments and institutional partners and served as the lead implementation agency for the Federal Government’s N200bn MSME Industrialisation Fund, achieving a disbursement rate of more than 95 per cent.
The report further disclosed that BOI launched the Rural Area Programme on Investment for Development, which disbursed N6.01bn between 2024 and 2025 to support 822 enterprises. The initiative created 880 rural enterprises and generated more than 8,000 direct and indirect jobs nationwide.
Other interventions included N35bn for broadband infrastructure, N30bn for mini-grid projects in Lagos, Imo and Rivers states, and financing support for women- and youth-owned businesses. Women-focused enterprises received N150bn, while youth-owned businesses accessed N12bn.
Commenting in the report, the Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, said the institution had shifted its focus from the volume of funds disbursed to the measurable development impact of its interventions.
“The year 2025 marked a defining moment for the Bank of Industry. It was the first full year of executing our 2025-2027 Corporate Strategy and the year in which we deliberately shifted the conversation from how much we disburse to how much development we enable. It was a foundation year for how BOI will deliver measurable development impact in the years ahead,” he said.
Olusi disclosed that BOI disbursed N644.9bn to nano, micro, small, medium and large enterprises in 2025, with more than 30 per cent directed to nano and MSMEs.
“The Bank disbursed a total of N644.9bn to Nano, Micro, Small, Medium and Large Enterprises across Nigeria in 2025 across financing instruments. Notably, over 30 per cent of this financing went to Nano and MSME businesses,” he said.
He added that the bank exceeded its 2025 targets across its six strategic priorities of infrastructure, MSMEs, digital economy, youth, gender and climate, while expanding financing to underserved communities through its nationwide network.
According to Olusi, BOI’s priority is to deepen support for enterprises and value chains that create jobs, add value locally, and strengthen Nigeria’s industrial competitiveness. He added that the bank remains committed to aligning its interventions with the Federal Government’s economic development agenda.
