The Bank of Industry (BOI) is pushing for greater mobilisation of long-term capital to support Nigeria’s industrialisation, arguing that businesses need patient financing to expand productive capacity, create jobs and attract more private investment.
The bank’s Managing Director and Chief Executive Officer, Olasupo Olusi, made the call at BOI’s 2026 Annual Public Lecture in Abuja, where he stressed the need to rethink how capital is mobilised, structured and deployed to achieve measurable economic outcomes.
BOI Highlights Long-Term Financing Gap
According to Olusi, Nigeria’s industrial development requires financing that matches the longer investment cycles of productive businesses.
Industrial projects often require substantial upfront investment before they begin generating returns. Consequently, short-term financing can create pressure on businesses that need several years to build capacity, expand production and achieve sustainable cash flows.
The BOI therefore wants greater access to long-term capital that can support businesses through these investment cycles.
Moreover, the bank sees development finance as an important bridge between businesses seeking patient capital and investors looking for productive opportunities.
N645 Billion Disbursed to Businesses
BOI’s push comes against the backdrop of significant lending activity.
The bank said it disbursed N645 billion to more than 12,000 businesses in 2025, with the financing estimated to have impacted about 1.68 million jobs.
The funding reached businesses across different sectors of the economy, reinforcing BOI’s role as a major development finance institution supporting productive activity.
However, Olusi stressed that the scale of Nigeria’s financing needs means more capital must be mobilised if the country is to achieve broader industrial transformation.
Capital Must Reach Underserved Businesses
A major part of the bank’s argument is that long-term financing must reach businesses that often struggle to secure affordable credit through conventional channels.
Small and medium-sized enterprises, manufacturers and other productive businesses frequently face challenges including high borrowing costs, limited collateral and short repayment periods.
Therefore, expanding access to patient capital could give businesses more room to invest in equipment, technology, factories, logistics and other productive assets.
The objective, according to the BOI, is not simply to increase lending but to ensure that financing translates into measurable improvements in production, employment and economic value.
BOI Turns to the Capital Markets
The bank has increasingly looked towards the domestic capital market to strengthen its capacity to provide long-term financing.
Its development bond programme represents one of the mechanisms being used to mobilise funds from investors and channel them towards productive sectors.
The strategy allows BOI to tap longer-term domestic savings while providing investors with an opportunity to participate in development-oriented financing.
Consequently, stronger links between the capital market and development finance could help expand the pool of funding available to Nigerian businesses.
MyBOI Adds Digital Dimension
The long-term capital strategy is also being accompanied by efforts to make access to financing more efficient.
BOI recently launched MyBOI, a digital financing platform designed to allow businesses to complete onboarding, submit financing applications, provide documents and track applications online.
The platform is expected to reduce dependence on manual processes and make it easier for businesses to navigate the bank’s financing system.
Moreover, digital processing could give BOI better access to application data and improve the efficiency of credit assessment and monitoring.
From Capital Mobilisation to Industrial Output
For BOI, mobilising capital is only the first step.
The larger objective is to channel financing into investments that expand Nigeria’s productive capacity.
That includes manufacturing, agro-processing, infrastructure, healthcare, technology, renewable energy and other sectors capable of generating employment and increasing domestic production.
At the same time, stronger industrial capacity can help Nigeria reduce dependence on imported goods while creating opportunities for businesses to compete in regional and international markets.
Private Investment Remains Critical
Olusi also emphasised the importance of attracting private investment into productive sectors.
Development finance institutions cannot meet Nigeria’s entire financing requirement on their own.
Consequently, BOI wants its interventions to help crowd in additional capital from institutional investors, development partners and private-sector participants.
This approach could create a broader financing ecosystem in which public and development finance supports projects while private capital contributes additional resources for expansion.
Productivity Matters Alongside Funding
The debate around long-term capital also goes beyond the amount of money available to businesses.
Capital must be deployed efficiently if it is to generate sustainable economic returns.
Businesses therefore need the right infrastructure, skilled workers, technology, sound management and access to markets to convert financing into higher productivity.
As a result, the effectiveness of development finance will ultimately depend not only on how much money is mobilised but also on how successfully businesses deploy it.
BOI’s Broader Industrialisation Agenda
The bank’s latest position fits into its wider strategy of supporting Nigeria’s industrial and enterprise development.
Earlier financing initiatives have targeted sectors ranging from manufacturing and agriculture to infrastructure, healthcare, technology and renewable energy.
BOI has also continued to work with international development institutions to expand the availability of medium and long-term funding for Nigerian businesses.
These efforts reflect the bank’s broader role in connecting capital with sectors considered important to economic diversification and industrial growth.
Building a Deeper Financing Market
Nigeria’s industrialisation ambitions will require financing that can remain available beyond short-term economic cycles.
For BOI, this means strengthening the connection between domestic savings, capital markets, development finance institutions and businesses seeking to expand.
The bank’s long-term capital push, combined with its capital-market activities and digital financing platform, represents an attempt to address both sides of the challenge: mobilising more funding and making that funding easier for eligible businesses to access.
Ultimately, the industrialisation challenge is not simply about putting more money into the economy. It is about directing patient capital towards businesses capable of increasing production, creating jobs, developing local value chains and building sustainable enterprises.
For BOI, deeper mobilisation of long-term capital is therefore becoming a central part of the effort to finance Nigeria’s next phase of industrial growth.
