The Bank of Industry (BOI) was established by the Federal Government of Nigeria with the mandate of providing financial assistance (Loan) for the establishment of large, medium and small projects. If you’re a Nigerian entrepreneur, startup, or small business owner looking for financing, the Bank of Industry (BOI) may be the right choice for you.
BOI loans are available to Nigerian entrepreneurs, startups, and small and medium-sized enterprises (SMEs) in various sectors of the economy, including manufacturing, agro-processing, solid minerals, creative industry, healthcare, and renewable energy. Eligible applicants must have a viable business plan, satisfactory credit history, and collateral to support the loan. However, the bank has created the list of businesses/product cluster that can apply for the Bank of Industry Loan, see below if your business(es) is qualified
1. Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture
4. Bakery
5. Blocks and Interlocking Stones
6. Bottled Water
7. Ceramics & Tiles
8. Chemicals and Paints
9. Cosmetics/Hair Products
10. Dairy
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting
15. Fish Smoking/Drying
16. Food Processing (comprising processing of agricultural products)
17. Foundries/Metal Fabrication/3-D Printing
18. Fruit Juice
19. Furniture/Wood Processing
20. Gemstones
21. Greenhouses
22. Laundry and Dry Cleaning
23. Leather/Footwear
24. Liquefied Petroleum Gas/Compressed Natural Gas
25. Meat Processing
READ: How to Apply for Bank of Industry (BOI) Loan – What you need to Know
26. Mechatronics
27. Health Care (Medical Diagnostics)
28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy)
29. Movie Production (Nollywood)
30. Plastics
31. Quick Service Restaurants
32. Quarries
33. Recycling
34. Roofing Sheets
35. Soaps and Detergents
36. Solar (off grid)
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks
39. Water Transportation Riverine
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
41. Grocery packaging
What are the types of BOI loans available?
BOI offers various loan products tailored to meet the needs of different categories of borrowers, including micro-enterprises, SMEs, and large enterprises. Some of the loan products include:
– Cottage Agro Processing (CAP) Fund
– SME Cluster Development Fund (CDF)
– Graduate Entrepreneurship Fund (GEF)
– Women Entrepreneurship Fund (WEF)
– Youth Entrepreneurship Support (YES) Programme
– Bottom of the Pyramid (BOP) Scheme
BOI loans attract competitive interest rates and flexible repayment terms, depending on the loan product and the borrower’s capacity to repay. The interest rates range from 5% to 10% per annum, and the repayment period can be up to 10 years.
