Bank of Industry – online loan Nigeria
Bank of Industry development loans up to ₦50,000,000 at 10% annually.
Applying does not commit you to a loan agreement.
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Bank of Industry – SME and Industrial Loans Nigeria
The Bank of Industry Limited (BOI) is Nigeria's oldest, largest, and most successful development financing institution, established in 2001. BOI is owned by the Federal Government of Nigeria (94.80%) and the Central Bank of Nigeria (5.19%). The bank's core mandate is to provide long-term low-interest financing to Nigerian enterprises, particularly in manufacturing, agribusiness, solid minerals, and services, to drive industrial transformation and job creation across the country.
BOI offers a range of credit facilities for large enterprises, SMEs, and micro-businesses through various lending windows. SME loans range from ₦5,000,000 to ₦500,000,000 with repayment periods of up to 10 years. Interest rates are subsidised, typically ranging from 9% to 10% per annum, making BOI one of the most affordable sources of business financing in Nigeria. BOI also administers several Federal Government intervention funds including the TraderMoni, MarketMoni, and FarmerMoni programmes.
BOI is supervised by the CBN and operates at the highest standards of corporate governance as a Federal Government institution. The bank has successfully funded over a million enterprises and has been recognised internationally for development finance impact. BOI financing is ideal for established businesses with viable projects requiring significant medium-to-long-term capital, and for manufacturers who can demonstrate job creation potential.
✓ Pros
- Government-backed development bank
- Very low interest (9-10% per annum)
- Long repayment terms (up to 10 years)
- Largest DFI in Nigeria
- Subsidised rates for priority sectors
✗ Cons
- Complex and detailed application process
- Requires feasibility study and business plan
- Primarily for businesses not individuals
- Processing can take months
- Minimum loan of ₦5,000,000 for SME window
Loan example
Representative example: An SME loan of ₦10,000,000 over 5 years at 9% per annum. Annual repayment approximately ₦2,565,000. Total amount repayable: ₦12,825,000. Total interest: ₦2,825,000.
Loan requirements
- ✓ CAC registered business
- ✓ Detailed business plan and feasibility study
- ✓ 3 years audited financial statements
- ✓ Valid IDs of directors
- ✓ BVN of directors
- ✓ Collateral (land, property, machinery)
- ✓ Evidence of equity contribution (usually 25-30%)
Loan features
- SME loans from ₦5,000,000 to ₦500,000,000
- Repayment up to 10 years
- Interest from 9% per annum
- Multiple intervention fund windows
- Manufacturing and agribusiness focus
- Federal Government backed
Frequently asked questions
5 business days after submitting your application.
The minimum amount at Bank of Industry is ₦1,000,000.