Bank of Industry – Loan details
Bank of Industry development loans up to ₦50,000,000 at 10% annually.
Loan amount
₦1.0M – ₦50.0M
Interest from
10.00%
Term
12 – 60 months
Approval
5 business days
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
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%)
Company information
Bank of Industry Limited
23 Marina, Lagos Island, Lagos
https://www.boi.ng
This document is for informational purposes only. Always verify current terms and conditions directly with the lender before signing any agreement. CoolFinance.com.ng is an independent comparison portal operated by double technology s.r.o., Czech Republic.