BoI, IFC Collaborate to Enhance Finance Accessibility, Export Credit

Nume Ekeghe

The Bank of Industry (BoI) and the International Finance Corporation (IFC) have partnered to enhance the accessibility of finance and export credit, contributing to the advancement of Nigeria’s industrialisation efforts

Managing Director of BOI, Dr Olasupo Olusi, said this at the BOI-IFC Conference on Empowering Futures in Laos.

He said the conference presented an opportunity to develop innovative ideas and initiatives towards improving access to finance, export credit, partial credit guarantees and other risk-sharing financing structures.

He reiterated the importance of Nigeria’s current macro-economic realities placing a lot of responsibility on development banks like BoI and multilateral and financial institutions like IFC to expand their risk appetite through out-of-the-box financing ideas.

He added that the visit of IFC’s Regional Vice President for Africa, Sergio Pimenta, and his team, to Nigeria, underscored IFC’s strong commitment to supporting the development of Africa’s largest economy even as the event also signified the strong bond that existed between the IFC and development finance institutions (DFIs).

He said: “This conference is very important and timely which convenes leaders from the financial sector and other critical sectors of the economy to discuss how to advance Nigeria’s industrial sector. Few people may remember that the Nigerian Industrial Development Bank (NIDB) – which later became BoI – was set up in 1964 by the federal government in partnership with the IFC.”

He said the event aimed at delivering a coherent and actionable plan to advance Nigeria’s industrial growth and development in line with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’.

Delivering his keynote, Pimenta said IFC’s investment portfolio in Nigeria is the second largest in Africa, and stands at $2 billion, concentrated across trade finance, manufacturing, financial markets, and infrastructure.

He added that IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion, and promoting sustainability and job creation.

“In addition, IFC’s work boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow export and foster digitisation,” he said.

He stated that the Nigerian financial sector has a key role to play supporting trade, financial inclusion and access to finance for MSMEs. 

Speaking on the nation’s infrastructure gap, he said Nigeria’s rapidly growing population—projected to nearly double to 400 million by 2050 coupled with urbanisation underscore the urgent need for infrastructure development.

“Estimates suggest that infrastructure deficits already cost Nigeria about 4 per cent of GDP growth annually. Therefore, it is imperative to work together to close infrastructure gaps, which are impeding private sector growth and overall economic development,” he advised.