In 2023, the Bank of Industry (BOI) provided credit funding totaling N496.72 billion to 75,809 beneficiaries, ranging from large enterprises to small and micro businesses. This funding facilitated the creation of approximately 2,198,953 direct and indirect jobs nationwide.
Annual General Meeting Highlights
Muhammed Bala, Chairman of the BOI shareholders committee, disclosed these figures during the bank’s 64th Annual General Meeting held in Abuja on Wednesday. The bank also reported a record profit before tax of N153.81 billion for 2023, a significant increase of 117.69% from the previous year’s N70.7 billion.
Financial Performance
Bala highlighted the bank’s strong financial growth:
- Total Assets: Increased by 64.6%, from N2.37 trillion to N3.91 trillion.
- Total Equity: Grew by 57.7%, from N427 billion to N678 billion.
- Loans and Advances: Rose by 41.5%, from N803.6 billion to N1.14 trillion.
These figures underscore BOI’s enhanced financial stability and its expanding capacity to support Nigeria’s industrial sector.
Job Creation and Economic Impact
Bala emphasized the socio-economic impact of BOI’s initiatives, stating, “To boost job creation, the BOI significantly increased its disbursements to large, medium, small, and micro enterprises, advancing N496.717 billion to 75,809 beneficiaries. These efforts have created approximately 2,198,953 direct and indirect jobs across the country.”
Disbursement Breakdown
- Smallholder Farmer Financing Product: Disbursed N10 billion to 27,645 farmers. To date, 98,906 farmers have received N23.66 billion under this scheme.
- MSME Distributor Finance Programme: Provided N42.9 billion to 7,527 retailers and micro-enterprises in 2023. Since its inception, N6.9 billion has been disbursed to 14,527 micro-enterprises.
- Fintech/Digital Lending Product: Disbursed N350 million in 2023, with a total of N1.05 billion disbursed to 1,415 beneficiaries since the product’s introduction in 2021.
Managed Intervention Programmes
The Managing Director, Dr. Olasupo Olusi, noted that BOI’s disbursement lines and managed intervention programmes, such as the Nigeria COVID-19 Action Recovery and Economic Stimulus and the Business Resilience Assistance for Value-Adding Enterprise, have supported President Tinubu’s economic recovery and job creation goals. These initiatives have empowered Nigerian enterprises, especially micro and small businesses, to operate sustainably.
Future Outlook
Dr. Olusi affirmed that BOI would continue to implement its medium-term corporate strategy for 2022-2024, aiming to maintain its positive growth trajectory and further support the nation’s industrial sector.
