By Emmanuella Opara | October 22nd 2026
KEY POINTS
- The Bank of Industry and the United Nations Development Programme have signed a three-year agreement to promote enterprise growth and inclusive industrialisation in Nigeria.
- The partnership will support MSMEs, manufacturing, agro-processing, youth skills development and women’s economic empowerment.
- The agreement will focus on access to finance and markets, trade competitiveness, digital inclusion and sustainable development.
- Both institutions will combine development financing, technical expertise and enterprise networks to strengthen Nigerian businesses.
MAIN STORY
The Bank of Industry (BOI) and the United Nations Development Programme (UNDP) have signed a three-year agreement to strengthen Nigerian enterprises, improve access to economic opportunities and promote inclusive industrialisation.
The agreement, formalised through a memorandum of understanding (MoU), is aimed at improving the competitiveness of Nigerian businesses, expanding access to finance and markets, and increasing their participation in national and regional value chains.
Under the partnership, the two institutions will support micro, small and medium-sized enterprises, manufacturing, agro-processing and value chains connecting producers, processors and markets.
The collaboration will also help businesses explore opportunities under the African Continental Free Trade Area (AfCFTA) and improve their ability to compete in regional trade.
Other areas of cooperation include youth skills development, employability, entrepreneurship, innovation and women’s economic empowerment, with particular attention to underserved communities.
The agreement will also cover digital inclusion, the creative economy, renewable energy, climate resilience, environmental sustainability and infrastructure to support industrial development.
Both institutions are expected to identify shared priorities, coordinate implementation and regularly review progress. They will also develop initiatives aligned with enterprise growth and the Sustainable Development Goals.
UNDP Nigeria Resident Representative, Elsie Attafuah, said the partnership reflected a shared commitment to using businesses as drivers of national prosperity.
“UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” Attafuah said.
She highlighted the importance of supporting businesses at different stages of development, including farmers seeking to move into agro-processing and women expanding their manufacturing operations. She also stressed the need to help Nigerian producers reach markets outside the country.
BOI Managing Director, Dr Olasupo Olusi, said the agreement would combine the bank’s development financing capacity and enterprise networks with UNDP’s technical expertise and international partnerships.
“Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth,” Olusi said.
He said discussions leading to the partnership began in 2025, as both institutions explored ways to combine their strengths in addressing Nigeria’s development priorities.
Olusi added that financing alone was insufficient to achieve lasting development outcomes, noting the importance of technical expertise, market access, innovation and effective implementation partnerships.
The institutions expect the renewed collaboration to strengthen businesses’ contributions to employment, economic diversification and sustainable development.
THE ISSUES
Access to finance, markets, skills and infrastructure remains central to enterprise development and industrialisation. The partnership seeks to address these areas by combining BOI’s financing capacity with UNDP’s technical expertise and international networks.
Its focus on manufacturing, agro-processing and regional value chains also reflects an effort to help Nigerian businesses move beyond basic production and improve their competitiveness in domestic and international markets.
However, the statement does not specify the funding amount, individual projects or measurable targets under the three-year agreement.
WHAT’S BEING SAID
“UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” Elsie Attafuah, UNDP Nigeria Resident Representative, said.
“Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth,” Dr Olasupo Olusi, BOI Managing Director, said.
WHAT’S NEXT
The BOI and UNDP are expected to identify joint priorities, coordinate implementation and review progress throughout the three-year partnership. The statement does not provide a detailed implementation timetable or specific targets for the initiatives.
BOTTOM LINE
The three-year BOI-UNDP agreement aims to strengthen Nigerian enterprises through financing, technical support, skills development and improved market access, with a focus on inclusive industrialisation, job creation and sustainable economic growth.
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