BOI Electrifies 100 Rural Communities, Connects 11,777 New Power Users in 2025

The Bank of Industry has disclosed that its investments in power and rural infrastructure electrified more than 100 communities and connected 11,777 new electricity users in 2025, underscoring the growing role of development finance in tackling Nigeria’s energy access deficit.

The figures were contained in the bank’s 2025 Development Impact Report, which also revealed that its interventions created and sustained 1.68 million jobs, linked 47,508 smallholder farmers to agro-processing value chains, and supported thousands of enterprises across strategic sectors of the economy.

According to the report, the power and utilities sector emerged as one of the institution’s strongest-performing areas, with financing support provided to eight businesses involved in rural electrification and mini-grid deployment.

The report stated that the interventions enabled the electrification of 100 rural communities while connecting 11,777 new customers to reliable electricity through mini-grid projects. It further noted that about 80 per cent of the supported businesses adopted cleaner production technologies and emissions-control measures, advancing environmental sustainability objectives.

Beyond energy access, the development finance institution recorded significant gains across agriculture, manufacturing, transportation, healthcare, and digital infrastructure.

In the agricultural and food-processing sector, BOI linked 47,508 smallholder farmers to established value chains, while beneficiary firms achieved an average revenue growth of 17.4 per cent. The sector also generated 2,491 jobs, with more than 71 per cent of supported food-processing enterprises embracing cleaner production practices.

The manufacturing sector attracted investments worth N4.6 billion to modernise six factories. The intervention increased production capacity by over 20 per cent in nearly two-thirds of the supported firms and sustained 6,178 jobs nationwide.

Similarly, the transport and logistics sector received N10 billion in financing, leading to the creation of 516 net jobs, while investments in the pharmaceutical industry facilitated the introduction of nine new product lines and the employment of 182 women.

The report further showed that BOI mobilised €210 million—equivalent to about N350 billion—from international development partners during the year. Of the amount, €125 million was dedicated to healthcare initiatives, while €85 million was earmarked for agriculture and food security programmes.

The institution also administered N73 billion in matching funds on behalf of state governments and institutional partners and served as the lead implementation agency for the Federal Government’s N200 billion MSME Industrialisation Fund, achieving a disbursement rate exceeding 95 per cent.

Under its Rural Area Programme on Investment for Development (RAPID), the bank disbursed N6.01 billion between 2024 and 2025 to support 822 enterprises. The initiative resulted in the establishment of 880 rural businesses and generated more than 8,000 direct and indirect jobs across the country.

Additional interventions included N35 billion for broadband infrastructure development and N30 billion for mini-grid projects in Lagos State, Imo State and Rivers State.

The report also highlighted targeted support for inclusive economic growth, with women-owned enterprises receiving N150 billion in financing, while youth-led businesses accessed N12 billion.

Commenting on the bank’s performance, the Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, said 2025 represented a pivotal year in the institution’s transition towards impact-driven development financing.

He explained that the bank had deliberately shifted its focus from the volume of funds disbursed to the measurable socioeconomic outcomes generated through its interventions.

According to him, BOI disbursed a total of N644.9 billion to nano, micro, small, medium and large enterprises across Nigeria in 2025, with more than 30 per cent directed to nano businesses and MSMEs.

Olusi noted that the institution surpassed its targets across six strategic priorities—namely infrastructure, MSMEs, digital economy, youth development, gender inclusion and climate action—while expanding access to finance in underserved communities through its nationwide network.

He reaffirmed the bank’s commitment to supporting enterprises and value chains capable of generating employment, promoting local value addition, and enhancing Nigeria’s industrial competitiveness, adding that BOI’s interventions remain aligned with the Federal Government’s broader economic transformation agenda.