Company website: https://www.boi.ng/

Profile

The Bank of Industry (BOI) is Nigeria’s foremost and oldest Development Finance Institution and has been in operation for over 60 years: initially incorporated in 1959 as Investment Company of Nigeria (ICON), it became BOI in 2001.

BOI’s mission is to transform Nigeria’s industrial sector by providing financial and advisory support services to enterprises. BOI promotes financial inclusion through long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy, among others.

As BOI is not a deposit money Bank, it has to frequently engage in capital raising activities to sustain its capacity to continue supporting its customers across key sectors and segments of the Nigerian economy. BOI has raised about $3.8bn from the international financial market in the last four years. This includes a $750mn syndicated medium-term loan in 2018; a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a 750mn Senior Eurobond (the first by any African national DFI) in February 2022. The $750mn raised in 2018 has been fully paid off while the other loans are performing.

In the last 6 years, the Bank has disbursed over $2.7bn to over 3mn enterprises which has facilitated the creation of over 7mn direct and indirect jobs, thereby advancing sustainable development.

BOI holds a National Long-Term Rating of ‘AAA (nga)’ and Long-Term Issuer Default Rating of ‘B’ with a stable outlook from Fitch Ratings; and an ‘Aa3.ng/NG-1’ national scale issuer rating and a ‘B2’corporate family rating (CFR) from Moody’s.


Event Sponsorships

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Contributors

Olukayode Pitan
Speaker at these events:

Bonds, Loans & Sukuk Africa 2022