Bank says over 900,000 jobs supported as it expands funding for green finance, renewable energy and climate-smart industries
The Bank of Industry (BoI) says it disbursed more than N1.27 trillion to enterprises across 14 sectors in 2024, reinforcing its role as a key driver of Nigeria’s industrial and economic growth.
BoI Managing Director and CEO, Olasupo Olusi, disclosed this at the 10th Nigeria Energy Forum (NEF), which held virtually on Tuesday. Olusi, who was represented by Mabel Ndagi, Executive Director for Public Sector and Intervention Programmes, said the bank’s interventions directly and indirectly supported over 900,000 jobs last year.
According to him, the 2024 disbursements included major federal intervention funds such as the N200 billion MSME intervention fund, N50 billion presidential grant, N75 billion MSME fund, and the N75 billion manufacturing sector fund.
Olusi said the bank continues to play a central role in Nigeria’s industrial transformation, helping enterprises scale production, improve value addition, and stimulate employment across the manufacturing and MSME landscape.
He added that the BoI is ramping up financing for green innovation, renewable energy adoption, and circular economy initiatives, supporting industries that integrate energy efficiency and low-carbon processes into their operations.
“The bank is expanding investments in green finance and circular economy solutions, supporting industries that integrate renewable energy, energy efficiency and low-carbon processes,” he said.
Olusi noted that the BoI intends to maintain leadership in financing renewable energy infrastructure, clean manufacturing, and climate-smart industrial practices nationwide.
Also speaking at the event, Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union (EU) Delegation to Nigeria, said the EU plans major investments in smart, clean, and secure energy infrastructure across Africa as part of its global sustainable development push.
She said the Africa–EU Green Energy Initiative aims to expand access to affordable and modern energy services for households and industries across the continent. By 2030, the initiative targets providing electricity access to at least 100 million people, while boosting investments in renewable energy and energy-efficiency programmes.
The EU official also noted that the bloc has remained Nigeria’s largest grant donor in the power sector, contributing about €300 million since 2008.
In his remarks, John Sloan, Economic Affairs Officer at the Economic Commission for Africa (ECA), said Africa’s green energy transition could drive large-scale industrialisation and create jobs, especially in mineral-producing regions. He added that special economic zones provide sustainable employment opportunities that support inclusive industrial development.
NEF co-chair Adekunle Makinde also stressed that sustainable lithium development and industrialisation in Nigeria could power economic growth, generate jobs, and safeguard the environment in line with global sustainable development targets.
