The African Development Bank Group, African Development Bank Group, has approved a $200 million financing facility for the Bank of Industry to expand long-term funding for key sectors of the Nigerian economy, including agro-processing, manufacturing, health, infrastructure, and green industries.
The facility is designed to support Nigeria’s industrial transformation by improving access to medium and long-term credit for businesses, with a strong focus on small and medium-sized enterprises, especially women-owned and youth-led firms. At least 30 percent of the funds will be directed to SMEs across the country.
According to the Bank, the intervention will help close persistent financing gaps that have limited the growth of emerging businesses, while also encouraging entrepreneurship and job creation.
The package also includes support for climate-smart investments such as renewable energy, energy-efficient production systems, and sustainable agriculture, aimed at promoting low-carbon industrial growth.
In addition, a $650,000 technical assistance grant will support capacity building for SMEs, strengthen environmental and governance standards, and improve impact measurement systems within the Bank of Industry.
An additional programme targeting women entrepreneurs will enhance access to finance, markets, and value chains, helping to expand inclusive economic participation.
The intervention is expected to boost local production, reduce import dependence, increase exports, and create jobs across critical sectors of the economy.
The Director General of the African Development Bank for Nigeria said the initiative reflects the institution’s commitment to providing long-term capital needed for industrial growth and economic diversification.
He noted that development finance is essential in bridging funding gaps that commercial banks are often unable to fill.
The Managing Director of the Bank of Industry, Bank of Industry, said the facility builds on a long-standing partnership between both institutions and follows the successful repayment of a previous credit line.
He assured that the funding will be deployed to generate jobs, support businesses, and promote inclusive economic growth across Nigeria.
