How To Access Loan From Bank of Industry (BOI)



For those of you out there that have been searching for information on how to get BOI’s loan. This article contains the basic knowledge of BOI and the criteria/requirement for getting loan from the financial institution.



The BankOf Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financial institution. It was restructured in 2001 out the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of it’s equity along with a number of domestic and foreign private investors. Although the bank’s authorized set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.



BOI was established and mandated to provide financial assistance for the establishment of large, medium and small projects as well as expansion, diversification and modernization of existing enterprise; and rehabilitation of ailing ones.


Who can BOI Assist?

  • Small, medium and large enterprises, excluding cottage industries 
  • New or existing companies seeking expansion and diversification. 
  • Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land. 
  • Borrowing who management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible. 
  • Clients with demonstrable ability to meet loan repayments.
  • Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks.


Project Selection Criteria:

The bank’s emphasis is on prudent project selection and management accordingly, it supports quality projects with potential developmental impact, BOI therefore consider industries that meet the following criteria:

  • Capacity to substantially add to industrial output. 
  • Project that use largely domestic raw materials 
  • Projects that use largely domestic raw materials 
  •  Industry in which Nigeria’s comparative advantages could be converted to competitive one 
  • Ability to promote the expansion of exports through the production of high quality products that are attractive to domestic and export markets.
  • Niche projects that produce for worldwide consumption 
  • Projects that create both forward and backward linkages, with the rest of the domestic or regional economy. 
  • Ventures that promote inter-state or regional integration.  
  • Small and Medium Enterprises (SME’s) that have linkage with large firms, belong to clusters and under franchise. 
  • Enterprises with high employment generation capacity. 
  • The project must be technically feasible, commercially viable and economically desirable. 
  • Enterprises that have good management set-up and proper accounting procedures 
  • Enterprises promoted by women entrepreneurs.

The following industrial sub-sectors are also accorded priority it the project selection.
1.      Agro-industries, textile and leather
2.      Polymer-based industries
3.      Solid minerals
4.      Foundries
5.      Information Communication Technology (ICT) services.


You can download the check list of appraisal requirements you needed before the loan can be granted to you and also what is needed in your feasibility study. Follow this link and download all the details in pdf formats. http://www.boinigeria.com/downloads/BOI_-_Appraisal_Requirements.pdf   and    http://www.boinigeria.com/downloads/BOI%20Questionaire.pdf

Applying for BOI loans:

Walk into any BOI office nearest to you to pick the application form. It has it offices across the geo political zones of Nigeria.
BOI Zonal Offices:

Corporate offices:
BOI House plot 256, zone AO, off Herbert Macaulay way, behind unity bank, Central Business District.
P.M.B. 205 Abuja, FCT. Abuja
Tel: 08036555681
Follow this link to get the BOI zonal office nearest to you 

For easy access of BOI loan:
You can open savings account with their Microfinance bank or just go to their Microfinance bank office to apply for a loan even if you don’t have an account with them.
You can also access other BOI subsidiaries for easy access of loan and for proper monitoring.

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  2. I will like to have contact info for any of your consultant to prepare my feasibility studies, my contact info is. malconengineering@yahoo.com , thanks Matthew Bakare tel +13477509394

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  3. Which banks are boi subsidiary as talked about.

  4. pls where is your office in benin Edo state....reply me at osabolinks@gmail.com


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