Nigeria's BOI unveils N644.9B fund, backs Apex African Gas and ARRIDEX
What's the deal? The Bank of IndustryDealroom has a profile for this one. Try Dealroom → (BOI) has unveiled a N644.9 billion (roughly $470 million) development fund to finance industrial projects across Nigeria. It also announced backing for Apex African Gas Ltd and ARRIDEX Group in the energy and manufacturing sectors.
What's the endgame? The fund targets long-term financing for manufacturing, renewable energy, agriculture, and infrastructure. BOI has committed resources to the two companies, which it says could generate thousands of jobs.
Why now? Managing director and chief executive officer Dr. Olasupo Olusi said the fund reflects a shift from traditional lending toward an impact-driven approach. The bank is prioritising projects with measurable outcomes in job creation, skills development, and economic transformation.
What it means: By backing strategic companies, BOI aims to build a more self-reliant industrial base and cut import dependence. The projects also feed into government energy security goals and the broader Renewed Hope Agenda.
The signal: The fund positions BOI as a central financier of Nigeria's industrial revival, with Olusi pledging that future disbursements will maintain transparency and accountability.
Read more: Southern Robin
Image credit: Tim Evanson
