The African Development Bank Group has approved a $200 million financing facility for the Bank of Industry (BoI), aimed at boosting industrial growth and strengthening private sector productivity across key sectors of the Nigerian economy.
AfDB disclosed this in a statement, noting that the facility would provide medium- and long-term financing support for businesses seeking expansion capital.
According to the bank, the intervention is targeted at critical sectors including infrastructure, transportation, agro-food processing, healthcare, pharmaceuticals and green industrialisation.
The AfDB said the financing package aligns with ongoing efforts to deepen Nigeria's industrial capacity, improve economic competitiveness and accelerate private sector-led development.
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It added that at least 30 per cent of the facility would be channelled to Small and Medium-sized Enterprises, SMEs, with priority support for women-owned and youth-led businesses.
The bank stressed that inclusive financing remained essential to achieving sustainable economic growth and broadening participation in productive sectors of the economy.
"The package also includes a $650,000 grant from the Fund for African Private Sector Assistance," the statement said.
According to the AfDB, the grant will help strengthen SME capacity and support climate-smart business initiatives across productive sectors.
The development finance institution further disclosed that the financing arrangement includes a technical assistance component to be implemented under its Affirmative Finance Action for Women in Africa, AFAWA, initiative.
The initiative, it said, is designed to improve access to financing for women-led enterprises and enhance their participation in industrial and commercial activities.
The AfDB noted that the intervention is expected to stimulate job creation, boost exports, strengthen local manufacturing and reduce Nigeria's dependence on imported industrial products.
Director-General of AfDB's Nigeria Country Department, Abdul Kamara, said the approval reflected the bank's confidence in Nigeria's industrial potential and commitment to supporting the country's economic transformation agenda.
Kamara said the financing would support SMEs, women entrepreneurs and youth-led businesses that are playing vital roles in driving economic diversification and industrial expansion.
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He added that stronger local enterprises would contribute significantly to sustainable industrial transformation and inclusive economic growth.
Managing Director of the BoI, Olasupo Olusi, described the facility as another milestone in the long-standing partnership between both institutions.
Olusi said the collaboration had remained focused on promoting economic development, unlocking investment opportunities and creating jobs across the country.
He added that the financing intervention would strengthen local manufacturing capacity and support Nigeria's long-term industrial development goals.
