The Bank of Industry (BoI) has played a pivotal role in Nigeria's economic landscape in 2024, disbursing a monumental sum exceeding ₦1.27 trillion to enterprises spread across 14 key sectors. This significant financial injection has directly and indirectly supported the sustenance and creation of more than 900,000 jobs nationwide.
Driving Industrial Growth and Job Creation
Dr. Olasupo Olusi, the Chief Executive Officer of BoI, revealed these figures during the second day of the 10th Nigeria Energy Forum (NEF), which was held virtually from Lagos on Tuesday, December 2, 2025. Represented by Ms. Mabel Ndagi, the Executive Director for Public Sector and Intervention Programme, Olusi emphasized the bank's central position in Nigeria's industrial transformation. He stated that BoI is committed to supporting businesses of all scales to increase production, add more value to their operations, and generate employment opportunities.
A cornerstone of this effort is the ₦200 billion Federal Government MSME Intervention Fund, which BoI manages. This fund offers affordable financing to small businesses across the country through three distinct channels:
- ₦50 billion allocated to the Presidential Conditional Grant Scheme.
- ₦75 billion dedicated to the general MSME Intervention Fund.
- ₦75 billion set aside for the Manufacturing Sector Fund.
A Shift Towards Green Finance and Sustainable Energy
Looking to the future, Dr. Olusi highlighted the bank's strategic expansion into green finance and circular economy solutions. BoI is actively increasing its investments to support industries that adopt renewable energy, enhance energy efficiency, and implement low-carbon manufacturing processes. He affirmed the bank's intention to maintain a leadership role in financing renewable energy infrastructure, clean manufacturing, and climate-smart industrial practices.
This focus on sustainable energy was a major theme at the forum. Ms. Jadesola Rawa, a Senior Associate in Grants Management at the impact investment firm All On, discussed the Tertiary Institutions Energy Innovation Challenge (TIEC 3.0). Co-created by All On as the principal sponsor and implemented by NEF, the challenge aims to fast-track student-led energy innovations for Nigeria's underserved communities.
Mrs. Bamise Olanrewaju, NEF Director of Innovation, announced the winning teams, represented by their CEOs: Febechi Uzomadike (Green Preserve, Cross Rivers State University), Justice Esiri (AI Hybrid Agro Dryer, University of Lagos), and Fubara David (Keytric, University of Port Harcourt). These winners are reportedly making strides in product development and business structuring with guidance from mentors.
International Support for a Green Energy Transition
The forum also featured strong international commitments. Inga Stefoniwicz, Head of Green Growth and Digital Economy at the European Union Delegation in Nigeria, stated the EU's plan to invest in smart, clean, and secure infrastructure globally to address inequalities. She highlighted the Africa-EU Green Energy Initiative, which seeks to provide affordable, modern, and sustainable energy to millions of Africans and support renewable energy investments, aiming to give at least 100 million people access to electricity by 2030.
Stefoniwicz noted that the EU has been Nigeria's largest grant donor in the power sector, contributing approximately €300 million since 2008. Mr. John Sloan, an Economic Affairs Officer at the UN Economic Commission for Africa (ECA), pointed out the immense potential for green energy to drive industrialization and job creation, particularly in Africa's mineral-rich communities.
The event also showcased youth innovation. Dr. Daniel Adeuyi, NEF Group Chairman, reported that the 10th Africa Youth Energy Innovation Challenge (AEIC) attracted over 400 entries from 38 African countries, with more than 30% of teams led by young women. The 2025 winners were:
- First Prize: Ecofuel Bioenergy DRC
- Second Prize & Public Vote Winner: Grid Guard, Nigeria
- Third Prize: AgroCold Solar Hub, Nigeria
The most successful AEIC projects will exhibit at the 11th Nigeria Energy Forum in July 2026 in Lagos, themed "Upscaling Value Addition for Sustainable Industrialisation."
