Bank of Industry’s half-year assets increased by 67% to N3.3 trillion. The total assets of Nigeria’s Bank of Industry (BOI) reached N3.3 trillion as of June 30, 2023, an increase of 67 percent year over year (YoY) from the N1.97 trillion asset level as of June 2022.

    Due to the bank’s careful asset management and complete hedge of the foreign currency assets, BOI profit before tax after impairments (PBT) increased by 177 percent year over year from N37.5 billion in June 2022 to N104 billion in June 2023 (H1).

    The bank’s NPL decreased from 3.6 percent in December 2022 to 1.88 percent as of June 2023. It has kept its non-performing loan (NPL) rate below the legal limit of 5%.

    As of June 2023 (H1), BOI’s equity position had increased by 57% since June 2022, from N403.6 billion to N634 billion. The regulation minimum for equity positions for retail development financing institutions (DFIs) is N10 billion, but BOI has more than that.

    In order to support its mission of expanding MSMEs, women entrepreneurs, and youths in Nigeria, BOI has raised more than $5 billion from the international financial markets since 2017 under the direction of Olukayode Pitan, managing director and chief executive officer.

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    A $750 million syndication that was completed in 2017 with the help of Afreximbank and a group of foreign financial institutions was the first of the transactions, and it has now been fully repaid.

    The second and third were a $1 billion syndication that concluded in December 2020 (to be fully repaid by December 2023) and a $1 billion syndication that closed in March 2020, respectively.

    Pitan said that “in 2023, the BOI continued its impressive growth in key financial indices on an annual basis, thus consolidating its position as Nigeria’s largest and most significant Development Finance Institution.”

    Nigeria’s oldest and most successful DFI is The Bank of Industry. By contributing around N42.2 billion in dividends and N64.2 billion in taxes during 2017, it has helped the national budget.

    The bank has spent the previous five years disbursing over N1.4 trillion to over 4.4 million customers, including MSMEs (majority of which are women owned), in order to fulfill its goal of assisting industry and MSMEs to grow and thrive, which has resulted in the creation and preservation of 10.005 million employment.


    The fourth transaction was the bank’s first Eurobond, worth €750 million, which was completed in February 2022. In a number of aspects, this transaction was a first for the bank, Nigeria, and Africa. This transaction marked both the first Eurobond deal for the bank and the first Eurobond deal in Nigeria.

    The deal marked the debut of Nigeria’s sovereign guarantee for Eurobonds. For further potential African issuers, it serves as a benchmark. The bank received the Agency Bond Deal of the Year prize as a result at the Cape Town, South Africa-based Bonds, Loans and ESG Capital Markets’ 2023 Awards event.

    The €1 billion guaranteed senior loan arrangement signed in August 2022 was the fifth capital raising deal. In terms of scale and structure, this transaction is a first of its sort for any financial institution in Nigeria.

    At a period when the foreign capital markets were excessively expensive and closed to many borrowers, this transaction allowed the bank to increase liquidity at competitive rates and diversify its funding sources. For this creative transaction, the bank was also recognized with a prize.

    Additionally, in August 2022, the French Development Agency (AFD) agreed to a €100 million line of credit, marking the sixth capital raising. The bank can increase the scope of its funding of green and ecologically friendly projects thanks to this credit facility. This agreement also included a grant of €2.5 million to promote capacity building for BOI employees and clients.

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