Business
Tinubu Praises BOI’s Record N636bn Business Financing
President Tinubu commends BOI’s N636bn business financing in 2025, boosting SMEs, startups, and infrastructure projects across Nigeria
President Bola Ahmed Tinubu has commended the Bank of Industry (BOI) for disbursing N636 billion to over 7,000 enterprises in 2025, the highest annual financing volume in its history.
Also read: Otedola Hails Dangote Refinery Hitting 650,000 Barrels Per Day
The commendation came in a statement issued by Presidential Spokesperson Bayo Onanuga on Thursday in Abuja.
Tinubu described the milestone as evidence that ongoing macroeconomic reforms are strengthening development finance institutions and unlocking capital for productive sectors.
A breakdown of the disbursements showed N202 billion went to agro-allied businesses, while N100 billion supported critical infrastructure, including broadband, power, aviation, and transportation.
Manufacturing received N79 billion, extractive industries N77 billion, and services N55 billion.
The bank also deployed N73 billion in managed and matching funds on behalf of state governments and institutional partners.
“The N636 billion disbursed by the Bank of Industry in 2025 translates directly into productive capacity across Nigeria,” Tinubu said.
He noted that the funding supported agro-processing, strengthened manufacturing, boosted infrastructure delivery, and empowered enterprises across states.
BOI’s inclusion strategy was reflected in the distribution by business size: nano enterprises received N51 billion, micro businesses N32 billion, SMEs N178 billion, and large enterprises N375 billion.
Under the Federal Government’s N200 billion MSME intervention programme, BOI recorded over 95 percent performance as the disbursing institution.
Tinubu said the Presidential Conditional Grant Scheme reached 957,400 beneficiaries in 2025, and BOI-supported interventions contributed to the creation and retention of about 1.6 million jobs, supporting over 7,000 MSMEs and 570 startups.
Women-owned enterprises benefited from the N10 billion Guaranteed Loans for Women Programme, offering up to N50 million per beneficiary.
Youth-owned businesses received N12 billion, while 880 rural enterprises accessed over N6.5 billion under the Rural Area Programme on Investment for Development.
The president highlighted tangible outcomes, including upgrading a tomato processing facility from 3.1 metric tonnes per hour to 10 metric tonnes, linking 47,508 farmers to value chains, and deploying 100 mini-grids, connecting 11,777 new customers and reducing over 20,000 tonnes of carbon emissions annually.
Tinubu also praised BOI’s strong asset quality, with a non-performing loan ratio below 1.5 percent despite macroeconomic headwinds.
He acknowledged the €2 billion syndicated facility secured in 2024 and an additional €210 million mobilised from international partners in 2025.
“Development finance must be disciplined, measurable, and aligned with national priorities,” the president said, welcoming BOI’s recognition as Nigeria’s first National Implementing Entity to the UN Adaptation Fund and its sustainable finance achievements.
Also read: Otedola Hails Dangote Refinery Hitting 650,000 Barrels Per Day
Tinubu reaffirmed his administration’s commitment to consolidating reform gains and expanding credit access to enterprises, aiming to accelerate industrialisation and inclusive economic growth.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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