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| Photo credit — Bank of Industry |
The Bank of Industry (BOI) has launched MyBOI, a new end-to-end digital portal that allows businesses to apply for, track, and manage financing online. The launch coincides with a call by the bank’s leadership for greater mobilisation of long-term capital to drive Nigeria’s industrial expansion and reach more underserved enterprises.
BOI Managing Director/CEO Dr Olasupo Olusi made the appeal during the bank’s 2026 Annual Public Lecture in Abuja, themed “Rethinking Capital for Inclusive Economic Transformation.” He emphasised that financing must deliver measurable development outcomes, not just volume.
According to Olusi, BOI disbursed approximately ₦645 billion in 2025 to more than 12,000 businesses. These interventions are estimated to have supported or impacted 1.68 million jobs.
Despite this scale, he argued that Nigeria still needs more long-term capital to expand productive activity, support inclusive growth, and attract private investment into key sectors.
“Our focus is on how capital can be mobilised, structured and deployed more effectively to deliver measurable development outcomes,” Olusi said.
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What MyBOI Offers
MyBOI is designed to reduce reliance on manual, branch-based processes. Eligible customers — including micro, small and medium enterprises (MSMEs), large businesses, cooperatives, associations and other qualifying entities — can:
• Complete onboarding and know-your-customer steps
• Carry out impact and sustainability assessments
• Submit financing applications and supporting documents
• Track application progress online
BOI expects the platform to cut front-end application initiation time by at least 40% within nine months, increase qualified digital financing applications by 30% within 12 months, and achieve at least 60% self-service adoption for new applications over the same period. The bank has also set up digital help desks in its state offices to assist users.
Access is available through official BOI channels (including the bank’s website and the official MyBOI mobile apps). Applicants should only use verified links and never share login credentials or one-time passwords with third parties.
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Broader Discussion at the Lecture
Guest speaker Asad Alam (former World Bank Director and Georgetown University Adjunct Professor) noted that development challenges cannot be solved by capital availability alone. As economies mature, productivity gains driven by technology, human capital, and strong institutions become increasingly important alongside physical capital.
Special Adviser to the President on Economic Affairs Tope Fasua stressed that capital remains essential for capital-intensive areas such as power, logistics, and infrastructure. He also called for greater recognition of technology, information, knowledge, and artificial intelligence when measuring productivity and human capital.
Participants generally welcomed BOI’s continued support for SMEs and the industrial sector while urging expanded funding capacity for the development finance institution so it can scale interventions further.
Practical Notes for Businesses
Businesses interested in BOI financing should prepare standard documentation in advance (Corporate Affairs Commission registration, valid identification, bank statements, tax identification number, business plan or proposal, and evidence of fund utilisation). Requirements vary by product and sector. MyBOI is intended primarily for BOI facility products; certain grants and special intervention programmes may follow separate processes.
Key takeaway: The combination of a clearer call for long-term capital and a practical digital platform signals BOI’s dual focus on mobilising more resources and making existing ones easier and faster to access. Success will ultimately depend on execution — both in raising additional long-term funds and in delivering a smooth, transparent digital experience for applicants.
Samuel O. Sulaimon is the founder and Editor-in-Chief of Naijapiz. He covers News, Sports, Finance, Faiths, Education, Technology.
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