The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant milestone in the country’s financial landscape. The approval, confirmed by BoI Managing Director Dr. Olasupo Olusi on February 8, 2026, enables the bank to offer asset-backed, ethical financing solutions that prohibit interest while promoting risk-sharing.
Dr. Olusi emphasized that the approval positions BoI to expand its role in Nigeria’s industrialisation drive and support high-impact businesses that have historically struggled to access financing. “This development is a major step in BoI’s long-term growth agenda,” Olusi stated, highlighting that the new framework will allow the bank to finance assets and raw materials for customers using non-interest banking products.
The introduction of the non-interest banking window comes amid growing demand for alternative financing models that align with social and developmental objectives. By providing ethical, interest-free financing, BoI aims to attract faith-based and socially conscious capital, broadening its support for Micro, Small, and Medium Enterprises (MSMEs) and other underserved sectors of the economy.
BoI’s evolution reflects a long-term commitment to industrial development in Nigeria. Originally established in 1959 as the Nigerian Industrial Development Bank and reconstructed as BoI Limited in 2001, the bank has steadily expanded its capital base—from an initial N50 billion to N500 billion—strengthening its ability to provide long-term, development-focused financing. In recent years, it has mobilized over $5 billion from international markets, demonstrating growing confidence in its governance and capacity.
The CBN’s approval is expected to enhance BoI’s contribution to inclusive economic growth, providing new financing solutions for ethical and interest-free lending. With over N1.27 trillion disbursed to enterprises across 14 sectors in 2024 alone—creating or sustaining more than 900,000 jobs—BoI’s non-interest banking window promises to further deepen its impact on Nigeria’s industrial and social development.
source: nairametrics