The Bank of Industry (BOI) has successfully raised €1.43 billion in a global loan syndication, marking a 142.5% oversubscription, a significant milestone reflecting international confidence in Nigeria’s economy.
The syndicated loan was co-led by Africa Finance Corporation (AFC) and Standard Chartered Bank, among other prominent financial institutions.
BOI’s Managing Director, Dr. Olasupo Olusi, described the oversubscription as a testament to the bank’s strong management and Nigeria’s economic potential.
Olusi explained that the funds will support the growing demand for BOI’s low-interest, long-term loans, essential for developing Nigeria’s private sector, in line with President Bola Tinubu’s vision for economic growth.
Olusi reaffirmed the bank’s commitment to promoting local manufacturing, citing his visits to G U Ebeco and Zeberced Group, both beneficiaries of BOI funding.
During his visit to G U Ebeco, which employs over 1,500 people, Olusi praised the company’s progress, highlighting BOI’s role in its expansion.
In response, G U Ebeco’s Managing Director, Ebere Uzozie, expressed gratitude for BOI’s continued support, noting that the company is now debt-free and operates 34 facilities across Nigeria.
At Zeberced Group, Managing Director Aydin Kurt emphasized the need for local production and further collaboration with BOI to advance industrialization and job creation.
Olusi reaffirmed BOI’s commitment to supporting such initiatives, stressing the importance of infrastructure development and job creation in driving Nigeria’s economic growth.
This latest syndication follows BOI’s successful repayment of a €1 billion facility raised in 2022 and reinforces the bank’s role in funding industrial and infrastructural growth in Nigeria.