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Bank of Industry Loan: Eligibility, Requirements, and How to Qualify

Since 1964 when it was established, the Nigerian Bank of Industry has continuously led the drive to develop innovative strategies, interventions and solutions that are propelling the Nigerian economy towards sustained growth.

In this post, we’ll take you through its different products, eligibility and how to qualify for a loan from the bank.

The Bank of Industry was created to facilitate the transformation of Nigeria’s industrial sector by providing financial and advisory support for the establishment of large, medium and small enterprises, and the expansion, diversification, rehabilitation and modernisation of existing enterprises.

It also supports growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging its 30 state offices nationwide.

BOI Micro Finance Bank

To further improve entrepreneurs’ businesses by providing easily accessible loans and good business advice, the BOI Microfinance Bank Nigeria was established as a subsidiary of Bank of Industry Nigeria.

It offers a broad range of financial services to micro, small and medium-sized enterprises and various low-income earners both as individuals and as groups.

BOI microfinance bank also provides various saving deposits for all level of customers. It is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and is regulated by the Central Bank of Nigeria.

Loan Products

As a subsidiary of the Bank of Industry, the BOI Microfinance Bankhas a very strong financial backing and has been tasked with improving access to financial services in the country.

Some of its loan products include.

1. Micro Business Loans

This loan aims to finance disadvantaged and vulnerable sectors at the grassroots and the bottom of the pyramid including formal, informal businesses and cooperatives.

The loan is designed for market women, traders and artisans, farmers, agriculture workers and enterprise youth who can access a maximum amount of ₦10m


2. SME Loans

Through this loan, the BOI’s Small & Medium Enterprises directorate finances registered small and medium-sized businesses in underserved and budding sectors including Youth and Gender focused businesses. Loan seekers can access anything from ₦10m to ₦1bn.

Before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. nairaCompare has a wide range of loan options you can compare and choose from.

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Visit nairaCompare and start comparing Bank of Industry Loans to loans from other trusted providers!

3. Large Enterprises

The BOI’s Large Enterprises directorate provides support for registered big businesses in sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare, Renewable Energy, Gender Business, and Intervention Funds.

The loan is a valuable resource for businesses that are looking for financing to grow and expand.


To be eligible for a Bank of Industry (BOI) loan, loan-seekers must meet the following criteria:

  • Be a registered business entity in Nigeria.
  • Be operating in a sector that is eligible for BOI financing.
  • Have a viable business plan.
  • Have a good credit history.
  • Be able to provide the required collateral.


Expectedly accessing the Bank of Industry’s loan come with some requirements.

to apply for a BOI loan, the following requirements are typically needed:

  • Completed loan application form.
  • Certificate of Incorporation.
  • Memorandum and Articles of Association.
  • Business plan.
  • Feasibility study.
  • Quotation for the supply of equipment and/or machinery.
  • Quotation for the supply of raw materials.
  • Financial statements for the past two years (if applicable).
  • Proof of collateral.

How to Qualify for a Bank of Industry Loan

To qualify for a BOI loan, business owners are expected to demonstrate that their business is viable and that they can repay the loan.

The BOI will consider a number of factors when evaluating your loan application, including:

  • The strength of the business plan.
  • The financial health of the business.
  • The quality of the collateral provided.
  • The management team's experience and expertise.

Tips for Qualifying for a Bank of Industry Loan

To further strengthen your chances of qualifying for a loan from the Bank of Industry, here are some tips you should consider applying.

  • Make sure your business plan is well-written and comprehensive. It should clearly articulate your business goals, strategies, and financial projections.
  • Provide accurate and up-to-date financial statements.
  • Offer sufficient collateral to secure the loan.
  • Demonstrate that your management team has the experience and expertise to successfully run your business.

If you are approved for a BOI loan, you will be required to sign a loan agreement and provide the necessary collateral. You will also need to make regular loan repayments. You can learn more about Bank of Industry loans here. 

How to Create a Winning Business Plan

A business plan is a document that defines in detail a company's objectives and how it plans to achieve its goals.

A winning business plan should be clear, concise, and persuasive. It should clearly articulate your business goals, strategies, and financial projections.

It should also be realistic and achievable.

Here are some tips on how to create a winning business plan:

1. Be clear and concise

Start with a clear and concise executive summary. The executive summary is a one-page overview of your entire business plan. It should highlight your business goals, target market, competitive landscape, and financial projections.

2. Company profile

Describe your company in detail. This should include your company's history, mission, vision, and values. It should also describe your products or services, target market, and competitive landscape.

3. Outline strategies

Outline your marketing and sales strategies. Describe how you plan to reach your target market and generate sales. It should also include your pricing strategy and sales goals.

4. Projections

Provide financial projections. This section should include your projected income statement, balance sheet, and cash flow statement for the next three to five years.

5. Feedback

Get feedback from others. Once you have drafted your business plan, ask others to review it and provide feedback. This could include friends, family, mentors, or business advisors.

Bonus tips for creating a winning business plan.

  • Be specific and realistic. Avoid making vague statements or unrealistic projections.
  • Be clear and concise. Avoid using jargon or technical language that your audience may not understand.
  • Be persuasive. Convince your readers that your business is viable and that you are the right person to lead it.
  • Proofread carefully. Make sure your business plan is free of errors in grammar and spelling.

A winning business plan is an essential tool for any business owner. By following the tips above, you can create a business plan that will help you achieve your business goals.

Visit nairaCompare to learn more about loans, savings options and more.

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