AfDB unveils $200m support package for Nigeria’s industrial sector

By Yinka Kolawole

The African Development Bank Group (AfDB) has approved a $200 million financing facility for the Bank of Industry (BoI). The facility is intended to stimulate industrial growth and enhance private‑sector productivity in key Nigerian economic sectors.

AfDB said the facility will provide medium‑ and long‑term financing for businesses that need capital to expand. It targets critical sectors such as infrastructure, transportation, agro‑food processing, healthcare, pharmaceuticals and green industrialisation.

The bank noted that the package supports Nigeria’s efforts to deepen industrial capacity, improve economic competitiveness and accelerate development led by the private sector.

At least 30 percent of the facility will be directed to small and medium‑sized enterprises (SMEs), with priority given to women‑owned and youth‑led businesses. AfDB emphasised that inclusive financing is vital for sustainable growth and broader participation in productive sectors.

The statement also mentioned a $650,000 grant from the Fund for African Private Sector Assistance, which will help strengthen SME capacity and support climate‑smart business initiatives.

In addition, the financing arrangement includes a technical assistance component under AfDB’s “Affirmative Finance Action for Women in Africa” (AFAWA) initiative. AFAWA aims to improve access to finance for women‑led enterprises and increase their involvement in industrial and commercial activities.

AfDB expects the intervention to create jobs, boost exports, strengthen local manufacturing and reduce Nigeria’s reliance on imported industrial products.

Abdul Kamara, Director‑General of AfDB’s Nigeria Country Department, said the approval reflects the bank’s confidence in Nigeria’s industrial potential and its commitment to supporting the country’s economic transformation agenda. He added that the financing will aid SMEs, women entrepreneurs and youth‑led businesses that are key to economic diversification and industrial expansion.

Olasupo Olusi, Managing Director of the BoI, described the facility as another milestone in the long‑standing partnership between the two institutions. He said the collaboration continues to focus on promoting economic development, unlocking investment opportunities and creating jobs nationwide. Olusi also noted that the financing will strengthen local manufacturing capacity and support Nigeria’s long‑term industrial development goals.

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