Bank of Industry BOI Loan 2019 – How to Apply

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).

The Bank of Industry (BOI) is a parastatal under the Federal Ministry of Industry, Trade and Investment, with a primary objective to provide financial aids and support for the establishment of small scale, medium and large scale projects. The bank as a development bank focuses on helping businesses in the expansion, diversification, and modernization of other existing enterprises.

The focuses more on existing business and only finance plants and equipment, in a bid to promote the industrial sector of the economy, but does not actively involve itself with financing raw materials, lands and buildings.

To obtain loan successfully from the bank, there are some requirements you must meet. We will list all the requirements and the steps to follow to raise fund from the bank successfully.

Criteria and Requirements to access the Bank of Industry Loan

Eight (8) things you should know before you commence your application on this platform

1. Mandate
The bank of industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry. Please check below to see the list of SME product clusters that BOI supports.

1. Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture 
4. Bakery
5. Blocks and Interlocking Stones 
6. Bottled Water 
7. Ceramics & Tiles 
8. Chemicals and Paints 
9. Cosmetics/Hair Products 
10. Dairy 
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames 
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting 
15. Fish Smoking/Drying 
16. Food Processing (comprising processing of agricultural products) 
17. Foundries/Metal Fabrication/3-D Printing 
18. Fruit Juice 
19. Furniture/Wood Processing 
20. Gemstones 
21. Greenhouses 
22. Laundry and Dry Cleaning 
23. Leather/Footwear 
24. Liquefied Petroleum Gas/Compressed Natural Gas 
25. Meat Processing 
26. Mechatronics 
27. Health Care (Medical Diagnostics) 
28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy) 
29. Movie Production (Nollywood) 
30. Plastics 
31. Quick Service Restaurants 
32. Quarries 
33. Recycling 
34. Roofing Sheets 
35. Soaps and Detergents 
36. Solar (off grid) 
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks 
39. Water Transportation Riverine 
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints, etc)
41. Grocery packaging

2. Entities that BOI Finances
Bank of industry only finances enterprises or companies and not an individual person or group of persons. The company / enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.

3. Items that BOI can finance
The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.

4. Mode of disbursement
The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.

5. The amount that can be financed by BOI
BOI’s loan support to the SME starts from N5 million. However, loan below N5 million is provided on our matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks. Please click here to see how you can apply under the BOI matching Fund or the BOP scheme.

6. Collateral requirements
As part of the fiduciary responsibility in managing funds under its care, Bank of industry requires that you pledge some assets to secure you loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

  • Legal mortgage on a landed property. The property must be duly registered with a Certificate of Occupancy
  • Debenture on assets of the company
  • Bank Guarantee
  • External Guarantors with Notarized statement of Networth for loans below N10 million.

Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also note that the Bank is willing to accept third party collateral.

7. Startup businesses
While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with sound management structure.

8. You need to support your application with some documents
Please check below to see the list of the documents you should be prepared to upload while you apply on this platform

Relevant Documents Checklist

Micro CreditSME/Large Enterprise
1. Formal Letter of Application

2. Photocopy of Certificate of Registration

3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)

4. Business Plan 

5. Four (4) passport photographs of the Promoter (business owner)

6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.

7. Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.

8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business).

9. Sales record for six (6) months and operating expenses.

10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).

1. Formal Letter of Application

2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.

3. Photocopies of the Certified True Copy of Forms C02 and C07.

4. Business Plan. 

5. Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment).

6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center).

7. Approved Building Plan (If new building).

8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.

9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.

10. Quotations for items of plant and machinery (at least 3 quotations from different sources).

11. Three (3) years most recent Audited Accounts of the company (for existing company).

12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.

13. Four (4) recent passport photographs of each of the two Directors and the Company Secretary.

14. Evidence of appointment of a Company 

How to Apply for the Bank of Industry loan

You can apply for bank of industry loan by either visiting their office and obtain the necessary documents or you follow the steps below to apply online.

To apply online, ensure you have all the necessary requirements ready including the business plan. Head over to

To apply for a loan please click REGISTER
If you have registered before, then login to continue your loan application or check your application status.

To check your application status, insert your Application tracking ID in the box

The Application Tracking ID can be found in the notification email received upon submission of the loan application

If you need a standard business plan, check out the list of Business Plan we have

Do you want us to develop a unique business plan for you, check out our business plan service page

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