Established in 2001, the bank of industry was set up by the federal government of Nigeria to provide financial assistance for the Small, medium and large enterprises looking to establish, expand their services, diversity their product lines, expands their business into new markets etc.
The bank recently launched its 50billion naira fund with Alhaji Aliko Dangote, Nigerian billionaire and business magnate. Also the $200 million special entertainment fund announced by the federal government is to be managed by the BOI.

How does the bank operate?
The bank just like any other bank is profit driven, with a board of directors. It has shareholders and publishes its own audited annual financial statements. It doesn’t actually give loans to companies, but agrees to pay suppliers on behalf of the company. It does not finance the acquisition and construction of properties neither does it give loans to people who want to start businesses. The bank only finances companies who add value.

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