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The Central Bank of Nigeria (CBN) has declared the country’s development finance sector critically undersized and in urgent need of a total overhaul. Speaking at the World Bank’s Nigeria Development Update in Abuja, CBN Deputy Governor Mohammed Sani Abdullahi revealed a staggering ₦230 trillion financing gap for micro, small, and medium enterprises (MSMEs). Nigeria’s current…
The European Union has unveiled a €372 million financial package to bolster Nigeria’s agriculture and digital infrastructure. Announced at the 8th Nigeria–EU Ministerial Dialogue in Abuja, the deal marks a significant expansion of the EU’s “Global Gateway” initiative. The funding combines €66 million in direct grants with €221 million in concessional loans and a targeted…
ABUJA — President Bola Ahmed Tinubu has formally lauded the Bank of Industry (BOI) for a historic N636 billion loan disbursement to Nigerian enterprises in 2025. This record-breaking volume, the highest in the institution’s history, reached over 7,000 enterprises across the federation. The President characterized this milestone as empirical validation of his administration’s macroeconomic reforms….
The Bank of Industry has obtained regulatory clearance from the Central Bank of Nigeria to establish a Non-Interest Banking window, a development the development finance institution says will broaden financial access for ethically motivated enterprises and underserved segments of the economy. According to a statement issued by the bank, the approval authorises BoI to…
