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Bank Of Industry Large Enterprises Loan – Requirements And How To Get It

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Do you run a large business enterprise and are looking for a way to access cheap Bank of Industry (BOI) loan for expansion and other purposes? Then this article is for you as it is aimed at helping you get the basic information you need to access BOI loan as a large enterprise.

BOI Large Enterprises Directorate

BOI 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.

BOI Large Enterprises Loan Value

Loan Value: From ₦2bn and above

Strategic Business groups of BOI Large Enterprises Directorate

The Large Enterprises Directorate of BOI  is comprised of ten (10) strategic business groups as follows:

1. Agro-Processing

Agro Processing Group (APG) is a Business Unit under the Large Enterprises Directorate with a key focus on driving lending and other support services within the non–food (Agro-based) sector of the economy, such as Cotton, Textile and Garment (CTG), Wood, Leather, Rubber and Paper Products to mention a few.

Over the years, the Bank of Industry has emphasized the growth of Agro-processing and related agric. businesses because the sector not only inspires the virtuous cycle of increased agricultural productivity, and industrialization, along the value chain, but also provides the creation of high domestic employment, poverty reduction and a major frontier of economic transformation in Nigeria.

Products Under Agro-Processing

1. CBN Backward Integration Fund

2. CBN Textile Intervention Fund

3. CBN Textile Revival Implementation Fund

 

2. Culture & Creative Industries

The Creative Industry Group was set up in 2011 to enable the bank to intervene in the sector by financing projects that are viable and consistent with the institution’s developmental policies/roles in the Nation’s economy. The Bank’s decision to set up the department was further justified following the release of the Nation’s rebased GDP in 2013, which revealed that the industry contributed 1.42% to the Nation’s Gross Domestic Product. Consequently, the creative industry is now considered a critical sector of the economy.

The Bank also has established several partnerships with various institutions including the British Council and has received numerous mentions for great initiatives in the Creative Industry at various international Fora. This has placed the bank on the global stage of Development Finance Institutions (DFIs) that have contributed in no small measure to the growth and development of the Creative Industries.

Products Under Culture & Creative Industries

1. BOI Fashion Fund

2. CBN Textile Revival Implementation Fund

3. CBN Textile Intervention Fund

Fashion & Beauty

 

3. Engineering and Technology

The Engineering and Technology Group is one out of BOI’s Large Enterprise Directorate Groups, created to serve corporate customers in line with the Bank’s mandate of providing business support and financial assistance for the establishment of large projects as well as expansion, diversification, modernization, and rehabilitation of existing enterprises that engage in manufacturing and value-added services within the following sub-sectors:

Engineering: Automobile Assembly and related components manufacturing, Automobile maintenance, Land and Aviation logistics services, Recycling and other closely related businesses.

Information, Communication and Technology: Internet Service Providers, Telecommunication, Digital Printing and Advertisement, production of Smart chips and security access cards etc.

The Group remains committed to providing support to the entire value chain within its focus area by rendering financial and business support services to companies. In 2022, a more streamlined focus will be on projects in ICT, Haulage and Logistics and general manufacturing to create and sustain a minimum of 5000 direct jobs and 10,000 indirect jobs, facilitate the establishment of projects that can create an avenue for import substitution, increase the likelihood of exporting finished or semi-finished value products and drive awareness for strong support for innovative projects with a bias for technological solutions.

Products Under Engineering & Technology

BOI Engineering & Technology Funds

 

4 Food Processing

The Group focuses on some of the emerging sectors dealing in technology, industrial storage and drying facilities amongst others in the industry. The food and beverage sub-sector of the Food processing industry made up for 4.6% share of the Nigerian manufacturing sector’s Gross Domestic Production (GDP) as of 2020. The sector alone is estimated to contribute 22.5% of the manufacturing industry value.

The Food Processing Group’s priority areas include projects, operations and activities in the following sub-sectors; cocoa processing, food and beverages, fish and seafood processing, rice milling, flour milling, agro-allied, seed milling, oil milling, animal feeds milling, meat processing, biscuits and confectionaries. The Group provides financial and business support for major players in a number of these sub-sectors.

Products Under Food Processing

1. Government Enterprise and Empowerment Programme

2. CBN Backward Integration Fund

3. BOI/Aliko Dangote Foundation Fund

4. Livestock and Livestock Processing

5. Food and Agro Processing

6.;Smallholder Farmer Cluster

 

 

5.Gender Business Group

The Gender Business Group’s area of focus is emerging sectors, particularly Women in Businesses irrespective of the sectors. 

Billions of naira has bell earmarked as a disbursement to projects in 2022 to positively impact the sector through the creation of estimated four thousand (4,000) jobs.

 

Products Under Gender Business Group

1. BOI Fashion Fund

2. BRAVE Women Project

3. On-Lending to SMEs through Commercial Banks

 

 

6. Healthcare and Petrochemicals

The Healthcare and Petrochemicals Group provides support and services to companies that fall under the Healthcare, Personal Care and Petrochemicals sector. The Group plans to grow and diversify its portfolio in 2022 via outreach to emerging sub-sectors, as well as continued support and development of the healthcare industry.

 

7. Intervention Funds

The Intervention Funds Group is responsible for managing the Central Bank of Nigeria’s Intervention funds for Power & Airline (PAIF) and Restructuring & Refinancing Facility (RRF). The fund has helped improve access to credit to Manufacturers, Power generation companies & Airlines and to improve liquidity of Deposit Money Banks (DMB) and Development Finance Institutions (DFI).

Both funds have helped in increasing production output, generating employment, economic diversification and Increasing foreign exchange earnings.

Products Under Intervention Funds

1. Power And Airline Intervention Fund (PAIF)

2. SME Re-Financing and Restructuring Facility (RRF)

8. Oil and Gas

Oil and Gas Group is one of the Bank’s Emerging Business Units, under the Large Enterprises Directorate. The operational plan of the group is built around the Nigerian Industrial Revolution Plan (NIRP) and priority given is to segments of the value chain under the group’s purview where Nigeria has comparative and competitive advantages. The group’s primary focus is the promotion of local content development in the oil and gas sector through the provision of financial and business support to indigenous players operating within the sector.

The Group intends to aggressively seek new risk assets to grow loan books, especially for modular refineries, LPG and CNG projects (Companies engaged in forward integration) with a clear focus on the BOI line of credit. The Group plans to increase its intervention in the Oil and Gas sector by disbursing N20.00 billion by the end of December 2022.

Products Under Oil & Gas

NCIFUND

 

9. Renewable Energy

The Renewable Energy space in Nigeria has multiple energy sources such as Solar, Hydro, Wind, Biomass and waste to energy, with the most popular one presently being solar energy because of its declining cost and little or no maintenance cost once installed. The market for solar in recent years in Nigeria has gradually expanded and so far it’s the most reliable form of renewable energy after big hydro. Due to the nature and cost of technology, its use is currently widespread across the country both for residential, commercial and industrial purposes.

The Group provides financial and advisory support services to various commercial and industrial businesses switching their energy needs from fossil fuel to clean and sustainable energy solutions As a Development Bank interested in making a huge impact in the RE sector of the economy, BOI has set aside over N10.0 billion in active investment in the sector in the year 2022. The Renewable Energy Group is also exploring project funding in the Waste to Energy space, Wind, Magnetic Flywheel technology and other sectors as there currently exists a large potential for the technology in Nigeria.

 

Products Under Renewable Energy

Solar Energy Fund

 

10. Solid Minerals

Solid Minerals Group’s (SMG) area of focus is solid minerals and metals project financing. The Group’s sub-sectors include cement, ceramic tiles, granite aggregates, roofing sheets, electricity wires and cables, steel and iron products, roofing sheets, electricity meters production companies, etc.

Products Under Solid Minerals

1. Artisanal Miners Intervention Fund

2. Artisanal & Small-scale Miners (ASM) Financing Support Fund

The sum of N27.07 billion has been earmarked as disbursement to projects in 2022 to impact the sector positively through the creation of estimated four thousand (4,000) jobs.

 

How To Apply for a BOI Large Enterprises loan

Loans can be applied for either physically or online. For physical application, customers are advised to apply either at any of the BOI branch offices that is closest to them or at the headquarters (for loan applications that are N1bn and above). Customers who want to apply online can do so by applying on the bank’s website or by clicking the link www.boi.ng/apply to apply.

 

How To ensure Your project is eligible for financing?

There are criteria that must be met for a project to be eligible for financing. These include:

 

1. Businesses must be registered with the Corporate Affairs Commission (CAC)

2. Businesses must have their audited financial statements (if existing)

 

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