The World Bank and BOI launch a $500 million initiative to unlock capital, empower small businesses, and create more jobs nationwide.
World Bank, BOI Join Forces
The announcement came at the Bank Of Industry (BOI) Lecture in Abuja, marking progress in reshaping Nigeria’s finance system.
World Bank Country Director for Nigeria, Matthew Verghis, explained that ongoing reforms are strengthening the economy and restoring investor confidence.
He encouraged policymakers to direct private investment into productive sectors that improve citizens’ lives.
“We must harness digital solutions and sustainable financing to deliver real, lasting impact,” he said.
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Driving Reform And Private Investment
At the centre of the partnership stands the Fostering Inclusive Finance for MSMEs (FIRM) project, which aims to attract up to $2 billion in private funding.
The project channels resources through investment funds, debt instruments, and guarantees to create a sustainable business ecosystem.
Building An Inclusive Future
Meanwhile, BOI Chairman Mansur Muhtar urged government, investors, and partners to collaborate more deeply to drive inclusive growth.
“Development finance should empower entrepreneurs to scale, innovate, and compete globally,” he noted.
BOI Managing Director Olasupo Olusi added that financial institutions must go beyond lending to foster innovation-led transformation.
The event—“Development Finance Imperatives: Rethinking Nigeria’s Path Forward”—brought together key stakeholders committed to building a stronger, more resilient economy.
