The African Development Bank Group (AfDB) has approved a $200 million financing facility for the Bank of Industry (BoI) to support industrial growth and private sector development in Nigeria.

In a statement, the AfDB said the facility is designed to provide medium- and long-term funding for businesses seeking expansion capital across key productive sectors of the economy.

The targeted sectors include infrastructure, transportation, agro-food processing, healthcare, pharmaceuticals and green industrialisation.

The bank said the intervention aligns with efforts to strengthen Nigeria’s industrial base, improve economic competitiveness and promote private sector-led growth.

It added that at least 30 per cent of the facility will be allocated to small and medium-sized enterprises (SMEs), with emphasis on women-owned and youth-led businesses.

“The package also includes a $650,000 grant from the Fund for African Private Sector Assistance,” the statement said.

According to the AfDB, the grant will support SME capacity building and climate-smart business initiatives under its development programmes.

The facility also includes a technical assistance component under the bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, aimed at improving access to finance for women-led enterprises.

AfDB said the intervention is expected to drive job creation, boost exports, strengthen local manufacturing and reduce Nigeria’s reliance on imported industrial goods.

Director-General of AfDB’s Nigeria Country Department, Abdul Kamara, said the approval reflects the bank’s confidence in Nigeria’s industrial potential and its commitment to economic transformation.

Managing Director of the Bank of Industry, Olasupo Olusi, described the facility as part of a long-standing partnership aimed at unlocking investment opportunities and supporting industrial development in the country.