Nigeria, Nov. 4 -- Bank of Industry Limited (BOI) and International Finance Corporation (IFC) have signed a $50 million senior loan to expand long-term financing for micro, small and medium-sized enterprises (MSMEs) across Nigeria.

The deal forms part of a broader IFC investment package of up to $100 million in support of BOI, with at least 25 percent of the loan proceeds dedicated to women-owned businesses.

The agreement was signed at the Africa Financial Industry Summit (AFIS) 2026 by Olasupo Olusi, the Managing Director/Chief Executive Officer of BOI, and Makhtar Diop, Managing Director of IFC. IFC is a member of the World Bank Group.

The seven-year tenor of the loan will strengthen BOI's funding base and allow it to extend longer-t...