BOI signs N274.18bn Series 1 development bond

The Bank of Industry (BOI) has signed the transaction documents for its ₦274.1868 billion Series 1 Development Bond, a 17.60 percent, five-year fixed-rate bond due in 2031.

The signing marks the completion of a landmark domestic capital market transaction that was initially launched as a ₦250 billion offer and closed oversubscribed within five working days.

Issued via BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, the bond attracted strong institutional demand from Pension Fund Administrators (PFAs), commercial banks, Development Finance Institutions (DFIs), corporates, and other institutional investors.

The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) served as anchor investors, further strengthening the transaction.

Beyond being a financing milestone, the bond represents a strategic step toward deepening Nigeria’s domestic capital market and mobilizing long-term naira capital to support local enterprises, expand productive capacity, create jobs, and reinforce indigenous value chains.

Commenting, the Managing Director and Chief Executive Officer of the BOI, Dr. Olasupo Olusi described the enthusiastic investor response as a vote of confidence in both the institution and the capacity of Nigeria’s domestic capital market to mobilize long-term financing for productive enterprise.

Dr. Olusi also credited President Bola Tinubu’s executive approval of investor incentives alongside a ₦100 billion presidential support fund designed to cushion bond pricing for manufacturers and other BOI beneficiaries.

Proceeds from the issuance will enhance the bank’s capacity to provide long-term financing to eligible enterprises across priority economic sectors, focusing on industrial expansion, import substitution, local value addition, and economic diversification.

The successful transaction underscores market confidence in the BOI’s developmental mandate and its pivotal role in steering Nigeria’s ongoing industrial and economic transformation.