How to Apply for Bank of Industry (BOI) Loan and Lending Criteria

Last Updated on August 26, 2023 by admin

The Bank of Industry (BOI) was established by Nigeria Government to Provide financial assistance for the establishment of large, micro enterprises,medium and small scale projects as well as the expansion, diversification and modernization of existing businesses and rehabilitation of existing enterprise.

Bank of industry partner with federal ministry of industry,Trade and investment, Federal ministry of Finance, Central bank of Nigeria and Dangote foundation to become Africa’s leading Development Finance Institution operating under global best practices.

The Bank of Industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Polymer –based industries, Solid Minerals, Information Technology,Agro-industries, textile and leather, Oil and Gas and Creative Industry. Businesses in these categories are accord priority.

Bank of Industry (BOI) Lending Criteria

When applying for BOI considers industries that meet the following criteria:

1.Capacity to substantially add to industrial output.
2.Projects that use largely domestic raw materials.
3.Industry in which Nigeria’s comparative advantages could be converted to competitive ones.
4.Ability to promote the expansion of exports through the production of high quality products that are attractive to domestic and export markets.
5.Niche projects that produce for worldwide consumption.

6.Projects that create both forward and backwards linkages, with the rest of the domestic or regional economy.
7.Ventures that promote inter-state or regional integration.
8.Small and medium enterprises (SMEs) that have linkage with large firms, belong to clusters and operate under franchise.
9.Enterprises with high employment generation capacity.
10.The project must be technically feasible, commercially viable and economically desirable.
11.Projects that are environmentally friendly.

12.Enterprises that have good management set-up and proper accounting procedures.
Enterprises promoted by women entrepreneurs.

What are BOI Products

1.ASM Fund
2.Bottom of pyramid
3.Fashion and Beauty Product
4.Light Manufacturing
5.Food and Agro Commodity Processing
6.Graduate Entrepreneurship Fund
8.On-Lending To Commercial Banks
9.Solar Energy
10.Youth Entrepreneurship Support (Yes) Programme
11.Youth Ignite Programme

Supporting document to apply for Bank of Indusrty

Formal Application on letterhead and duly completed loan application form.
2. Photocopy of Certificate & Form of Registration
3. Business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff
4. Proforma invoice for the items of Equipment to be purchased.
5. Sources and quotations for Raw Materials expressed in quantity and amount

6. Means of Identification of Promoters:
(a) Four (4) passport photographs and Biometrics Verification Number (BVN)
(b) Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card
7. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business)
8. Declaration of Outstanding Liabilities to other Banks and Individuals, if any.
9. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards
and Letter of Intent to guarantee the loan.
10. Security:
If landed property is being pledged as security, then the following are to be provided:
(i) Photocopy of the Title Document(s) to the property being pledged. This could be a Certificate of Occupancy, Deed of
Sublease or Deed of Assignment/Conveyance
(ii) Evidence of payment of Ground Rent up to date
(iii) Tax Clearance Certificate (TCC) of the owner of the property obtained from the State where the property is located.
(iv) Valuation Report from one of BOI’s accredited valuers
(v) Four (4) passport photographs and BVN of the property owner
(vi) Means of identification of the property owner
(vii) Letter of Consent signed by the property owner to mortgage property to BOI
(viii) If the property is owned by a limited liability company different from the borrower, then Board Resolution of that
11. If operating from a rented premises, lease agreement must have a tenor of at least one year beyond loan tenor.


1. Submission of Letter of Offer duly endorsed by the Proprietor(s)
2. Letter of Acceptance of Offer signed by the Proprietor(s)
3. Evidence of payment of fees (if applicable, appraisal, commitment and legal fees)
4. Return of duly executed Loan Agreements endorsed by the Proprietor(s)
5. Letter showing specimen signature of the Proprietor(s)
6. Individual External Guarantors (if applicable):
(a) Means of identification (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent
Voter’s Card)
(b) Four (4) Passport photographs
(c) Notarized Statement of Net-Worth (Form will be issued by BOI)
(d) BVN
(e) Curriculum Vitae of the Guarantor(s)
7. Original proforma invoice(s) of the items to be financed



1. Registration on GEEP portal:
2. Photocopy of Certificate of Registration with either the State or Federal
3. One (1) passport photograph of each executive member
4. BVN (Biometric Verification Number) of executive members
5. Signed group guarantee form between BOI and Association, Cooperative or Trade groups

6. Minimum of 10 active members
7. Member beneficiaries to provide:
a. Duly completed loan application with accredited GEEP partner
b. Proof of membership of a registered and accredited market association, cooperative or trade group
c. Valid BVN (Biometric Verification Number)
d. Completed Group Guarantee Form
e. Duly opened bank accounts

How to apply for Bank of Industry BOI loan

1.To apply for a loan please copy the link {} paste it on your browser….. click REGISTER.
2. Login to continue your loan application or check your application status.

Collateral requirements for Bank of industry loan

As part of the fiduciary responsibility in administering funds under its care, Bank of industry requires that you guarantee some of your assets to secure you loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include

1.Legal mortgage on landed property.
2.Debenture on assets of the company
3.Bank Guarantee
4.External Guarantors with Notarized statement of Networth for loans below N10 million.

For more details check BOI website. please don’t be a victim of scam be wise and follow the right direction using bank of industry website for your loan application.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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Ogbeide Frank loves writing and research about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing and sponsored post: contact :
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