Bank of Industry (BOI) Loans: Requirements and How to Apply (2026)
The Bank of Industry (BOI) is Nigeria's oldest development finance institution, and its loans are among the most sought-after by SMEs — because the rates are subsidised (typically single-digit, well below commercial banks). That also makes BOI a magnet for scams, so the first rule matters most.
BOI never asks you to pay to receive a loan. Applications are free. Anyone demanding an upfront "processing fee" to secure a BOI loan is defrauding you.
Who is eligible
- A business registered with the CAC (Business Name or Ltd) — see how to register with the CAC.
- Operating in a BOI-eligible sector (BOI focuses on industry/manufacturing, agro-processing and select services — confirm your sector qualifies).
- A viable business plan / feasibility study and a reasonable credit history.
- Ability to meet the security/collateral terms for your loan size.
What you'll typically need
- Completed loan application form.
- Certificate of Incorporation and MEMART (or Business Name certificate).
- Business plan and feasibility study.
- Quotation for the equipment/machinery to be financed.
- BVN of the chief promoter, directors and shareholders.
- For existing businesses: audited accounts (BOI-accredited auditors) and recent management accounts.
- Declaration of outstanding liabilities to other banks/individuals.
How much you can borrow
BOI's standard SME loans generally start around ₦5 million with no fixed upper limit (it depends on the project's viability and your security). For smaller amounts, BOI works through partner channels — the Matching Fund (state-government partnerships) and the Bottom of the Pyramid scheme (via microfinance banks). Confirm current floors and programmes on boi.ng.
How to apply
- Prepare your CAC documents, business plan and feasibility study first — a weak plan is the most common rejection.
- Apply online via the BOI portal or at a state/regional BOI office.
- BOI has accredited SME Consultants (BDSPs) who can help package an application — verify anyone claiming to be one.
- Expect due diligence on the project and your credit history.
Frequently asked questions
Is a BOI loan really cheaper than a bank loan? BOI rates are subsidised to support industry and are typically single-digit — usually well below commercial-bank pricing. Confirm the current rate for your programme.
Do I need collateral? Larger BOI facilities generally require security; smaller amounts flow through the Matching Fund / Bottom-of-Pyramid channels with different terms. Ask about the right window for your size.
How do I avoid BOI loan scams? BOI applications are free — never pay to "unlock" a loan. Apply only through boi.ng or a verified BOI office. Compare other routes in our business loans guide.
Educational information, not financial advice. Verify current eligibility, documents and rates on boi.ng before applying.
