Bank of Industry (BOI) — review & details
The Federal Government's development bank for industry — subsidised, single-digit interest (around 9%/yr) on larger, longer-term SME finance. The cheapest money here, but the slowest and most paperwork-heavy.
Cheapest (government DFI)
Bank of Industry (BOI)
★★★★★
≈9%/yr (subsidised)
Interest
From ₦5m (SME schemes to ₦1bn)
Loan Amount
3–5 years (moratorium up to 12mo)
Term
Federal govt development bank
Provider
≈30–40 working days
Processing
Registered SMEs with a solid plan
Best For
large
Amount Tier
Pros
- Single-digit interest (≈9%/yr) — far cheaper than commercial credit
- Large amounts and 3–5-year terms with a moratorium
- Government-backed; apply directly on boi.ng (no paid facilitators)
Cons
- Slow: roughly 30–40 working days to process
- Needs CAC registration, business plan, feasibility and collateral
- Not for urgent cash-flow gaps
Fees, eligibility & documents
Fees
InterestApprox. 9%/yr (subsidised)
Other chargesProcessing/appraisal/commitment fees may apply
Term3-5 years; moratorium up to 12 months
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
How Bank of Industry (BOI) compares in business loans
| Bank of Industry (BOI) | Development Bank of Nigeria (DBN) | Accion Microfinance Bank | |
|---|---|---|---|
| Interest | ≈9%/yr (subsidised) | Concessional (set by your bank/MFB) | — |
| Loan Amount | From ₦5m (SME schemes to ₦1bn) | MSME-scale (via your lender) | — |
| Term | 3–5 years (moratorium up to 12mo) | Longer tenors (up to ~10 years) | — |
| Provider | Federal govt development bank | Federal wholesale development bank | — |
| Processing | ≈30–40 working days | — | — |
| Best For | Registered SMEs with a solid plan | Longer-term MSME finance | Small businesses that want a banking relationship and advisory support, not just cash |
| Visit BOI → | Visit DBN → | Visit Accion MfB → |
Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.
