Bank of Industry (BOI)

The Bank of Industry (BOI) is Nigeria’s oldest and largest development finance institution, established in 1959 as the Investment Corporation of Nigeria (ICON). It was restructured into its current form in 2001. BOI is majority-owned by the Ministry of Finance Incorporated (94.80%), with the Central Bank of Nigeria holding 5.19% and private shareholders 0.01%.

BOI's mission is to transform Nigeria's industrial sector by providing financial and business support services to enterprises. It offers long-term, low-interest financing to large, medium, and small projects, as well as for the expansion, diversification, rehabilitation, and modernization of existing enterprises.

As of June 30, 2023, BOI reported total assets of ₦3.3 trillion, representing a 67% year-on-year growth from ₦1.97 trillion in June 2022. The bank's profit before tax grew by 177% year-on-year, from ₦37.5 billion in June 2022 to ₦104 billion in June 2023. BOI maintains a non-performing loan rate below the regulatory threshold of 5%, with a rate of 1.88% as of June 2023.