How to apply for bank of industry (BOI) loan in Nigeria

Steps to apply

Have you ever heard about the bank of industry (BOI)? are you looking for how to apply for bank of industry loan in Nigeria?, then you are at the right place, in this article I will be putting you through the various steps and processes involved to apply and successfully get the loan. First of all, let us look at what the bank of the industry is about.

What is Bank of Industry all about?

The Bank of Industry is a development finance institution set up by the federal government of Nigeria to provide loan credit facilities for industrial equipment used in manufacturing. The Bank is wholly owned and managed by the Federal Government of Nigeria. This bank will not disburse the loan to you in cash but to the vendors and suppliers of the equipment that the loan application is for.

What kind of businesses is eligible Bank for Industry Loan?

Any Nigerian business owner with a registered business can apply for a Bank of Industry Loan. However, businesses engaged in manufacturing and processing are given higher consideration. The loan is targeted at sectors such as processing of agricultural materials, information technology, oil and gas, the creative industry and then mining of solid minerals.

Also, note that BOI loans are only given to business organizations and not individuals. Also, BOI loans are only meant for the purchase of industrial equipment. you cannot use it to buy assets like land or building.

How much is bank of industry loan paying?

Bank of industry loans starts from 5 million Naira. However, they can provide smaller loans for your smaller businesses through its matching funds platform, which operates through Microfinance banks.

Does Bank of Industry Loan charge interest?

Yes, the bank of industry loan is not free but it has a low-interest rate favourable to business owners

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What is the interest rate of the Bank of Industry Loan?

The Bank of industry Interest rates for Term Loans is at a maximum of 10% per annum, while that of loans for working capital is at 12-15% per annum.

Do Bank of Industry loans require collateral?

Yes, the Bank of Industry will require you to pledge some of your assets as collateral before getting a loan. The bank needs businesses applying for loans to be held accountable. However, this collateral must not necessarily be your physical property the following forms of security can also be accepted from you;

  • Legal mortgage on a piece of real estate
  • Debentures on assets of a company
  • Assets previously pledged to other lenders (as long as the BOI’s loan is adequately covered)
  • Bank guarantee
  • External or third-party guarantors
  • Third-party collateral

Bank of Industry Loan application requirements

Below are the requirements you need for applying for the bank of Industry Loan for all programs

Micro-credit Loan Requirements 

  •  Application Letter
  • Certificate of Registration (photocopy)
  • Copy of Cooperative’s constitution and Bye-laws
  • Business Plan
  • Business owner’s passport photographs (4 copies)
  • Current Tax Clearance Certificate
  • Copy of means of Identification
  • Business’ bank Statement for one year
  • Record of sales for six months and operating expenses.
  • Evidence of Collateral

Small, Medium and Large scale Enterprise requirements 

  • Formal Letter of Application
  • Copies of Certificate of Incorporation, Certified True Copy of Memorandum and Articles of Association.
  • Photocopies of the Certified True Copy of Forms C02 and C07.
  • Business Plan.
  • Statutory Certificate of Occupancy or Deed of Assignment
  • Photocopy of Title Documents  to the Collateral
  • Approved Building Plan
  • The estimate of Cost to be incurred on Factory Building.
  • Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
  • Plant and machinery quotations
  • The Audited Accounts of the business in the last three years
  • Tax Clearance Certificate for the Company and two Directors for the previous three years.
  • Passport photographs of each of the two Directors and the Company Secretary (4 copies)
  • Evidence of Appointment

How to apply for bank of industry loan in Nigeria

How to apply for bank of industry loan in Nigeria

You can apply for bank of industry loans both online and offline. For offline application, you can visit any of the BOI branch offices situated in 24 states in 6 geopolitical zones in Nigeria or the headquarters in Lagos state.

Bank of Industry Loan application portal

You can apply for the BOI loan online, through the Bank of Industry application portal, you can click the bold application link apply.boi.ng/ to apply

How long does bank of industry (BOI) loan approval take

Approval of BOI loans usually takes 30 to 40 working days and after approval, then it takes 15 days for the credit to be disbursed.


If you are looking for a way to expand your business, then the bank of industry is the best option. It is one of the best lending financial institutions in Nigeria and it has all loan plans for all sizes of businesses with low-interest rates.


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