The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a major expansion of its financing framework.
The approval was disclosed in a statement by the BoI Managing Director, Dr Olasupo Olusi, on Sunday, February 8, 2026.
The move is expected to strengthen the bank’s role in promoting sustainable industrial development and improving access to finance for underserved and high-impact business segments across Nigeria.
With the approval, BoI is authorised to commence non-interest banking operations, providing ethical, asset-backed financing options that prohibit interest and promote risk-sharing.
The initiative aligns with growing demand for alternative financing structures that support inclusive growth and social development objectives.
What they are saying
Olusi described the approval as a significant milestone in the bank’s growth and long-term development agenda. He said it positions BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.
- “This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” Olusi said.
- “It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.”
- “Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.
Olusi noted that the approval underscores the CBN’s confidence in BoI’s governance and commitment to responsible financing.
He said the licence would allow the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers who were previously unable to access BoI’s funding.
Backstory
The Bank of Industry Limited was reconstructed in 2001 from the former Nigerian Industrial Development Bank (NIDB) Limited, which was originally incorporated in 1959.
It was established to transform the country’s industrial sector by providing long-term, low-interest financing and advisory support to various enterprises.
- The restructuring was aimed at creating a stronger development finance institution capable of supporting Nigeria’s industrial and economic transformation.
- At inception, the bank’s authorised share capital was set at N50 billion. Following its reconstruction into BoI Limited in 2001, the share capital was increased to N250 billion to strengthen its balance sheet and lending capacity.
- In May 2023, the authorised share capital was further increased to N500 billion to align the bank with Nigeria’s rising economic profile and expanding development needs.
In 2024, Olusi disclosed that BoI had raised over $5 billion from international capital markets within seven years.
According to him, the funds were mobilised through Eurobonds, loan syndications, and green finance instruments, underscoring the bank’s growing presence in global development finance markets.
More insights
The introduction of a non-interest banking window is expected to broaden BoI’s financing toolkit and attract new pools of ethical and faith-based capital.
- The framework will allow the bank to finance assets and raw materials using approved non-interest banking products, offering an alternative to conventional interest-based lending.
- The non-interest banking window will support inclusive growth by mobilising ethical funding sources.
- It is expected to expand BoI’s support for the real economy, particularly MSMEs and other underserved sectors.
- The approval reflects the CBN’s confidence in BoI’s governance structure and commitment to responsible and development-focused financing.
By diversifying its financing options, BoI aims to better align its activities with social, developmental, and sustainability objectives.
What you should know
In December 2025, the Bank of Industry disclosed that it disbursed more than N1.27 trillion, directly and indirectly, to enterprises across 14 economic sectors in 2024.
The bank said the interventions contributed to the sustenance and creation of over 900,000 jobs nationwide during the year.
A very welcome development indeed.
A great way to foster financial inclusion that will not only attract otherwise disenfranchised customers ,but will also expand BOI s capacity to attract mostly offshore ethical funds for onward lending.
congrats to both cbn and boi.