BOI’s ₦250bn Bond Oversubscribed in Five Days, Funds Set for Nigerian Businesses

The Bank of Industry says its ₦250 billion Series 1 Fixed Rate Bond was oversubscribed within five working days, signalling strong demand from domestic institutional investors. BOI said the issuance, made through BOI Financing SPV Plc under its $1 billion multi-currency instruments programme, will expand the bank’s capacity to provide long-term funding to eligible businesses in priority sectors. The bank attributed the investor response partly to incentives approved by President Bola Tinubu. It added that a separate ₦100 billion government-backed fund will help cushion high borrowing costs for manufacturers and other BOI customers. Final subscription and allotment figures have not been released because the transaction is still awaiting regulatory approval. BOI said the funds will support industrial expansion, local value addition, job creation and economic diversification.

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