Nigeria: AfDB Approves $200m Facility for Nigeria’s Bank of Industry

The African Development Bank approved a $200 million financing facility for Nigeria’s Bank of Industry (BOI) to expand access to long-term credit for companies in sectors tied to industrial growth.

The facility, equal to about CFA112.8 billion, will support businesses in infrastructure, transport, agribusiness, health, pharmaceuticals and green industry. The aim is to increase local production, support import substitution and give companies access to funding with longer maturities than commercial…