The Bank of Industry has entered into a strategic partnership with the German Agency for International Cooperation to drive sustainable innovation and economic development across Nigeria’s large enterprises and MSME sector.

The agreement, signed on April 15, sets out a coordinated framework focused on expanding access to finance, strengthening entrepreneurship, building technical capacity, and improving market access for businesses. It also places strong emphasis on climate finance and renewable energy investments, aligning Nigeria’s enterprise ecosystem with global sustainability priorities.

 

At its core, the partnership is designed to address one of the most persistent challenges facing Nigerian businesses, particularly MSMEs, the gap between potential and scalability. By combining BOI’s financing capabilities with GIZ’s international development expertise, the initiative aims to create a more structured and impactful support system for businesses.

A key component of the framework is capacity development. Both institutions will work to strengthen the technical and institutional capabilities of Business Development Service Providers, enabling them to deliver more effective advisory services to entrepreneurs. The agreement also integrates structured vocational training under the ICSS (Inspire, Create, Start and Scale) programme to improve workforce quality, productivity, and overall business competitiveness.

 

The partnership places significant focus on women’s economic empowerment, with targeted financing initiatives aimed at supporting female entrepreneurs. It also prioritises agribusiness development and rural enterprise growth, recognising their role in job creation and economic inclusion across underserved communities.

In addition, climate-focused investments will play a central role, with plans to expand financing for renewable energy and energy efficiency projects. As part of this effort, BOI will deepen its engagement with the Green Climate Fund, with support from GIZ, to unlock more sustainable funding opportunities.

Speaking at the signing, Olasupo Olusi noted that many Nigerian businesses have strong ideas and market opportunities but lack the financing, technical support, and access needed to scale. He emphasised that the partnership is structured to close these gaps and translate enterprise potential into tangible economic outcomes, including job creation, innovation, and long-term growth.

 

Also speaking, Magnus Wagner highlighted the importance of strengthening Nigeria’s private sector through inclusive and sustainable initiatives. He noted that the collaboration will focus on formalised SMEs, which he described as the backbone of the economy, while advancing key areas such as climate finance, renewable energy, entrepreneurship, women’s empowerment, agribusiness, and digital trade.

 

For MSMEs, the partnership signals increased access not just to funding, but to the knowledge systems, networks, and infrastructure required to compete and scale in a rapidly evolving economic environment. It also reflects a broader shift toward integrated development models that combine finance, capacity building, and sustainability to drive long-term impact.

 

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