Securing business loan in Nigeria

Lending Criteria for loans from the bank of industry

For providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernization of existing enterprises: and rehabilitation of existing ones

See lending criteria for loan

The bank’s emphasis is on prudent project selection and management, accordingly, it supports quality projects with potential developmental impact. BOI therefore, considers industries that meet the following criteria:

• Capacity to substantially add to industrial output.

• Projects that use largely domestic raw materials.

• Industry in which Nigeria’s comparative advantages could be converted to competitive ones.

• Ability to promote the expansion of exports through the production of high quality products that are attractive to domestic and export markets.

• Niche projects that produce for worldwide consumption.

• Projects that create both forward and backwards linkages, with the rest of the domestic or regional economy.

• Ventures that promote inter-state or regional integration.

• Small and medium enterprises (SMEs) that have linkage with large firms, belong to clusters and operate under franchise.

• Enterprises with high employment generation capacity.

• The project must be technically feasible, commercially viable and economically desirable.

• Projects that are environmentally friendly.

• Enterprises that have good management set-up and proper accounting procedures.

• Enterprises promoted by women entrepreneurs.

The following industrial sub-sectors are also accorded priority in the project selection:

• Agro-industries, textile and leather

• Polymer –based industries

• Solid minerals

• Foundries

• Information communication technology (ICT) services

Please Click Here for Pre and Post Approval Documentation