How to Apply for Bank of Industry (BOI) Loan in 2021

    We have researched and put together all the information about the Bank of Industry Loan (BOI) in Nigeria.

    This guide will help you with all the information you need to Put up an application for BOI loan, requirements, BOI loan contact details and lots more information you may require about Bank of Industry Nigeria.

    Loans can give your business that great push it needs for growth, especially when you lay
    your hands on the right one.

    Loans obtained from the Bank of Industry can be one of those loans you have been praying for. The relatively low-interest rate and the well-spanned loan tenor added to the fact that there are flexible repayment methods that make the BOI loans one of the best loans for your businesses.

    Are you wondering how you can get the BOI loan and take your business to the next level? You have come to the right source.

    In this post, you will learn all you need to know about the Bank of Industry Loan.

    Loan Types offered by BOI

    Before we continue, I think you should understand at this point that Bank of Industry loans are not available for individuals who want to tackle their personal problems.

    The Bank of Industry loans are principally for businesses and for entrepreneurial engagements. As such, there are different packages of the loan offered by the Bank of Industry depending on the scale of the business it is meant for.

    Bank of Industry considers businesses in these sectors more than others:

    • Aquaculture
    • Tie and Dye or Adire
    • Making of animal feed
    • Making of bottled water
    • Block, bricks and interlocking tiles
    • Paints and chemicals
    • Fashion or garmenting
    • Cosmetics and hair products and so on.

    BOI Micro Credit

    As the name implies, the BOI microloan is for businesses on the micro scale such as traders. It also involves borrowing a little amount (less than N10 million) from the Bank of Industry.


    To apply for the BOI loan, you are required to meet the following requirements:

    • First, you must write a formal letter of loan application to the Bank of Industry.
    • Since the BOI loan is for businesses, you are required to provide a clear photocopy of
      your business registration with Corporate Affairs Commission (CAC).
    • Co-operative societies applying for the BOI micro-credit must provide the
      Constitution and/or Bye-Laws of society.
    • You are required to provide your business plan too.
    • Four copies of passport photographs of the business owner(s).
    • You must provide photocopies of the business’s current tax clearance certificate and
      that of the business owner(s).
    • Valid means of identification from the business owner(s). The documents that can
      serve as valid means of identification are Driver’s License, National Identity Number
      (card), and Voter’s card.
    • The sales record of the business enterprise and its operational cost over a period of
      six (6) months must be provided.
    • An already established business is required to obtain the bank statement of account
      of the business enterprise, covering up to one year.
    • Documents proving the validity and availability of the collateral presented will also
      be presented.

    Small, Medium, and Large Enterprise BOI Loan

    This is the loan where business owners borrow a loan of N10 million and above. In the
    application of this loan, more documents are required.

    Requirements for Industry or large loan from BOI

    In order to obtain the Bank of Industry SME/Large loan, you have to provide the following

    • You will write a formal letter of loan application to the Bank of Industry.
    • The BOI loan is for businesses, therefore, you are required to provide a clear photocopy of your photocopies of Certificate of Incorporation.
    • You are also required to provide photocopies of Certified True Copy of Memorandum and Articles of Association of the business enterprise.
    • Your properly drawn and written business plan must be provided too.
    • Also required are photocopies of Certified True Copy of forms CO2 and CO7.
    • You are required to present the photocopy of title documents to project site, which is a Statutory Certificate of Occupancy or Deed of Assignment.
    • The photocopy of Statutory Certificates of occupancy or Deed of Assignment to the collateral security must be tendered. The collateral, however, must be a landed property located in an urban area.
    • If it is a new building you are applying the loan for, you must present the government approved building plan.
    • You are also required to provide the bill of quantities or a calculated cost estimate from your contractor.
    • You must also present valuation reports on the factory building(s) and other properties offered as collateral security.
    • It is needed that you provide the quotations for the machinery and equipment you want to purchase. You must get at least three different quotations from different dealers.
    • An already existing company will need to present their 3 recent years audited accounts of the business enterprise.
    • Also needed are documents or certificates showing the tax clearance of the company in the recent past 3 years. Tax clearance certificates of at least two Directors in the company are also required.
    • Four passport photographs of the Directors whose tax clearance is used and The company’s secretary should be provided.
    • Lastly, a proof, preferably a certificate indicating the appointment of a company.

    How to Apply

    Since you already know what is required of you, the next step is to understand how you can
    apply for the Bank of Industry loan. Again, Bank of Industry loan is only for business
    engagements. So you must have your business registered before you can apply for the BOI

    The application for the loan is done both online and offline. Either of the methods is valid,
    but to apply via the Bank of Industry website take the steps below:

    • Visit the Bank of Industry Loan application portal at
    • Choose the option that your business is already registered.
    • Fill the application form with valid information about your business. Also upload the
      needed documents before you submit.

    To apply for the BOI loan offline, you can simply visit any of the Banks of Industry closest to
    you to obtain the form.

    More loan BOI loan offers

    The BOI also disburses other types of loans. One of those loans is GEEP. GEEP stands for
    Government Empowerment Employment Program.

    The GEEP is a program initiated by the office of the Vice President of Nigeria: Prof. Yemi Osibanjo.

    The GEEP is subdivided into TraderMoni, MarketMoni, and FarmerMoni. These programs
    are aimed at growing the small, micro and medium scale enterprises, which will in turn
    help to grow the economy of the country by turning us into a producing state.

    BOI Loan Disbursement

    You may be asking “What is the mode of BOI loan disbursement?” Well, it may not sound
    funny to hear that the Bank of Industry does not disburse their loans in cash form.

    Rather, the bank gives the money to the suppliers of the equipment or machinery you want to put in place. Or simply put, the bank of the industry gives the money to those who will provide you the need for which you applied for the loan.

    You may also be asking how much BOI can finance your business up to. The Bank of
    The industry can finance your business even if you need up to N10 million.

    But one of the major disadvantages of the BOI loan is that you must provide collateral which must be a landed property.

    The collateral security could also be: a bank guarantee or debentures on assets of the

    BOI loan Interest Rate

    Another thing you want to be sure about is the interest at which you will pay back if you finally, get the Bank of Industry loan.

    Bank of Industry’s term loan (a loan based on time) has an interest rate of 5% to 10%, while
    the interest rate on Working Capital loan is 12.5% for Small and Medium enterprises and
    15% for Large scale enterprises.

    BOI Tenor and Repayments

    The Bank of Industry loan is repaid by borrowers very comfortably because of the way it is

    The BOI loan tenor spans between the periods of 12 to 60 months (1 to 3 years). This is because it is understood that manufacturing is an adventure that does not begin to yield immediately; it needs time to mature and for surplus to grow.

    The repayment of this loan can be made monthly until the entire debt is paid.  This can be possible if the bank makes a monthly deduction of the required amount from your business account.

    You can also pay before your due date of payment reaches; all the information regarding the repayment will be made known to you on the acceptance of your application.


    It likely you have some questions to ask or make further inquiries regarding the Bank of Industry loan. You can contact the Bank of Industry via any of the following contacts:

    Phone: (+234) 0700-CALL-BOI

    You can also visit the Bank of Industry website @

    BOI Office Address

    The Headquarter of Bank of Industry is located at No. 23, Marian, Lagos State.

    In conclusion, now that you have got all you need to know about the Bank of Industry, you can go ahead to tender your application.

    It could be that opportunity you have been waiting for in order to move your business ahead.


    What is the full meaning of BOI in Nigeria?

    BOI means Bank of Industry, Nigeria, it is a government-controlled body that caters for the development of companies and establishments seeking financial assistance.

    What year was BOI founded?

    Bank of Industry was founded in 2001, it is 19 years old in 2021

    Who is the current head of the Bank of Industry?

    The current head of Bank of Industry Nigeria is Mr. Rasheed Adejare Olaoluwa who resumed office in 2014 according to a publication on BOI’s website.

    How can I get a loan from BOI?

    We have written a detailed guide to help you with your BOI loan application, all you need to do is, visit any of the nearest commercial banks to you and request for BOI application form, complete as appropriate and return back the form to process your loan application. We have listed out all the requirements you may need before putting up an application.

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