The Bank of Industry has moved its financing application process to the new MyBOI Portal, giving Nigerian business owners a simpler way to apply for funding online.
The portal allows applicants to create a business profile, choose a suitable financing facility, upload supporting documents and monitor the progress of their application from one dashboard.
For entrepreneurs who previously had to visit a BOI office to begin an application, the new system makes the process more accessible.
The MyBOI Portal became operational in October 2026 and is now the main online platform for new BOI financing applications.
Official MyBOI Portal
Business owners can start their application through:
https://onlineportal.boi.ng
Applicants should use the official BOI portal only and avoid links shared by unknown individuals or unofficial websites.
The portal allows users to manage the full application process, including document submission and application tracking.
Who Can Apply for BOI Financing?
BOI financing is mainly for Nigerian businesses that are already registered and can show evidence of business activity.
Applicants may include:
- Sole proprietorships
- Partnerships
- Limited liability companies
- Micro businesses
- Small and medium enterprises
- Larger Nigerian businesses seeking expansion funding
Eligibility depends on the facility selected.
BOI will also consider whether the business is active, whether the applicant can repay the financing and whether the information provided can be verified.
What BOI Financing Can Be Used For
The purpose of the financing depends on the facility.
Businesses may seek funding for needs such as:
- Purchase of equipment
- Business expansion
- Working capital
- Inventory
- Production equipment
- Machinery
- Other approved business expenses
Applicants should choose a facility that matches the actual needs of the business.
Requesting financing without a clear purpose can weaken an application because BOI will want to know exactly how the money will be used and how the business intends to repay it.
How to Apply for Bank of Industry Loan 2026
Create a MyBOI Account
Visit the MyBOI Portal and register as a new user.
You will be required to provide personal and business information.
Use an active email address and phone number because they may be used for verification and application notifications.
Complete Your Business Profile
After registration, provide the requested information about the business.
This may include:
- Business name
- CAC registration details
- Business address
- Nature of business
- Ownership information
- Directors or proprietors
- Business bank account details
The information should match the documents you intend to upload.
Select the Right Financing Facility
The portal provides access to different BOI financing options.
Applicants should read the conditions attached to each facility before choosing one.
A facility intended for equipment purchase may have different requirements from one designed for working capital or business expansion.
State How Much You Need
Applicants will be required to indicate the amount being requested.
BOI will not approve financing simply because an applicant enters a particular amount.
The amount considered will depend on the size of the business, cash flow, repayment capacity, transaction history and other financial information.
Explain How the Money Will Be Used
Provide a clear explanation of how the financing will support the business.
For example, a manufacturer may need funding to purchase equipment, while a retail business may require financing for inventory.
The information should be specific and realistic.
Upload Supporting Documents
Applicants will need to upload documents relevant to the facility.
These may include:
- CAC documents
- Valid means of identification
- BVN
- Business bank statements
- Tax Identification Number where required
- Business plan
- Proforma invoices
- Quotations
- Regulatory licences
- Financial statements where applicable
The exact documents required will depend on the type and amount of financing requested.
Review Your Application
Check all information before submission.
Names, business details, bank information and figures should be consistent across the application.
Incomplete or conflicting information can delay the review process.
Submit and Track the Application
After submission, applicants can monitor progress through the MyBOI dashboard.
The dashboard may show different stages as the application moves through BOI’s review process.
Bank Statements and Financial Records
BOI may request several months of business bank statements to understand how the business operates financially.
Applicants seeking larger facilities may also be required to provide audited financial statements.
This helps BOI assess whether the business generates enough income to repay the financing.
A business with regular transactions and clear financial records will generally be easier to assess than one that mixes personal and business transactions without proper records.
Does BOI Require Collateral?
Some BOI facilities may require collateral or another form of security.
The requirement depends on the amount requested and the type of facility.
Security may include personal guarantees, business assets, property, bank guarantees or other arrangements accepted by BOI.
Applicants should check the conditions of the selected facility before applying.
How BOI Reviews Applications
BOI does not approve applications based only on business registration.
The bank also considers the financial strength of the business.
Important factors may include:
- Credit history
- Cash flow
- Repayment capacity
- Business performance
- Available security
- Purpose of the financing
- Financial records
This means applicants should be able to show that the business can use the financing productively and repay it under the agreed terms.
What Does Returned Application Mean?
Some applicants may see their application marked as Returned.
This does not automatically mean the application has been rejected.
A returned application usually means BOI needs additional information, clarification or another document before the review can continue.
The applicant can reopen the application, correct the identified issue and submit it again.
Applicants should read the comments attached to the returned application carefully before making changes.
Common Reasons an Application May Be Delayed
An application may take longer where:
- Required documents are missing
- Uploaded documents are unclear
- Business information does not match CAC records
- Bank statements are incomplete
- Financial information cannot be verified
- Additional clarification is required
Applicants can reduce avoidable delays by preparing documents before starting the application.
Important Advice Before Applying
Business owners should avoid exaggerating revenue, assets or business performance.
Information provided through the portal may be verified.
Applicants should also avoid paying individuals who claim they can guarantee BOI approval.
BOI financing is subject to assessment, and submitting an application does not guarantee that the requested amount will be approved.
What Existing BOI Applicants Should Know
Businesses that already had an application under processing before the launch of the MyBOI Portal should avoid creating a duplicate application unless BOI specifically instructs them to do so.
They should continue following the instructions attached to their existing application.
Sectors BOI Supports
BOI provides financing support to businesses operating in productive sectors of the Nigerian economy.
These include areas such as:
- Agriculture and food processing
- Manufacturing
- Healthcare
- Creative industries
- Technology
- Engineering
- Renewable energy
- Solid minerals
- Other eligible business sectors
The specific facility available to a business will depend on the nature of its operations and financing needs.
How to Start Your Application
Visit the official MyBOI Portal:https://onlineportal.boi.ng
Create an account, complete your business profile and review the available financing options before submitting an application.
Business owners should prepare their documents first and ensure that the information provided is accurate, complete and easy to verify.
