Nigerian business owners looking for financing through the MyBOI Portal may be wondering whether their type of business qualifies for a Bank of Industry loan.
The Bank of Industry supports businesses involved mainly in productive activities such as manufacturing, processing, technology, healthcare, agriculture and other sectors that contribute to industrial and economic development.
BOI provides financing to micro, small, medium and large enterprises, but eligibility depends on the business, the financing facility selected and the applicant’s ability to meet the required conditions.
The official MyBOI Portal is: https://onlineportal.boi.ng
List of Businesses That Can Apply for BOI Loan Through MyBOI Portal
1. Agriculture and Agro Processing Businesses
Businesses involved in agriculture and the processing of agricultural products are among the sectors supported by BOI.
Examples include businesses involved in:
- Cassava processing
- Rice milling
- Cocoa processing
- Oil palm processing
- Animal feed production
- Seed processing
- Livestock processing
- Fish and seafood processing
- Flour milling
- Food packaging
BOI places strong emphasis on businesses that add value to agricultural products rather than simply trading them in their raw form.
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2. Food and Beverage Businesses
Food processing is another major area supported by the Bank of Industry.
This can include businesses producing:
- Packaged foods
- Beverages
- Confectionery
- Biscuits
- Processed meat
- Cooking oil
- Flour products
- Packaged agricultural products
Businesses in this category may need relevant regulatory approvals depending on the type of food product they produce.
BOI lists food processing as one of its major areas of financing.
3. Manufacturing Businesses
Manufacturing businesses can also apply for BOI financing where they meet the requirements of the selected facility.
This may include businesses producing:
- Consumer goods
- Building materials
- Packaging materials
- Furniture
- Household products
- Industrial products
- Textile products
- Plastic products
- Equipment and components
- Other locally manufactured goods
BOI’s main mandate includes supporting businesses involved in manufacturing, production and value addition.
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4. Technology Businesses
Technology businesses may also qualify for BOI financing.
BOI’s Engineering and Technology Group supports businesses operating in areas such as information and communication technology, digital services and technology related production.
Examples may include:
- Software businesses
- Internet service providers
- Technology companies
- Digital printing businesses
- Telecommunications related businesses
- Technology enabled service companies
- Businesses producing smart cards and related technology products
BOI’s current strategy also identifies digital transformation and technology as one of its main areas of focus.
5. Creative Businesses
Businesses in Nigeria’s creative industry may also be considered for BOI financing.
This can include businesses in areas such as:
- Film production
- Fashion
- Music
- Beauty
- Digital content production
- Arts and crafts
- Other creative businesses
The exact facility available will depend on the business and the financing programmes available at the time of application.
BOI has a dedicated focus on the creative industry and has previously supported fashion, film, music and related businesses.
6. Healthcare Businesses
Businesses providing healthcare products and services may qualify for BOI support.
Examples include:
- Hospitals
- Clinics
- Diagnostic centres
- Pharmaceutical businesses
- Medical equipment businesses
- Personal care product manufacturers
- Other healthcare related businesses
Healthcare is one of the sectors BOI currently supports as part of its industrial financing activities.
7. Renewable Energy Businesses
Businesses working in renewable and clean energy may also apply for relevant BOI financing facilities.
Examples include:
- Solar energy businesses
- Solar equipment manufacturers
- Renewable energy service companies
- Businesses supplying clean energy systems
- Companies helping businesses move from fossil fuel to cleaner energy
BOI has a Renewable Energy Group that provides financial and advisory support for renewable energy projects.
8. Engineering Businesses
Engineering related businesses are also among the sectors BOI supports.
These may include:
- Automobile assembly
- Vehicle component production
- Equipment manufacturing
- Automobile maintenance
- Industrial engineering
- Recycling businesses
- Logistics related businesses
- General manufacturing
The business must still meet the requirements attached to the financing facility being requested.
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9. Solid Minerals Businesses
Businesses operating within Nigeria’s solid minerals value chain may be considered for BOI financing.
This may include businesses involved in processing or adding value to locally available mineral resources.
Solid minerals is listed by BOI as one of the sectors supported by the bank.
10. Oil and Gas Businesses
BOI also supports eligible businesses within parts of the oil and gas sector.
The bank identifies oil and gas among its supported sectors, particularly businesses operating within eligible industrial activities.
Applicants should check the particular financing facility available because not every type of oil and gas business will automatically qualify.
11. Women Owned Businesses
Women owned businesses may qualify for BOI financing through general facilities or programmes created specifically to support women entrepreneurs.
BOI currently identifies Gender and Women as one of its major strategic focus areas.
This does not mean every woman owned business will automatically receive financing. The business must still meet the requirements of the selected programme.
12. Youth Owned Businesses
Young Nigerian entrepreneurs may also benefit from BOI facilities designed for MSMEs, skills development and youth focused businesses.
BOI lists Youth and Skills among its current strategic priorities.
Applicants should check the MyBOI Portal for facilities that match their age, sector and business stage.
13. Micro and Small Businesses
BOI financing is not limited to large factories.
Micro and small businesses may also qualify where they meet the conditions of the available facility.
BOI has previously supported businesses including traders, artisans, farmers, small manufacturers and other small enterprises through its micro and MSME programmes.
However, the fact that a business is small does not automatically make it eligible for every BOI facility.
Does a Trading Business Qualify for BOI Loan?
This depends on the nature of the business and the facility.
BOI’s main focus is on businesses involved in production, manufacturing, processing and value creation.
A business that only buys finished products and resells them may have fewer financing options than a business that produces, processes or adds value to products.
BOI itself states that it primarily finances projects involved in manufacturing, production and agro processing.
Traders should therefore check the specific facility available on MyBOI before assuming they qualify.
Basic Requirements Before Applying
Being in an eligible sector does not guarantee approval.
BOI will still assess the business and the financing request.
Applicants should generally be prepared to provide information such as:
- Business registration details
- Identification of the business owner or directors
- BVN
- Business bank account information
- Bank statements
- Details of the amount requested
- Purpose of the financing
- Business financial information
- Regulatory approvals where required
- Other documents requested for the selected facility
The exact requirements depend on the facility and size of financing requested.
Can a New Business Apply?
BOI supports both the establishment of new enterprises and the expansion, diversification or modernisation of existing businesses.
However, a new business will still need to meet the conditions of the facility it is applying for.
The bank may consider factors such as the business plan, project viability, expected cash flow, promoter experience and ability to repay the financing. BOI’s mandate includes financing the establishment of new businesses as well as supporting existing enterprises.
How to Know if Your Business Qualifies
The easiest way to check is to visit the official MyBOI Portal and review the available financing facilities.
Go to:https://onlineportal.boi.ng
Create your profile and check the available facilities against your business type and financing need.
Do not apply simply because another business received a BOI loan. Different facilities have different conditions, funding limits and documentation requirements.
Important Point Before Applying
BOI financing is not automatic.
Operating in agriculture, technology, manufacturing or another supported sector only means your business may fall within an area BOI finances.
Your application can still be assessed based on business viability, cash flow, repayment capacity, credit history, documents and other requirements attached to the facility.
Business owners should therefore confirm that they meet the conditions before submitting an application through MyBOI.
