Bank of Industry (BOI) is a Development Finance Institution in Nigeria designed to providing Financial Assistance to Startup businesses, SMEs, and large Enterprises. BOI has resolved to provide financial assistance in form of loan at a very low interest rate (between 4% and 7%) to Agro-based Industries. This act is geared towards creating jobs for the unemployed youths in the value chain line and also helping Federal Government realise his Industrial Revolution Plan.

Major Funds Available at BOI

1. The Federal Government’s Rice Intervention Fund of N10.0 billion: This was designed to ensure Nigeria attains self sufficiency in rice production. Interest rate is 4% per annum.
2. Dangote-BOI N5bn Fund for Small Businesses: This is designed for the development of MSMEs across the nation. Interest rate is 5%.
3. Sugar Development Council Fund: This is designed to ensure Nigeria attains self sufficiency in sugar production. Interest rate is 4%.
4. AFDB US$500 million Line of Credit: This is made available for the development of export oriented SMEs.
5. CBN N235 Billion Intervention Fund: It is made available for refinancing of Commercial Bank’s exposures to SMEs in the Manufacturing sector. Interest rate is at 7% per annum.
6. Cotton Textile and Garment (CTG) Fund of N100 billion: Designed to revitalise the CTG Industry along the entire value chain. Interest rate is at 6% per annum.

How to Access the Loan

1. Write a formal application letter
2. Complete the BOI’s Questionnaire.
3. Submit the Forms and Questionnaire to the nearest office.

N.B. You will need passports size photograh for registration
Apply for loan with your Business Plan
It is important to register your business with CAC before applying for loan

Post Originally from: http://kasfarintheagropreneur..com/2014/08/how-agro-based-industries-can-access.html


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Where did you hear that BOI is operating banking in which you can open account? They don't. BOAgriculture does that. Besides BOI only finances items not giving cash.

Mixed up in the write up with BOA.
Now, Adjusted.
Thanks.