Apply for Bank of Industry BOI Loan 2020 with This Business Plan

by Demi

Looking to apply for the Bank of Industry loan 2020 (BOI), Read this post to understand the requirements and download a business plan for your BOI submission.


The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP)

The Bank of Industry (BOI) is a quango under the Federal Ministry of Industry, Trade and Investment, with a primary objective to give financial aids and support for the creation of small scale, medium and large scale projects. The bank as a development bank focuses on helping businesses in the extension, diversification, expansion and evolution of enterprises that seek such aids.

They have an existing business and only finance plants and equipment in their crosshairs, in an effort to improve the industrial sector of the economy, but passively engages in the financing raw materials, lands and buildings.

To obtain loans successfully from the bank, there are some prerequisites demanded by the bank which you must meet. A list of the requirements will be provided and the steps to follow to raise fund from the bank successfully will also be stated.



Criteria and Requirements to access the Bank of Industry Loan 2020

Eight things you should be aware of before the commencement of your application process on this platform;

  1. Mandate; The bank of industry targets businesses that are involved in manufacturing and processing activities. Target subsectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry. Please check below to see the list of SME product clusters that BOI supports.
  2. Adire (Tie and Dye)/Aso Oke
  3. Animal Feeds
  4. Aquaculture
  5. Bakery
  6. Blocks and Interlocking Stones
  7. Bottled Water
  8. Ceramics & Tiles
  9. Chemicals and Paints
  10. Cosmetics/Hair Products
  11. Dairy
  12. Digital Printing/Multimedia Publishing
  13. Doors and Window Frames
  14. E-Commerce/Information & Communications Technology (ICT)
  15. Fashion/Garmenting
  16. Fish Smoking/Drying
  17. Food Processing (comprising processing of agricultural products)
  18. Foundries/Metal Fabrication/3-D Printing
  19. Fruit Juice
  20. Furniture/Wood Processing
  21. Gemstones
  22. Greenhouses
  23. Laundry and Dry Cleaning
  24. Leather/Footwear
  25. Liquefied Petroleum Gas/Compressed Natural Gas
  26. Meat Processing
  27. Mechatronics
  28. Health Care (Medical Diagnostics)
  29. Laboratory/Orthodontist/Ophthalmology /Physiotherapy)
  30. Movie Production (Nollywood)
  31. Plastics
  32. Quick Service Restaurants
  33. Quarries
  34. Recycling
  35. Roofing Sheets
  36. Soaps and Detergents
  37. Solar (off grid)
  38. Technical/Vocational Schools (Offering City & Guild Certificate)
  39. Theme Parks
  40. Water Transportation Riverine
  41. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints, etc)
  42. Grocery packaging
  43. Entities that BOI Finances; Bank of the industry only funds companies and not an individual person or group of persons. The company/enterprise must be duly registered and you will be required to submit the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application exercise.
  44. Items that BOI can finance; The bank is set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be funded from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.
  45. Mode of allocation; The bank does not allocate the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.
  46. The amount that can be financed by BOI; BOI’s loan aid to the SME starts from N5 million. However, loan below N5 million is provided on our matching fund platform which is operated in conjunction with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through Microfinance Banks.
  47. Collateral requirements; As part of the fiduciary responsibility in administering funds under its care, Bank of industry requires that you guarantee some of your assets to secure you loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:
  • Legal mortgage on landed property. The property must be registered with a Certificate of Occupancy
  • Debenture on assets of the company
  • Bank Guarantee
  • External Guarantors with Notarized statement of Networth for loans below N10 million.

Please note that the Bank will share assets previously pledged to other lenders provided the Bank’s loan is completely covered in the arrangement. Also, note that the Bank is willing to accept any collateral from a third-party.

  1. Startup businesses; While the Bank under its general risk acceptance requirement requires a prospective borrower to account for at least three years’ of acceptable performance track record, it can also lend to start-ups at its volition and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with a sound management structure.
  2. You need to support your application with some legal documents. Please check below to see the list of the documents you should be prepared to upload while you apply on this platform


Relevant Documents Checklist for BOI

­Micro CreditSME/Large Enterprise
1. Formal Letter of Application1. Formal Letter of Application
2. Photocopy of Certificate of Registration2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.
3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)3. Photocopies of the Certified True Copy of Forms C02 and C07.
4. Business Plan4. Business Plan
5. Four (4) passport photographs of the Promoter (business owner)5. Photocopy of title documents to the project site (Statutory Certificate of Occupancy or Deed of Assignment).
6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center).
7. Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.7. Approved Building Plan (If new building).
8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business).8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building
9. Sales record for six (6) months and operating expenses.9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).10. Quotations for items of plant and machinery (at least 3 quotations from different sources).
 11. Three (3) years most recent Audited Accounts of the company (for existing company).
 12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
 13. Four (4) recent passport photographs of each of the two Directors and the Company Secretary.
 14. Evidence of appointment of a Company


Looking for a comprehensive business plan for bank of agriculture Nigeria Loan? Use this.

How to Apply for the Bank of Industry loan 2020

You can apply for bank of industry loan by either visiting their office and obtain the necessary documents or you follow the steps below to apply online.

To apply online, make sure you have all the necessary requirements ready, that should include the business plan. Head over to

To apply for a loan please click REGISTER.  If you have registered before, then login to continue your loan application or check your application status.

To check your application status, insert your Application tracking ID in the box

The Application Tracking ID can be found in the notification email received upon submission of the loan application


How To Download The BOI Business Plan Template PDF (with financial analysis)

If you need the complete business plan for Bank of Industry Loan 2020, follow the procedures to download it.

Pay the sum of N5000 (Five thousand naira only) to the account detail below:
Bank: GTBank
Name: Oyewole Abidemi (I am putting my name and not our company account so you know we are real people and you can trust us)
Ac/No: 0238933625
Type: Saving

Thereafter, send us your email address through text message OR WHATSAPP to +234 701 754 2853The text must contain the title of the BOI business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the BOI business plan in Nigeria to your email address where you can easily download it.



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