Yemisi Izuora
The Bank of Industry (BOI) has been recognised with two prestigious awards at the recently concluded EMEA Finance Achievement Awards, reinforcing its position as a leading development finance institution driving inclusive and sustainable economic growth across Africa.
The Bank received the Best Sustainability Deal in Africa Award for its financing intervention under the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project and the Best Social Development Deal in Africa Award for its flagship Guaranteed Loans for Women (GLOW) programme.
The award-winning DARES initiative is being implemented by BOI in collaboration with the Rural Electrification Agency (REA) and supported by the World Bank through a $750 million International Development Association (IDA) credit facility. The programme is designed to expand electricity access across underserved and unserved communities through the deployment of solar mini-grids.
The initiative forms part of BOI’s broader Power and Utilities portfolio, through which the Bank disbursed ₦27 billion to eight businesses in 2025. According to BOI’s 2025 Annual Development Impact Report, all supported projects demonstrated 100 per cent financial additionality, indicating that they would not have proceeded without BOI’s intervention.
The Bank’s Power and Utilities portfolio also recorded the highest Development Impact Framework score across all sectors financed by BOI, underscoring the transformational impact of its investments in sustainable energy infrastructure.
Similarly, the GLOW programme was recognised for advancing financial inclusion and economic empowerment for women-owned and women-led businesses across Nigeria.
Designed to address longstanding barriers faced by female entrepreneurs, including limited access to affordable finance, collateral constraints, and capacity gaps, GLOW provides tailored financing, business support services, and capacity-building opportunities to women-led enterprises across multiple sectors of the economy.
Beyond financing, GLOW provides training, mentorship, market access support, and opportunities for women-owned businesses to strengthen their competitiveness and expand into regional and international markets, including opportunities presented by the African Continental Free Trade Area (AfCFTA).
Speaking on the awards, Dr. Olasupo Olusi, MD/CEO BOI, described the recognition as an affirmation of BOI’s commitment to financing initiatives that create lasting developmental impact.
“These awards reflect the Bank of Industry’s deliberate focus on supporting projects and programmes that deliver measurable economic, social, and environmental outcomes for Nigerians. Whether it is bringing reliable electricity to underserved communities through renewable energy solutions or empowering women entrepreneurs by providing access to affordable finance and growth opportunities, our goal remains the same: to build a more inclusive, resilient, and sustainable economy. We are honoured by this international recognition and remain committed to deepening our impact across sectors that matter most to national development.”
The dual recognition further underscores BOI’s growing reputation as a catalyst for sustainable development and inclusive industrialisation, leveraging innovative financing solutions to address critical development challenges while unlocking opportunities for businesses and communities across Nigeria.
As Nigeria’s foremost development finance institution, BOI continues to play a pivotal role in advancing the Federal Government’s economic transformation agenda through strategic investments that stimulate enterprise growth, create jobs, improve livelihoods, and strengthen the country’s long-term economic competitiveness.