BENCCIMA Strengthens Partnership Drive with Bank of Industry (BOI)

In furtherance of its commitment to promoting access to finance and sustainable business development, the President of the Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA), Engr. Omoregie Godwin, on Tuesday, 14th October 2025, led members of the BENCCIMA Presidency, Council, and the Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA) to host a top-ranking official and consultant of the Bank of Industry (BOI) at the Chamber’s Secretariat, Trade Fair Complex, Benin City.

The meeting commenced at 2:30 p.m. with an opening prayer offered by Barr. Alex Eghosa Aganmwonyi, the 1st Deputy President of BENCCIMA.

Following formal introductions, the President warmly welcomed the guest, Mr. Etiosa Omosivie, and expressed appreciation for honoring the Chamber’s invitation. He outlined the agenda for the engagement, which included discussions on:

The strategic focus of BOI’s intervention programmes.
Challenges facing businesses in accessing these interventions.
A collaboration framework for effective BENCCIMA–BOI engagement.
A workable action plan with clear timelines for implementation.

BOI Consultant’s Presentation

In his presentation, Mr. Etiosa Omosivie, Consultant and Marketer with the Bank of Industry, described the bank as a development finance institution strategically focused on four key pillars:

Industrialization,
Job creation,
Export promotion, and
Import substitution.

He explained that BOI’s funding sources include:

Reinvested profits from previous years,
The Federal Government of Nigeria, and
International development partners, including the African Development Bank (AfDB) and other global institutions.

According to him, BOI’s funds are industry-specific and geared towards financing equipment and materials rather than buying and selling. He further noted that the bank now supports projects across diverse sectors such as hospitality, education, and manufacturing.

Loan Categories and Terms

Mr. Omosivie categorized BOI financing into two broad segments:

1. Micro, Small and Medium Enterprises (MSMEs):

Micro Enterprises: Up to ₦10 million.
Small & Medium Enterprises: From ₦10 million to ₦2 billion.
Interest Rate: 10% for equipment financing and 12% for materials.
Repayment Period: 3 years.
Moratorium: 6 months on the principal.

2. Large Companies:

Loan Range: ₦2 billion and above.
Interest Rate: 12% for equipment and 14% for materials.
Moratorium: 6–12 months.

Intervention Funds

The BOI Consultant highlighted that Central Bank of Nigeria (CBN) Intervention Funds for businesses are domiciled with the Bank of Industry for disbursement. He revealed that one of the ongoing schemes offers zero-interest loans for both academic and non-academic staff of tertiary institutions.

He also disclosed that the Rapid Rural Area Development Fund—previously limited to rural communities—has now been expanded to cover urban areas.

Guarantee Loan for Women (GLOW)

The meeting was briefed on the GLOW scheme, which applies to:

Women-owned businesses,
Businesses with at least 30% women participation, and
Businesses involving women within their supply chains.

Under this scheme, loans attract a 7% interest rate for both equipment and material financing.

For the Standard BOI MSME Fund, the following charges apply:

Appraisal Fee: 1% of loan amount,
Commitment Fee: 1%,
Monitoring Fee: 0.02% on reducing balance, and
Professional Charge: ₦90,000 for limited liability companies.

Identified Challenges

The following challenges facing both BOI operations and applicants were highlighted:

Lengthy loan processing periods, which can discourage applicants.
Mandatory creditor conditions imposed on BOI by its funding partners.
Applicant profiling issues, such as loan defaults or dormant bank accounts attracting charges, which render applicants ineligible.
Low capacity levels among some applicants to meet requirements.
Collateral demands, typically in the form of landed property or bank guarantees.

The Consultant advised that applicants with dormant or indebted bank accounts should ensure proper closure and settlement before applying for BOI loans.

Agreed Action Plan for BOI–BENCCIMA Collaboration

Business Development Service Provider (BDSP) Desk:
BENCCIMA to maintain a BDSP desk at the BOI office to assist members in loan processing.
- Hon. Isoken Ekpen Odemwingie and Mr. Etiosa Omosivie were appointed as BDSPs.
Quarterly Engagements:
BOI–BENCCIMA business clinics to be held quarterly, tied to the Chamber’s Council Meetings.
Communication Platform:
Mr. Omosivie to be added to the BENCCIMA WhatsApp platform for prompt updates to members.
Data Reconciliation Advisory:
Members were advised to reconcile any discrepancies between their BVN and NIN, as inconsistencies may hinder BOI loan eligibility.
GLOW Loan Registration and Training:
A session for training and online registration of women for the GLOW scheme was scheduled for Tuesday, 21st October 2025, at 10:00 a.m.
The President, 1st and 2nd Deputy Presidents, and the PRO volunteered their laptops for the exercise, to be guided by the BOI Consultant.
The PRO was also tasked with bringing four assistants to support the registration process, to be paid stipends by the women participants.