BoI Partners with FIC to Enhance SME Credit Access

The Bank of Industry has appointed FIC Professionals Network Plc as a business development service provider to assist small and medium enterprises in accessing credit.

In a statement on Tuesday, the firm highlighted that BDSPs play a crucial role in advancing the bank’s mission of offering long-term financial and business development support to micro, small, and medium-sized enterprises.

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As a BDSP, FIC will identify viable SMEs seeking financing, help craft bankable business plans, and offer post-financing support, including mentorship and financial advisory services. Furthermore, FIC will promote sound corporate governance among SMEs, build connections with larger enterprises, and strengthen value chain development.

The Bank of Industry recently approved its 2025–2027 corporate strategy plan, encompassing 18 initiatives designed to position the institution as a market leader among development finance institutions in sub-Saharan Africa.

In 2024, the bank disbursed over N120bn to MSMEs to stimulate business growth across Nigeria. To align with its strategic goals, the BoI recently convened a meeting with all its BDSPs to outline their roles and expectations.

FIC is presently assisting applicants for the N75bn Small Enterprises Intervention Sector Fund, part of the N200bn Federal Government MSME Intervention Fund, where the Bank of Industry serves as the executing agency.