BoI Seals Landmark $1bn Syndicated Term Loan

…Lender Better Positioned To Catalyse Domestic Production

The Bank of Industry has announced the successful conclusion of a landmark $1 billion loan syndication transaction, aimed at improving its capacity to support MSMEs.

The transaction is the third major international debt syndication deal successfully concluded by BOI within the last 3 years.

The bank in 2018 raised the sum of $750 million with the support of the African Export-Import Bank “Afreximbank”, this loan has been fully repaid.

In addition, in March 2020, the bank pulled off another €1 billion loan deal (Lead Arranged by Afreximbank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBC).

The major factor among other factors which led to the success of the deal is the impressive credit ratings of the bank.

Others are its ISO certifications in both Quality Management Systems and Information Security, as well as its strong strategic partnership with domestic commercial banks, evident by the continuous provisions of credit enhancements and de-risking tools to BOI customers.

The Central Bank of Nigeria supported BOI by providing a full guarantee for the facility and a 100 per cent currency swap to mitigate the foreign exchange rate risk.

Between 2015 and October 2020, the Bank of Industry with the support of its various stakeholders disbursed over N945 billion to 3,013,087 enterprises, thus creating over 6.87 million estimated direct and indirect jobs.