The African Development Bank (AfDB) has approved a $200 million (approximately 112.8 billion CFA francs) financing package aimed at strengthening Nigeria’s industrial development and expanding access to long-term credit for businesses, particularly small and medium-sized enterprises.

The funding, granted to Nigeria’s Bank of Industry (BOI), is designed to support key productive sectors of the economy, including manufacturing, agro-processing, healthcare, pharmaceuticals, transport infrastructure and green industries.

According to the AfDB, the initiative seeks to address persistent financing gaps faced by businesses in Nigeria, especially those requiring medium- and long-term investment capital. The programme also places a strong emphasis on improving access to credit for youth- and women-led enterprises.

The facility is expected to stimulate industrial growth, strengthen value chains, and accelerate job creation in Africa’s most populous economy, where access to affordable financing remains a major constraint for private sector expansion.

The African Development Bank said the intervention aligns with its broader strategy to support structural transformation across African economies by promoting industrialisation, private sector development and inclusive economic growth.

Nigeria’s industrial sector has long faced challenges including inadequate infrastructure, limited access to finance, and high production costs. The new funding is expected to help address some of these structural bottlenecks and improve competitiveness.

The programme also supports broader continental goals of economic diversification and sustainable development across Africa.