Nigeria’s Bank of Industry (BoI) is certainly making waves. Having just won four international banking awards in November 2022, the bank’s CEO Olukayode Pitan has announced that the bank is partnering with the International Finance Corporation (IFC) to help develop trade and supply chain financing for Nigeria’s MSMEs.
Nigeria’s MSMEs account for about 86 per cent of the country’s employment, and contribute 50 per cent to the country’s GDP, but receive significantly less finance from the private sector than is the average in sub Saharan Africa.
