Bank of Industry Loan Requirements: 7 Proven Tips That Work

Learn about Bank of Industry loan requirements in Nigeria. Follow 7 proven strategies to successfully apply and secure funding for your business in 2025

In this article, we have provided detailed information on Bank of Industry loan requirements.

The Bank of Industry is the largest financial institution in Nigeria, providing loan facilities to hundreds of businesses every year. 

And being one of the largest providers of loan facilities, the requirements for getting a loan are tough so we’ve taken our time to guide you through all the requirements.

Why Choose the Bank of Industry For a Loan?

Apart from being a government entity, there are multiple reasons why you should choose the Bank of Industry to finance your business and as an expert in the finance blog space, i have done some research to make it easier for you

Very Low Interest Rate

The Bank of Industry offers single-digitized interest on loans. 

It means that the additional money you pay on any amount given to you is low compared to other financial institutions.

For instance, the Coronation Bank has the highest interest rate in Nigeria at 21.87% compared to the Bank of Industry’s 5 to 10% interest rates.

Extended Loan Repayment Term

The Bank of Industry gives you enough time to repay your loan. It helps you and your business avoid loan default.

Business Support and Advisory

The Bank of Industry provides comprehensive support for you and your business. 

The support comes in the form of training and business consultation. 

Who is Eligible for a Bank of Industry Loan?

The Bank of Industry offers loans to various categories of people and industries.

To be eligible for a loan from the Bank of Industry, you must be registered with the Corporate Affairs Commission (CAC).

Your business name or registration number is a major eligibility criterion. 

Furthermore, your company or enterprise must be active on the CAC portal. It means that you must have been filing for your annual returns.

However, not every business is given a priority. Businesses in the following sectors are given priority:

• Agro-allied businesses like poultry, piggery, and other agricultural businesses 

• Information Communication and Technology businesses. 

• Solid minerals, wood, plastic, rubber and cotton-producing businesses are also given priority. 

To break it down further, the following businesses are supported:

• Fisheries and aquaculture
• Bread and bakery 
• Ceramics and tiles production
• Chemicals, soaps and paint production
• Hair growth products
• Cow rearing and dairy products
• Aluminum, doors and window frames 
• Tailoring and fashion design
• Food storage
• Information and Communications Technology (ICT)
• Dry cleaning and laundry businesses
• Cinema and Movie production
• Plastics, Woods and Ceramics production
• Fast food and restaurant businesses
• Corbeling and shoemaking
• Solar and renewable businesses 

You must check and ensure your business is in a sector supported by the Bank of Industry.

In addition to the sector-based requirements, you must also prove to the Bank of Industry that your business:

• Have the potential to add to Nigeria’s industrial output

• Uses locally produced raw materials 

• Produces products of high quality  for the local market

• Have the capacity to also export high-quality goods to other countries.

• Promotes collaboration with other states and regions  in the country

• Can be an employer of labour 

• It is well-run, with good record or bookkeeping practices.

Bank of Industry Loan Requirements

The Bank of Industry loan requirements depend on the kind of business and nature of the loan applied for.

However, some information and documents are general requirements for a Bank of Industry loan. 

The general loan requirements of the Bank of Industry include:

• Duly completed online loan application form.

• Photocopy of Certificate of Incorporation, which can be a business name (BN) or registered company (RC).

• Memorandum and Articles of Association.

• Simplified Business Plan. The business plan should include a brief profile of the business, business activity, sources and costs of raw materials.

• Quotation for supply of machinery and equipment. It should be in the form of an invoice. 

• Digital Passport Photographs of the Chief Promoter and one other Director.

• Means of Identification. It may be an International Passport, Driver’s License, National ID Card, or Permanent Voter’s Card) 

• Bank Verification Number (BVN)

• Filed Annual Returns (up to date) of the company with the CAC

• Audited Financial Accounts (1 Year) and most recent management accounts. It is only applicable to existing businesses.

• Statement of Affairs (for businesses less than one year old).

• Company Bank Statements (1-year period for existing businesses).

• Declaration of Outstanding Liabilities to other banks/individuals.

• A scanned copy of a duly signed Global Standing Instruction (GSI).

• Third-party guarantee. It may be from a senior federal/state civil or public servant, clergy, traditional ruler, or professional.

• Tax Clearance Certificates 

• Evidence of Company Secretary Appointment filed with CAC.

• Letter of Attestation.

• And lastly, you must have an active account with the Bank of Industry. 

Conclusion

BOI offers one of the best facilities, and if you meet the requirements of the Bank of Industry loan, you can be sure of being offered. 

Ensure you cross-check your documents and consult professionals for expert guidance.