The Bank of Industry (BOI) has strengthened its position as a leading development finance institution after winning two major continental awards for its interventions in renewable energy and women-focused empowerment programmes.
The Bank received the Best Sustainability Deal in Africa Award for its financing under the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project, and the Best Social Development Deal in Africa Award for its flagship Guaranteed Loans for Women (GLOW) programme at the recently concluded EMEA Finance Achievement Awards.
The DARES initiative, implemented by BOI in partnership with the Rural Electrification Agency (REA) and supported by the World Bank through a $750 million International Development Association credit facility, is designed to expand electricity access to underserved and unserved communities through the deployment of solar mini-grids.
The programme is part of BOI’s broader power and utilities portfolio, under which the Bank disbursed N27 billion to eight businesses in 2025. According to its 2025 Annual Development Impact Report, all supported projects recorded 100 per cent financial additionality, indicating that the interventions were critical to enabling project execution.
The power and utilities portfolio also achieved the highest Development Impact Framework score across all sectors financed by the Bank, underscoring the impact of its investments in sustainable infrastructure and energy access.
On the social development front, the GLOW programme was recognised for advancing financial inclusion and economic empowerment for women-owned and women-led enterprises across Nigeria.
The initiative addresses key barriers faced by female entrepreneurs, including limited access to affordable financing, collateral constraints, and capacity gaps. It provides tailored loans, business development support, training, mentorship, and market access opportunities, helping beneficiaries expand into local and international markets, including under the African Continental Free Trade Area (AfCFTA).
Speaking on the recognition, BOI Managing Director/CEO, Dr. Olasupo Olusi, described the awards as a validation of the Bank’s commitment to delivering measurable developmental impact.
“These awards reflect the Bank of Industry’s deliberate focus on supporting projects and programmes that deliver measurable economic, social, and environmental outcomes for Nigerians,” he said.
“Whether it is expanding reliable electricity access through renewable energy solutions or empowering women entrepreneurs with affordable finance and growth opportunities, our goal remains building a more inclusive, resilient, and sustainable economy.”
The dual recognition further reinforces BOI’s growing reputation as a catalyst for sustainable industrialisation and inclusive growth across Africa, leveraging innovative financing to address critical development challenges while unlocking opportunities for businesses and communities.
