The Bank of Industry and the German Agency for International Cooperation (GIZ) have signed a Partnership Framework Agreement for entrepreneurship development, aiming to drive sustainable innovation and economic development for large enterprises and the Micro, Small and Medium Enterprises (MSMEs) sector in Nigeria.
The partnership, built on coordinated efforts across key strategic areas, focuses on access to finance, entrepreneurship development, capacity building, and market access. It also includes targeted support for climate finance and renewable energy investments, aligning strongly with global sustainability goals to empower MSMEs as drivers of economic growth.
This landmark agreement positions BOI and GIZ to work together in ensuring that capacity-building efforts for businesses focus on strengthening the technical and institutional skills of BOI’s Business Development Service Providers (BDSPs), enabling them to deliver more impactful advisory services to the Bank’s customers. It also incorporates structured vocational training under the ICSS (Inspire, Create, Start and Scale) entrepreneurship program to boost productivity, improve workforce quality, and enhance overall competitiveness for MSMEs.
This year’s partnership framework centres on empowering women economically through targeted financing, boosting agribusiness and rural enterprise growth, and driving climate-focused investments to expand renewable energy and energy efficiency funding.
BOI will strategically deepen its efforts to secure endorsement with the Green Climate Fund (GCF) with support from GIZ, a German-led development agency.
Speaking at the announcement ceremony, CEO of Bank of Industry (BOI), Olasupo Olusi, said, “This partnership is about closing the gap between enterprise potential and enterprise reality. Too many Nigerian businesses, particularly MSMEs, have the ideas, the drive, and the market opportunity, but lack the financing, technical capacity, or market access needed to scale. This partnership reflects our unwavering commitment to constantly form new partnerships to strengthen the entrepreneurial ecosystem in Nigeria. By combining our financing expertise with our partner’s international development experience, we are building a comprehensive framework that will directly translate into jobs, innovation, affordable, long-term financing and sustainable growth for MSMEs in Nigeria.”
The Country Director, GIZ Nigeria and ECOWAS, Magnus Wagner, said, “This partnership demonstrates our joint commitments to strengthening Nigeria’s private sector and to advancing sustainable and inclusive economic growth.
“Through this partnership, we aim to support small and medium enterprises. We are trying more to look at SME, formalised business, which is the resilient backbone of Nigeria’s economy. So, we would like to work, we have decided in areas such as climate and sustainable finance, renewable energy and energy efficiency, entrepreneurship and innovation, women’s economic empowerment, agribusiness and rural transformation, and digital trade and market access.
“We look forward to a close and successful collaboration with the Bank of Industry, one that delivers tangible results for business, communities, and the country and the population as a whole”.
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