The Bank of Industry (BOI) and the United Nations Development Programme (UNDP) have entered into a three-year partnership aimed at helping Nigerian businesses expand, improve access to finance and markets, and create more economic opportunities for women and young people.
The agreement is expected to support micro, small and medium-sized enterprises (MSMEs), manufacturers, agro-processors and other businesses seeking to strengthen their operations and compete in local and international markets.
The partnership was announced in a joint statement issued on Wednesday in Abuja by Christabel Ginsberg, UNDP Nigeria’s Public Engagement, Outreach and Partnerships Lead, and Theodora Amechi, BOI’s Divisional Head of Public Relations.
Under the three-year Memorandum of Understanding (MoU), both institutions will work to improve enterprise competitiveness, strengthen access to funding and connect Nigerian businesses to wider value chains, including opportunities across Africa.
A major focus of the collaboration is to help businesses move beyond production and develop stronger links between producers, processors and markets. The initiative will also support trade competitiveness and encourage Nigerian enterprises to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).
The agreement also covers youth skills development, employability, entrepreneurship, innovation and women's economic empowerment, with particular attention to communities that have limited access to economic opportunities.
Other areas of cooperation include digital inclusion, the creative economy, renewable energy, climate resilience, environmental sustainability and infrastructure needed to support industrial development.
UNDP Nigeria Resident Representative, Elsie Attafuah, said the partnership reflected a shared understanding that businesses would play a central role in Nigeria's economic prosperity.
“UNDP and the Bank of Industry share a simple conviction: Nigeria’s prosperity will be built by its enterprises,” Attafuah said.
She highlighted the importance of supporting businesses at different stages of development, including farmers seeking to venture into agro-processing, women looking to expand manufacturing operations and Nigerian producers hoping to reach customers beyond the country's borders.
BOI Managing Director, Olasupo Olusi, said the agreement would bring together the bank's development financing capacity and enterprise networks with UNDP's technical expertise and international partnerships.
“Together, we will develop practical interventions that strengthen businesses, expand productive opportunities and support sustainable economic growth,” Olusi said.
He explained that the partnership followed engagements initiated in 2025 to explore how both institutions could combine their resources and expertise to address Nigeria's development priorities.
Olusi added that financing alone was not enough to guarantee lasting business growth, stressing that access to technical support, markets, innovation and effective partnerships was equally important.
Both institutions are expected to identify shared priorities, coordinate implementation and periodically assess progress to ensure that their initiatives support enterprise development and the Sustainable Development Goals.
The partnership comes as Nigerian businesses continue to seek better access to funding, technology, skills and reliable markets. Its impact will depend on how effectively the planned interventions reach entrepreneurs, particularly small businesses, women and young people who face barriers to expanding their operations.
Beyond providing financial support, the collaboration is designed to strengthen the wider business environment by helping enterprises improve productivity, explore new markets and contribute to job creation, economic diversification and sustainable development.
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