The Bank of Industry (BOI) has praised President Bola Ahmed Tinubu’s leadership and support for the successful launch of its N250 billion Series 1 Fixed Rate Bond.

This bond, issued through BOI Financing SPV Plc as part of the bank’s $1 billion Multi-Currency Instruments Programme, received more subscriptions than expected within just five working days.

BOI’s Chief Executive Officer, Olasupo Olusi, noted that the strong interest from investors showed their trust in both the bank and Nigeria’s local capital market.

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“The strength of the investor response is a vote of confidence not only in BOI, but also in the capacity of Nigeria’s domestic capital market to mobilise long-term capital for productive investment,” Olusi said.

He attributed this high demand to President Tinubu’s backing, which included executive approval for incentives designed to attract investors.

“As a Development Finance Institution, we could not have received the strong investor demand for the bond in five working days without the support of President Tinubu, who gave his executive approval for various incentives to encourage investors,” he said.

Olusi stated that this presidential support acted as a boost and sent a positive message to investors. He added that it further highlighted Tinubu’s dedication to Nigeria’s productive sector.

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The main goal of this transaction is to turn investor confidence into more funding for Nigerian businesses, which could lead to industrial growth, job creation, stronger local supply chains, and improved economic competitiveness.

Olusi also mentioned that the N100 billion fund granted to BOI by President Tinubu would help adjust the bond’s pricing and lessen the effects of high interest rates on manufacturers and other customers of BOI.

According to the bank, the money raised from this bond will enhance its ability to offer long-term financing to qualifying businesses in key sectors, thus supporting production capacity, local value addition, job creation, and economic diversification.

The Bank of Industry (BOI) stated that this transaction marked a major growth in its funding framework. It enhances its experience in global capital markets by bringing in more long-term investment from local institutional investors.

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The bank pointed out that the successful deal shows how Nigeria’s domestic capital market is becoming better at directing long-term savings into productive areas of the economy.

However, it mentioned that the final numbers for subscriptions and allotments will not be released yet, as they still need approval from the Securities and Exchange Commission, and the transaction is still moving toward completion.

BOI emphasized that the immediate importance of this transaction lies in strong investor demand, favorable pricing, and a wide range of investors involved.

These aspects indicate a continued interest from institutions for high-quality, long-term domestic investments and highlight the Nigerian capital market’s ability to gather large amounts of development-focused funding.

The bank also stated that this successful bond issuance represents another key achievement in growing Nigeria’s market for long-term development capital and enhances BOI’s reputation as a reliable issuer in capital markets