The Bank of Italy signs a strategic partnership framework agreement with the German International Agency to accelerate the growth of SMEs

The Bank of Industry (BOI), Nigeria’s leading development finance institution and a globally recognized organization specializing in international development cooperation with countries, the German Agency for International Cooperation (GIZ), on Wednesday signed a Framework Partnership Agreement to promote sustainable innovation and economic development for large enterprises and the micro, small and medium enterprise (MSME) sector in Nigeria.

The partnership focuses on delivering coordinated interventions across key strategic pillars, including access to finance, entrepreneurship development, capacity building and market access; and complements targeted support for climate finance and renewable energy investments; and a strong alignment with global sustainability priorities that enables MSMEs to be drivers of economic development.

With this landmark agreement, BOI and GIZ are positioned to mutually ensure that capacity building efforts for businesses focus on strengthening the technical and institutional capacities of BOI’s Business Development Service Providers (BDSPs), equipping them with tools to deliver more impactful consultancy services to the Bank’s clients; as well as ensure structured professional training provided under the ICSS (Inspire, Create, Start and Scale) entrepreneurship program to improve productivity, workforce quality and overall business competitiveness of MSMEs.

The central pillar of this year’s Partnership Framework is women’s economic empowerment through targeted financing initiatives; agribusiness development and growth of rural businesses; and the imperative of climate-focused investments to broaden its financing portfolio for renewable energy and energy efficiency.

BOI will strategically intensify its efforts to secure the approval of the Green Climate Fund (GCF) with the support of GIZ, a German-led development agency.

Speaking at the announcement ceremony, the Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, said: “This partnership aims to bridge the gap between business potential and business reality. Too many Nigerian businesses, especially MSMEs, have the ideas, drive and market opportunities, but lack the financing, technical capacity or market access needed to grow. This partnership reflects our ongoing commitment to continuously form new partnerships to strengthen the entrepreneurial ecosystem in Nigeria. Combining the our financial expertise with our partner’s international development expertise, we are building a global framework that will directly translate into jobs, innovation, affordable, long-term financing and sustainable growth for MSMEs in Nigeria.”

In his remarks, the Country Director of GIZ Nigeria and ECOWAS, Dr. Magnus Wagner, said: “This partnership demonstrates our joint commitments to strengthen Nigeria’s private sector and to promote sustainable and inclusive economic growth.

“Through this partnership, we aim to support small and medium enterprises. We are trying to look more at SMEs, formalized businesses, which are the resilient backbone of Nigeria’s economy. So, we would like to work, as we have decided, in areas such as climate and sustainable finance, renewable energy and energy efficiency, entrepreneurship and innovation, women’s economic empowerment, agri-food and rural transformation, digital trade and market access.

“We look forward to a close and successful collaboration with the Bank of Industry, which delivers tangible results for businesses, communities, the country and the population as a whole.”