How To Apply For Loans At The Bank Of Industry In Nigeria (2025)

This article is about the loan requirements and the processes involved in applying for loans at the Bank of Industry (BOI) in Nigeria this 2025. If you have always wanted to apply to the Bank of Industry (BOI) for loans to fund your business or any other pressing need and you do not know how to go about it, this article is for you and we shall walk you through the various requirements for getting this loan approved as well as the step by step guide for the application process.

Kindly note that prior to getting this loan, you are to meet certain pre-approval requirements in order for the said loan to be approved and as we proceed, we will outline the pre-approval checklist for Nigeria’s Bank of Industry (BOI) loans of up to ₦10 million and below. Do read through to know what this pre-approval checklist is all about.

HOW TO APPLY FOR LOANS AT THE BANK OF INDUSTRY (BOI) IN NIGERIA 2025 

The following are the requirements for applying for loans at the Bank of Industry (BOI) in Nigeria this 2025:

PRE-APPROVAL REQUIREMENTS FOR BANK OF INDUSTRY (BOI) LOANS IN NIGERIA 

• Formal application with your company and a correctly completed loan application form
• Certificate and form of registration (Photocopy)
• Detailed business plan as well as a comprehensive profile of your business enterprise with the CV of key members of your management staff
• Pro forma invoice detailing items of equipment to be purchased as well as their prices
• Sources and quotations for raw materials stated in quantity and amount
• Valid means of identification of Promoters: You are required to submit four passport photographs and your Bank Verification Number (BVN). You are also required to submit a photocopy of any of your International Passport, Driver’s License, National Identity Card or Permanent Voter’s Card
• Provide the bank statement of your Business Enterprise for a period of one year
• Present a declaration of outstanding liabilities to other banks or individuals if you have any.
• Provide two individual external guarantors with any of the valid means of identification acceptable in Nigeria such as their BVN, four passport photographs, identity cards and a letter of intent to guarantee the loan.
• Provide the following if you are using a landed property as a security pledge, they include: (i) photocopy of the title document(s) to the property being pledged which could be a Certificate of Occupancy, Deed of Sublease or Deed of Assignment/Conveyance (ii) recent evidence of payment of ground rent (iii) The tax clearance certificate (TCC) of the owner of the property obtained from the State where the property is located (iv) A valuation Report from one of the Bank Of Industry’s accredited valuers (v) four passport photographs and BVN of the property owner (vi) Means of identification of the property owner (vii) A letter of Consent signed by the property owner to mortgage the property to the BOI.
• If your business is being operated from a rented premise, the lease agreement must have a tenor of at least one year beyond loan tenor.

POST-APPROVAL REQUIREMENTS FOR BANK OF INDUSTRY (BOI) LOANS IN NIGERIA

The post-approval requirements for loan applications to the BOI are as follows:

• An offer letter properly endorsed by the Proprietor(s)
• A letter of acceptance of offer duly signed by the Proprietor(s)
• The evidence of payment of fees (if applicable, appraisal, commitment, and legal fees)
• A return of duly executed loan agreements endorsed by the Proprietor(s)
• A Letter showing specimen signature of the Proprietor(s)
• Individual External Guarantors (if applicable): You are required to get the following from your guarantors: (i) Valid means of identification (i.e, a photocopy of any of the following: International passport, driver’s license, national ID card or permanent voter’s card) (ii) four passport photographs (iii) A notarized Statement of Net-Worth (This form will be issued by the BOI) (iv) Bank Verification Number (v) CV of the Guarantor(s) (vi) Pro forma invoice(s) of the items to be financed (Original)

PRE-APPROVAL BOI LOAN REQUIREMENTS FOR LIMITED LIABILITY COMPANIES IN NIGERIA

If however, you operate a limited liability company and you want the Bank of Industry (BOI) to grant you a loan of up to ₦10 million and below, the following are the necessary requirements:

• A letterhead formal application and properly completed loan application form.
• Photocopy of your Certificate of Incorporation
• Certified true copy of Memorandum and Articles of Association and Forms CAC 2.5 (Allotment of Shares), CAC 2.3 (Particulars of Directors) and CAC 2.1 (Appointment of Company Secretary)
• Comprehensive business plan detailing your Company profile, CV of key members of Management Staff, write-up on technology/manufacturing process(es) and agreement with Technical Partners (if applicable)
• Pro forma invoice or Quotation for the supply of item(s) of Machinery and Equipment
• Quotation(s) for the raw materials expressed in quantity and amounts and their expected sources
• Two Individual external guarantors with valid means of identification and Letter of Intent to guarantee the loans.
• Valid means of Identification of the Chief Promoter and one other Director of the company: (i) eight passport photographs and Bank Verification Number (BVN) (ii) International Passport, Driving Licence, Permanent Voter’s Card or National ID Card
• BVN of major shareholders of the company.
• Three years Audited Financial Accounts and most recent Management Accounts from BOI accredited auditors (for an existing business) or Statement of Affairs (for businesses less than 1 year)
• Bank statement of your company for a period of 1 year (for an existing business)
• Declaration of outstanding liabilities to other Banks and Individuals
• If Landed Property is being pledged as security, then the following are required: (i) Photocopy of the title document(s) to the property being pledged which may either be a Certificate of Occupancy, Deed of Sublease or Deed of Assignment/Conveyance (ii) Most recent evidence of payment of the ground rent (iii) The tax clearance certificate (TCC) of the owner of the property obtained from the State where the property is located (iv) A valuation report from one of BOI’s accredited valuers (v) four passport photographs and BVN of the property owner (vi) Valid means of identification of the property owner (vii) A letter of consent signed from the property owner to mortgage property to the Bank of Industry (BOI) (viii) A Board Resolution of the company if the property is owned by a limited liability company different from the borrower
• If you are operating from a rented premise, the lease agreement must have a tenor of at least one year beyond loan tenor.

POST-APPROVAL BOI LOAN REQUIREMENTS FOR LIMITED LIABILITY COMPANIES IN NIGERIA

After sorting out the pre-approval requirements via which limited liability companies can obtain loans from the Bank of Industry (BOI), you will also need to meet the post-approval requirements. The requirements are as follows:

• An offer letter duly endorsed by a Director and Company Secretary or two (2) Directors
• An acceptance letter of the loan offer
• Return of duly executed loan agreement
• A Board Resolution authorizing borrowing
• Origujsl6Up-to-date filed annual returns of the Company at Corporate Affairs Commission
• If the property is being pledged as a security for the loan, you are required to submit the most recent Tax Clearance Certificate of the Company and two of its Directors
• Provide evidence of filling appointment of Company’s Secretary with the CAC
• Security: Original Title Documents of landed property (Certificate of Occupancy, Deed of Assignment (registered), Bank Guarantee
• Individual Guarantors (Where Applicable): You are to obtain the following from your guarantors: (i) Means of identification which could be a photocopy of any of the following: International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card (ii) four Passport photographs (iii) A Notarized Statement of Net-Worth (this Form will be issued by BOI) (iv) BVN (v) CV of the Guarantor(s)
• Evidence of payment of fees (if applicable: appraisal, commitment, and legal fees)
• An attestation letter
• A letter showing specimen signature of the authorized signatory
• Pro forma invoice(s) for the approved items.