NIGERIAN BANK FOR COMMERCE AND INDUSTRY ACT

NIGERIAN BANK FOR COMMERCE AND INDUSTRY ACT

What Is This Policy?

An Act establishing the Nigerian Bank for Commerce and Industry (NBCI) as a development finance institution to provide long-term industrial and commercial financing, subsequently merged into the Bank of Industry.

Who Does It Target?

Industrial and commercial enterprises (historical) Bank of Industry as NBCI's successor Federal Ministry of Finance Small and medium industries

What Does It Aim to Achieve?

Provide long-term development finance to promote industrialisation of Nigeria and the development of indigenous commerce, in areas underserved by commercial banks.

Key Features

Development Financing: NBCI provided medium and long-term loans for industrial and commercial projects. Equity Participation: Could take equity stakes in qualifying enterprises to facilitate their development. Technical Assistance: Provided technical and management advisory services to financed enterprises. BOI Merger: NBCI merged with NIDB and NERFUND to form the Bank of Industry (BOI) in 2001.

Current Status

Rollout Stage: Merged into BOI 2001 — historical document Coverage: Historical Beneficiaries: Industrial enterprises (historical); now served by BOI Funding: Government capitalisation

How to Access

Current industrial financing: engage Bank of Industry at https://www.boi.ng Application method: Apply to Bank of Industry for current development finance.

Official Resources

Website: https://www.boi.ng Contact: Bank of Industry (BOI)

Legal Framework

The Nigerian Bank for Commerce and Industry Act established the NBCI to provide medium and long-term financing for industry. It is recognized under Section 315 of the 1999 Constitution as an existing law and has been largely subsumed by the Bank of Industry (BOI), which replaced it. The BOI operates under the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, and the Development Bank of Nigeria Act.