The Bank of Industry (BOI) has officially designated FIC Professionals Network Plc as a Business Development Service Provider (BDSP) to support small and medium-sized enterprises (SMEs) in accessing credit and strengthening their operations.
In a statement on Tuesday, FIC noted that BDSPs play a crucial role in BOI’s mandate of providing long-term financial support and business advisory services to micro, small, and medium enterprises (MSMEs).
Supporting SMEs with Access to Finance
As a BDSP, FIC is tasked with identifying credible SMEs in need of financing, assisting them in developing bankable business plans, and providing post-financing services, including mentorship and financial advisory. The firm will also promote corporate governance, facilitate business linkages between SMEs and larger enterprises, and support value chain development.
The BoI’s Board recently approved a mid-term corporate strategy plan (2025–2027), which outlines 18 key initiatives aimed at positioning the bank as a leading development finance institution in sub-Saharan Africa.
Boosting SME Growth Through Strategic Funding
As part of its commitment to enhancing SME growth across Nigeria, the BoI disbursed over N120 billion to MSMEs in 2024. The bank has also engaged all its BDSPs in discussions about their roles in driving the institution’s new corporate strategy.
FIC is currently facilitating applications for the N75 billion Small Enterprises Intervention Sector Fund, which forms part of the N200 billion Federal Government MSME Intervention Fund. The Bank of Industry serves as the executing agency for the fund, reinforcing its mission to enhance SME access to sustainable financing and development opportunities.
This move is expected to strengthen the SME ecosystem in Nigeria, ensuring businesses not only access funding but also receive the necessary support to thrive and scale.
