Bank Of Industry Manufacturing Loan Requirements

 Loan Type

Term Loans, Working Capital Finance (Time Loans) and Leasing

Amount – Up to $10million

Equity Contribution – 10% of total project cost

Interest Rate – 8 %

Moratorium – From 6 Months to a maximum of one (1) year moratorium on principal repayment subject to review of company’s cash flows

Tenor – Maximum of five (5) years but tied to the payment tenor of the contract.

Security arrangement

• Bank Guarantees from the Eligible Banks as approved by BOI
• Treasury Bills or Federal Government Bonds

BOI Loan Application Checklist

• 1. Provide Formal Application Letter on company Letter Head

• 2. A Certificate of Incorporation/Registration

• 3. A Memorandum and Articles of Association (MEMART)

• 4. A Certified True Copy of Form CAC 2.5 (Allotment of Shares)

• 5. A Certified True Copy of Form CAC 2.3 (Particulars of Directors)

• 6. A Certified True Copy of Form CAC 2.1 (Appointment of Company Secretary)

• 7.A  Recent Tax Clearance Certificate of the company

• 8. A Recent Tax Clearance Certificates of two (2) Directors of the company

• 9. A Means of identification (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card)

• 10. A Feasibility Report/Business plan

• 11. An Evidence of required permits by the Oil and Gas Industry regulators such as DPR, NCDMB and Nigerian Petroleum Exchange(NIPEX) (where applicable) to operate in the oil and gas Industry.

• 12. Evidence of the requisite approval from regulatory bodies for the manufactured goods

• 13. Valid contract from an International Oil Company (IOC)

• 14. Evidence of performance on similar contracts.

• 15. Transaction documents typical of the project to be financed

• 16. Quotation/Proforma Invoice for the supply of the items of Machinery & Equipment

• 17. Sources and Quotations for Raw Materials expressed in quantity and amount

• 18. Evidence of approved Environmental Impact Assessment (EIA) Report on the manufacturing plant

• 19. Recent three (3) years Audited Account of the Company, Institutional Investors or any other Company owned by the Chief Promoter

• 20. Recent Bank Statements of the Company for the past one (1) year

• 21. Curriculum Vitae (CV) of the Directors and Key Management Staff

• 22. Evidence of collateral (e.g. Letter of intent from Commercial Bank for Bank Guarantee, Treasury Bills, etc). The letter of Intent must be signed by the Chief Risk Officer and/or an Executive Director of the issuing Bank.

23. Bank of Industry Questionnaire

 How do I apply for a BOI manufacturing loan?

The Bank of Industry offers a wide range of loan products for manufacturers in Nigeria. To apply for BOI manufacturing loan please follow procedure below.