This study is essentially an evaluation of the contributions of Borno Investment Company Limited to the socioeconomic development process of the State. Development whether at the national. Stale or Local Government levels has always constituted the central focus of every administration. Industrialization the world over, is duly recognized as a catalyst to rapid economic growth and development. In Borno State and Nigeria in general the great desire to industrialize arises partly because of the relative underdevelopment of the State. Another major aspect which has been confronting the Government of Borno State overtime is the compelling challenge to improve and better the socio-economic conditions of its teeming population living in both urban and rural areas of the State. As a result of the relative underdevelopment of the State, the Stale Government depends on over 70% of her total annual revenue on the statutory allocation coming from the Federal Government. This situation has been undermining the ability of the government in performing its function efficiently and effectively to its people. To reverse this bad trend the state government established Borno Investment Company Limited to act as a catalyst in broadening the investment as well as the socio-economic base of the state and consequently leading to the economic growth and development of the state. This work made use of the evaluative research techniques. The research is aimed at achieving some practical goals; its major emphasis is on testing that practical value of some action programmes. It is in this regard that the descriptive or survey and the documentary or historical research methods were used to obtain primary and secondary data respectively. Questionnaire and structured interview constituted the primary source of data. Official publications by the management, gazette, information brochure etc. constituted the source of secondary data, fables and percentages were used for data presentation and analysis. The study found out that since the company commenced operations it has witnessed a change in the tempo of investment activities especially in the areas of shares acquisition, project financing and implementations within the slate. The company now generates some relatively sizeable revenue. As the study found out the company has since 1991 ceased to receive any subvention from the government and has continued to generate its own revenue both for investments and smooth functioning of the company. The study also found that the company has a high employment capacity especially in the resuscitated industries. The study recommended that the state government should endeavour to channel huge capital to BICL for more investment in such areas as pharmaceutical, real estate development, soft drink etc. BICL should endeavour to extend its investments and services to all Local Government councils of the state that are yet to feel company's impact. Finally, further research is recommended whether to retest the findings of this work or to further expand the findings where necessary.