Loiu is a town and municipality located in the province of Biscay, in the autonomous community of Basque Country, northern Spain. The Bilb…Loiu is a town and municipality located in the province of Biscay, in the autonomous community of Basque Country, northern Spain. The Bilbao Airport terminal lies within the municipality limits. Loiu is located in the Asua Valley, with Derio lying to the East and Erandio to the West.