Nigeria’s Bank of Industry Under Olusi’s Leadership: A Year in Review

Akinloye Oyeniyi

As Nigeria grapples with economic challenges, institutions like Bank of Industry (BOI) play a critical role in providing funding for the private sector and fostering development. Development finance institutions (DFIs) are tasked with bridging these gaps through direct loans, on-lending, equity investments, and other mechanisms that encourage investment. Over the past year, Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, has taken up this charge, leveraging his global expertise and network to create impact across the Nigerian economy and support a range of transformative initiatives.

Dr. Olusi’s appointment has ushered in a renewed commitment to support Nigerian businesses. With a background that spans the World Bank Group, International Finance Corporation (IFC), and Nigeria’s Ministry of Finance, Olusi brings over two decades of global experience as a seasoned economist, development finance expert and policymaker. Under his leadership, in line with President Bola Ahmed Tinubu’s renewed hope agenda, BOI has focused on six key themes: micro, small and medium enterprises (MSMEs), digital transformation, youth and skills development, gender development, infrastructure and climate and sustainability. This comprehensive approach is reshaping and deepening BOI’s impact on Nigeria’s industrial landscape.

In his first year, Dr. Olusi strategically restructured BOI to enhance impact and align with Nigeria’s development agenda. Under his leadership, in line with international best practice, the bank has streamlined the core directorates—such as Large Enterprise, MSMEs, and Public Sector & Intervention Funds—to focus on key industry segments such as the extractive sector, manufacturing sector, services sector, infrastructure, women, youth, and climate initiatives. He also introduced a Corporate Finance and Risk Management directorate to drive global fund raising and risk efficiency efforts. In addition, specialized units for Non-Interest Banking and Development Effectiveness and Research Teams were created to position the Bank for impact.

As the Group Chairman of all of BOI subsidiaries, there has been significant revitalization across the board. Dr. Olusi led a N50 billion capital injection into BOI’s subsidiary, LECON Financial Services. This funding boosts LECON’s capacity to support high-impact sectors like agro-processing, healthcare, renewable energy, and telecommunications, enabling it to offer equipment leasing as an affordable alternative to direct purchases. Under his leadership, the BOI Investment and Trust Company Limited (BOI-ITC) successfully regained its Trusteeship Operating License from Securities and Exchange Commission (SEC) after six years suspension in 2018. This reinstatement allows BOI-ITC to re-enter the trusteeship market and strengthen its position in trusts, consultancy, and governance advisory services. BOI-ITC has facilitated loan applications for over 100 companies, securing more than N200 billion in approvals from BOI for MSMEs and large corporations. Finally, Olusi oversaw a N1 billion equity injection into BOI Microfinance Bank, enabling its transition from a unit microfinance bank to a state microfinance bank. This strategic move enhances the bank’s capacity to better serve underserved communities and expand its financial services.

At a time when accessing capital is increasingly difficult due to global financial constraints and rising inflation, BOI has emerged as a vital player. With interest rates as high as 35 percent in commercial banks, funding is nearly out of reach for manufacturers and other key sectors. In response, Dr. Olusi spearheaded a landmark funder raiser of nearly €2 billion (N3.4 Trillion) in 2024 from global institutions – an unprecedented achievement in the Bank’s history. This contributed significantly to an increase in the bank’s total assets from N3.9Trillion in December 2023 to N6.38 trillion by end of September 2024, giving Nigerian businesses access to affordable (9-14%), long-term capital and job creation facilitation. BOI is also breaking ground with initiatives to reduce trade barriers, expand market access, and create better conditions for foreign and domestic investment.

His leadership at BOI has prioritized support for Micro, Small, and Medium Enterprises (MSMEs), forging strategic partnerships to enhance financing and growth opportunities across the sector. Notably, BOI’s collaboration with the Small and Medium Enterprises Development Agency (SMEDAN) led to a N1 billion fund offering single-digit interest loans to nano and micro enterprises, with both organizations contributing N500 million each to expand grassroots access to finance. BOI has further strengthened its partnership with the relevant trade associations. This is further evidenced by the signing of MoUs with key private sector organizations—including the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small-Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing. Additionally, under Olusi’s leadership, the Bank spearheaded as the implementation agency, the Federal Government’s N200 billion program supporting 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing companies, helping to drive job creation nationwide. In a significant push for rural development, he launched the Rural Area Program on Investment for Development (RAPID), committing over N100 billion to stimulate rural enterprises and aiming to create 300 new enterprises in each of the 36 states of the federation as well as the FCT. Olusi has also brought BOI closer to communities by opening and commissioning new state offices in Akwa Ibom, Jigawa, and others, and signing MoUs with states like Rivers, Katsina, and Akwa Ibom to provide billions of Naira through managed or matching funds.

Driven by a commitment to even greater development impact, transparency and efficiency, BOI is transforming into a knowledge bank to better support Nigeria’s private sector. Under his leadership, BOI launched PriceSenseNG, an innovative mobile app providing real-time food price data across Nigeria, helping to boost market transparency, guide policy, and combat food insecurity. Complementing this, the bank introduced two publications, the BOI Journal of Development Finance (Technical) and the BOI Journal of Development Review (Non-Technical)—to share insights on MSME development and industrial growth.

BOI has also secured an international partnership to stimulate international bilateral economic activity. During the 2024 IMF and World Bank Group Spring meetings, BOI signed an MoU with the Export-Import Bank of the United States (EXIM) to jointly identify projects that foster economic prosperity in both Nigeria and the U.S. This partnership, which focuses on sectors such as climate, infrastructure, creative arts, technology, and support for women-owned businesses, underscores a shared commitment to fostering sustainable development. EXIM President and Chair Reta Jo Lewis emphasized that the collaboration symbolizes EXIM’s dedication to strengthening U.S-Nigeria relations, while Olusi described it as an exciting step toward driving U.S. investments in Nigeria.

Recognizing the growth potential of Nigeria’s digital and creative sectors, BOI is actively investing in these fields through the Investment in Digital and Creative Enterprises (iDICE) program. This Federal Government-backed initiative, co-funded by international organizations such as the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, will provide training and capacity-building opportunities for Nigerian youth aged 15 to 35. By equipping 175,000 young Nigerians with ICT skills and supporting enterprise development, iDICE aims to create 800,000 jobs and foster entrepreneurship within Nigeria’s burgeoning digital economy.

In alignment with Nigeria’s sustainability agenda, BOI has also launched a climate-focused initiative under Dr. Olusi’s leadership. The bank has been nominated as a Direct Access Entity by the Nigeria Climate Change Commission (NCCC) to access financing for climate projects through the Green Climate Fund (GCF). This designation empowers BOI to spearhead climate initiatives and support sustainable development efforts in Nigeria. In addition, through a partnership with RESWAYE, BOI has committed to planting 1,000 trees across Lagos State, an effort aimed at addressing climate change and promoting environmental conservation. This initiative complements BOI’s call for local and international climate funding to support green investments in Nigeria. At the launch of BOI’s “Green Grows Initiative,” Olusi emphasized the severe impact of climate change on the Nigerian economy and the need for collective action to mitigate these risks.

BOI’s commitment to operational excellence and corporate governance continues to be recognized with the institution maintaining its A+ rating from the Association of African Development Finance Institutions (AADFI) in 2023. It also holds top-tier ratings: Aaa from Agusto& Co (domestic), Caa1 positive outlook from Moody’s Ratings(foreign), and AAA (nga) ratings from Fitch (foreign), highlighting BOI’s commitment to high standards and transparency. Amid rising capital costs and shifting economic conditions, the bank under Dr. Olusi has shown the role that DFIs can play in navigating development challenges, maximizing their capital for economic impact, and striving toward Nigeria’s $1 trillion economy target.

In the past year, BOI has garnered multiple awards reflecting Dr. Olusi’s impactful leadership. These honors include the EMEA Award for “Best Social Development Program in Africa” for the Investment in Digital and Creative Economy (iDICE), the SERAS Award for “Best Company in Financial Inclusion” and “Most Effective MDA/Parastatal in Sustainable Development,” and the Philips Consulting Ltd. Award for “Best Website and Overall Best Digital Presence for a Federal Parastatal.”
Olusi’s transformative work at BoI and within Nigeria’s banking sector has earned him multiple honors in 2024, including honorary fellowships from the Chartered Institute of Bankers of Nigeria (CIBN), the Nigerian Economic Society, the Chartered Institute of Risk Management (CRMI), and the Chartered Institute of Directors (IoD).

As BOI steps into its next phase, the institution continues to innovate in funding, products and policy to foster growth across Nigeria’s industrial sector as well as serve high-impact and underserved sectors. Under Olusi’s astute leadership, the bank is not only bridging the funding gap but is also catalyzing sustainable and inclusive industrial and entrepreneurial development, affirming its position as a pillar of Nigeria’s economic future.