Olusi Reaffirms BoI’s Commitment to Industrial Development
James Emejo in Abuja
The Managing Director/Chief Executive, Bank of Industry (BoI), Dr. Olasupo Olusi, yesterday reiterated the bank’s commitment to fostering industrial growth and development in the country.
He said the bank would continue to support the organised private sector (OPS) through financial services, capacity-building initiatives, and the promotion of ecosystem-based industrial development.
Speaking at an interactive forum with representatives of the OPS in Abuja, he emphasised the critical role which the real sector plays in the Nigerian economy.
He described the OPS as the bedrock of industrialists in the country, highlighting the importance of collaboration in addressing the challenges facing the manufacturing and small-scale industrial sectors.
According to him, the interactive session focused on three critical organisations which the bank had already engaged through Memorandums of Understanding (MoUs).
They included the Manufacturers (MAN), Nigeria Association of Small and Medium Enterprises (NASME) and Nigerian Association of Small Scale Industralists (NASSI).
He said, “We must chart a way forward for industrial growth in Nigeria.
“For the very first time, we have heard directly from these stakeholders, and this has provided us the opportunity to co-create innovative solutions.”
The session served as a platform for open dialogue, where participants shared insights, challenges, and recommendations.
Olusi, further stressed the importance of ecosystem development, which aims to create an enabling environment for manufacturers, small businesses, and industrialists to thrive.
He also commended the collaborative approach, noting that the interactive nature of the forum has provided valuable perspectives.
He said, “Hearing directly from these organisations is encouraging. Together, we can develop sustainable strategies to drive industrial growth and enhance Nigeria’s economic resilience.”
Also, in his remarks, the bank’s Chief Strategy and Development Officer, Dr. Isa Omagu, called for stronger partnerships between government agencies, financial institutions, and private enterprises to address critical economic challenges particularly inflation, exchange rate volatility, and poverty.
He outlined the BoI’s vision to align with the federal government’s strategic direction to promote economic stability, food security, and GDP growth.
Omagu emphasised the importance of export promotion and import substitution as pillars for reducing pressure on the country’s foreign exchange reserves.
He urged private sector stakeholders to co-create innovative solutions that align with national development goals.
He further encouraged local manufacturers to produce goods for export to reduce the strain on foreign exchange.
According to him, supporting local industries to produce goods currently being imported has become imperative, adding that this would save foreign reserves and boost local production.
Omagu said, “The more we export and the less we import, the stronger our reserves become. This collaborative effort will not only stabilise the economy but also ensure sustainable growth.”
The forum was part of the financial institution’s broader strategy to engage with stakeholders, foster innovation, and strengthen the industrial sector.
