*Bank of Industry expands national reach, launches new funding push for MSMEs and youth empowerment
The Managing Director/Chief Executive Officer of Bank of Industry, Dr. Olasupo Olusi, has described the media as Nigeria’s most important development partner, noting that effective communication remains critical to national growth and institutional impact.
Speaking during an interactive session with media partners in Lagos, Olusi said journalists play a central role in shaping development outcomes by amplifying progress, accountability, and national aspirations.
“The media is the biggest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”
Olusi used the engagement to unveil major milestones in BOI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.
On the BOI he met when he was appointed, Olusi said: “I inherited a very strong institution. The Bank of Industry was already one of the leading development finance institutions in Africa, and certainly a respected institution in Nigeria. I usually describe it as inheriting a Rolls-Royce.”
He noted that the current leadership is innovating and repositioning the Bank to become even more effective in delivering long-term financing and developmental impact for Nigeria’s private sector.
“I came with the mindset of a development economist who truly believes in impact-making,” he said.
Olusi revealed that BOI has established an Impact Fund financed through a percentage of the Bank’s annual profits to support strategic national investments.
According to him, the Fund invested $15 million in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company (NCGC) to improve access to financing for MSMEs lacking collateral.
“The objective is to remove the long-standing barriers preventing small businesses from accessing finance,” he explained.
The BOI boss also announced plans to commence non-interest banking operations following final regulatory approvals from the Central Bank of Nigeria.
He said the initiative would provide inclusive financing options for Nigerians who prefer non-interest financial products.
In addition, Olusi disclosed that BOI has established more than 20 youth and skills hubs nationwide focused on ICT, agro-processing, fashion, printing and entrepreneurship development.
“These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses,” he stated.
Reaffirming BOI’s commitment to Nigeria’s economic transformation, Olusi said the Bank remains focused on creating measurable impact across communities and sectors nationwide.
“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.
