Abuja, Jan. 27, 2025 – Olasupo Olusi, the Managing Director of the Bank of Industry (BoI) , has called collaboration between the public and private sectors to drive industrial growth and development of Small and Medium Enterprises (SMEs) in the country.
Olusi made the call while speaking at an interactive session between BOI and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Abuja at the weekend..
He described the interactive session as a step toward transforming Nigeria’s economic landscape.
The BoI boss stressed the need for shared responsibility and co-creation between the bank and NACCIMA since sustainable economic growth could not be achieved in isolation.
“This is not a time for silos or isolated efforts. It is a time for co-creation. BOI’s role is not only to provide financing but also to support an enabling environment for businesses to thrive.
“This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets. However, your expertise and insights are essential to inform these efforts.
“We must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.
“Today’s session is designed to foster open dialogue and actionable outcomes. We want to hear directly from you, the Organized Private Sector.
“As we deliberate today, I urge us to keep in mind six thematic areas of impact that BOI is focusing on in line with President Bola Ahmed Tinubu’s renewed hope agenda: MSME Development: Supporting micro, small, and medium enterprises to drive innovation and job creation.”
“Together, we have the potential to transform Nigeria’s economic landscape. Let us approach today’s session with a spirit of collaboration and innovation,” he said.
Olusi promised that BoI would continue to stand as partner in progress, ready to support the growth of businesses in Nigeria.
Dele Oye, the National President of NACCIMA, stressed the need for the federal government to empower the BoI to enhance private sector productivity and drive economic growth.
He said the current lending rates from commercial banks were too high and unsustainable for private sector development and called for stronger partnership between the government and development banks like the BoI to ensure access to affordable credit.
“The government must put more funds into development banks to support the private sector.
“The Central Bank of Nigeria should also consider reducing the Monetary Policy Rate (MPR) to enable greater productivity,” Oye said. (GBN)
