BOI advocates partnerships for industrial growth

The Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, has reaffirmed the importance of strategic collaborations between the public and private sectors to drive industrial growth and small and medium enterprise development in Nigeria.

He underscored that such partnerships were essential for creating an environment conducive to innovation, job creation, and sustainable economic development across the country.

Olusi speaking at the first interactive session between BOI and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture in Abuja, said the effective collaboration is a step toward transforming Nigeria’s economic landscape.

According to a statement issued on Sunday, the event themed “Driving SME Development through Strategic Partnerships,” served as a platform for fostering dialogue, innovation, and actionable outcomes.

It builds on previous engagements with other key stakeholders such as the Manufacturers Association of Nigeria, the Nigerian Association of Small and Medium Enterprises, and the Nigerian Association of Small-Scale Industrialists to address infrastructure gaps, regulatory bottlenecks, and access to markets.

It also follows the recent signing of a Memorandum of Understanding between BOI and NACCIMA.

The statement noted that Olusi emphasised that sustainable economic growth cannot be achieved in isolation, stressing the need for shared responsibility and co-creation.

He said, “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 Organised 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 Tinubu’s renewed hope agenda: MSME development: supporting micro, small, and medium enterprises to drive innovation and job creation.”

He said the Bank of Industry would continue to stand as a partner in progress, ready to support the growth of businesses in Nigeria.

“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 added.

On his part, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye, stressed the urgent need to empower the Bank of Industry to enhance private sector productivity and drive economic growth.

Speaking on plans to reduce inflation to 15 per cent, the NACCIMA president noted that the current lending rates from commercial banks are unsustainable for private sector development.

He called for a 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 to enable greater productivity,” he stated.

He further urged the government to cap its borrowing to prevent crowding out the private sector.

 “The BOI should be the pedestal for economic growth, and the loans provided must be affordable, with long tenure and single-digit interest rates. NACCIMA is fully prepared to partner with the BOI to make this vision a reality,” he added.

The NACCIMA president highlighted the critical role of development banks in creating a more productive and inclusive economy, reiterating that private sector growth is essential for achieving national economic targets.