‘Impactful and revolutionary’ — CSOs commend BoI DG for driving economic policies transforming Nigeria

A coalition of civil society organisations (CSOs) has lauded Olasupo Olusi, managing director and chief executive officer (CEO) of the Bank of Industry (BOI), for his innovative economic policies that have “positively impacted” Nigeria’s industrial landscape.

In a statement on Monday, Matekai Lawrence, the national coordinator of the Civil Society Groups for Economic Recovery (CSGER), praised Olusi’s approach to economic development, describing it as “impactful and revolutionary.”

Lawrence said Olusi’s leadership had made a significant contribution to Nigeria’s economy under President Bola Tinubu’s administration.

“Under Olusi’s guidance, BOI has focused on key areas such as micro, small, and medium enterprises (MSMEs), digital transformation, youth development, gender inclusion, infrastructure, and sustainability,” the statement reads.

“Dr. Olusi’s first year at BOI has been marked by strategic restructuring that aligns the bank with Nigeria’s development agenda.”

Lawrence also commended Olusi for the bank’s role in securing over N200 billion for MSMEs and large corporations.

“At a time when accessing capital is increasingly difficult due to global financial constraints and rising inflation, BOI has emerged as a vital player,” he said.

“With interest rates as high as 35 percent in commercial banks, funding is nearly out of reach for manufacturers and other key sectors. Dr. Olusi spearheaded a landmark fundraiser 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 N3.9 trillion in December 2023 to N6.38 trillion by the 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.

“BOI’s partnership with SMEDAN, which resulted in a N1 billion fund for nano and micro enterprises, has further strengthened grassroots access to finance.”

Lawrence also highlighted Olusi’s leadership in the implementation of the N200 billion programme to support 1 million nano enterprises and 75,000 MSMEs, creating jobs across the country.

“Additionally, Olusi has launched the rural area programme on investment for development (RAPID), committing over N100 billion to stimulate rural enterprises, aiming to create 300 new businesses in each state,” the CSGER coordinator said.

“This is complemented by the opening of new state offices and partnerships with various state governments to boost rural economic growth.

“Under Olusi’s direction, BOI has also made strides in international partnerships, including an MoU with the Export-Import Bank of the United States (EXIM) to foster economic collaboration between Nigeria and the U.S., focusing on sectors like climate, infrastructure, and women-owned businesses.

“We are also confident that under Olusi’s astute leadership, the bank will not only bridge the funding gap, but it will sustain catalysing inclusive industrial and entrepreneurial development, affirming its position as a pillar of Nigeria’s economic future.”