The Bank of Industry, which is Nigeria’s most prominent development finance institution, has continued to make significant gains in recent times. It has focused on driving economic growth and development despite the primary challenges it faces while assessing and providing credit to SMEs such as poor SME business plans, high risk perception, credit worthiness concerns, etc.
The BOI is visibly coordinating its diverse resources towards transforming Nigeria’s industrial sector by rendering much needed support to establishing large businesses, medium and small enterprises (MSMEs), youth and women development programme. It has also championed the revitalisation of existing establishments across several sectors of the economy including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and
Petrochemicals, Oil and Gas, Renewable Energy, and Solid Minerals.
Under the leadership of Dr Olasupo Olusi, the Bank of Industry has been able to overcome several challenges such as those associated with assessing and funding SMEs while boosting economic growth and impact.
According to its 2023 financial report, the BOI’s profit before tax increased by a whooping 117.69%; from N70.7 billion in 2022 to N153.81 billion. In addition, total equity also increased by 57.7% i.e from N427 billion in 2022 to N673 billion.
In September 2024, the BOI achieved the largest loan syndication ever made in its history. The Bank received €1.425 billion from the senior phase of a global loan syndication; a 42.5% oversubscription from international financial markets; these figures accumulated to €2 billion by November 2024. The BOI has also sealed other loan facilities, including a €1 billion guaranteed senior loan facility and a €100 million loan facility from the French Development Agency.
The BOI did not stop at achieving astounding financial growth, instead, it went further to channel the resources gathered into fostering a similar standard of impact especially towards grassroots and rural development in its thematic areas. In furtherance of this, the BOI disbursed significant funds to small-scale farmers through dedicated programs targeted at boosting agricultural production while supporting large agro-processing companies, thus generating employment and contributing to food security. The Bank also provided funding to micro-retailers to improve their operations and access to goods, and fostered initiatives designed to empower young entrepreneurs with funding and business development training.
Driven by this quest for impact, the BOI has facilitated multiple strategic partnerships aimed at improving its thematic areas.
In October 2024, the BOI formally collaborated with the Manufacturers Association of Nigeria (MAN), the Nigeria Association of Small Scale Industrialists (NASSI), and the Nigeria Association of Small and Medium Enterprises (NASME) to advance the manufacturing and SME sectors.
In November 2024, the BOI and the French Development Agency (AFD) built a partnership aimed at green financing in Nigeria to the tune of €100 million credit-line. The BOI further displayed its dedication towards climate change by signing a memorandum of understanding with FSD Africa targeted at expanding green finance in Nigeria in 2025.
In December 2024, the BOI partnered with the African Guarantee Fund (AGF) through which a loan portfolio guarantee agreement worth $50 million was signed to support MSME growth. The BOI also struck partnerships with the Ministry of Women Affairs and the National Youth Service Corps (NYSC), aimed at boosting economic empowerment for women and youths.
This determined quest for growth and impact within the Bank of Industry can reasonably be conceived as a result of the shared consciousness of the management of the Bank. This was expressed by its MD; Dr Olusi thus, “the financial sector’s role is crucial in facilitating the building of a vibrant industrial sector”.
Before assuming the role of Managing Director/CEO of the BOI, Dr Olusi had handled several crucial roles as World Bank Country Economist for many countries, Economic Adviser at the Federal Ministry of Finance in Nigeria, and Senior Private Sector Specialist at the International Finance Corporation (IFC).
Currently, Dr Olusi focuses his impact on these six thematic areas, i.e. SMEs, Digital Transformation, Youth and Skills, Gender, Infrastructure, and Climate. He continues to apply the experience he has gathered which includes a deep understanding of macroeconomic dynamics to push for sustainable development while implementing strategic plans and prioritizing rural economic development.
In view of this, it calls for no further clarity that the Nigerian Bank of Industry under the leadership of the result-oriented Olasupo Olusi, is poised for exceptional progress. Having met several milestones in less than a year, there is no doubt that the bank is fixated to produce more unconceived results across the Nigerian industrial sector while championing sustainability and holistic economic development starting from the grassroots.
Deborah Anyanwu,
Member of the editorial team of TheScript Newspapers
