Media remains Nigeria’s key development partner, says BOI Director General Olusi

*Bank of Industry expands national reach, launches new financing for MSMEs and youth empowerment

The Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, has described the media as Nigeria’s most important development partner, stressing 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 greatest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is fundamental in the journey of any development institution.”
Olusi used the engagement to unveil key milestones of the BOI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and promoting inclusive economic growth.

Of 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 the legacy of a Rolls-Royce.”
He noted that the current leadership is innovating and repositioning the Bank to become even more effective in providing long-term financing and development impact for Nigeria’s private sector.
“I came with the mindset of a development economist who truly believes in impact,” he said.

Olusi revealed that the BOI has established an Impact Fund funded through a percentage of the Bank’s annual profits to support national strategic investments.
According to him, the Fund has invested $15 million in the New Africa Medical Center of Excellence in Abuja and $25 billion in the National Credit Guarantee Company (NCGC) to improve access to finance for MSMEs without collateral.
“The goal is to remove long-standing barriers that prevent small businesses from accessing financing,” he explained.
The BOI boss also announced plans to launch interest-free 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 interest-free financial products.
Furthermore, Olusi revealed that BOI has established more than 20 youth and skills hubs nationwide focused on ICT, agricultural processing, fashion, printing and entrepreneurship development.
“These hubs are designed to help young Nigerians learn, innovate, package products and ultimately create sustainable businesses,” he said.
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 to make a difference in Nigeria are enormous across all sectors and spheres of life,” he added.