Bank MD Charts Tech-driven Path To Growth For Nigeria

The managing director of the Bank of Industry (BOI), Dr Olasupo Olusi, has urged Nigeria to convert its vast reservoir of talent into measurable productivity, declaring that the nation’s economic future depends less on potential and more on deliberate organisation of skills, technology, and capital.

Delivering the 18th Convocation Lecture at Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, Oyo State, Olusi said Nigeria has abundant human capital, yet underwhelming output – while positioning technology as the critical bridge between the two.

Olusi argued that Nigeria’s problem is not a shortage of talent but the failure to translate that talent into economic value.

According to him, productivity, defined as output relative to input, remains the missing link between effort and impact in the country’s development trajectory.

“Nigeria’s challenge is not necessarily to produce more talents. The challenge is to organise that talent pool into productivity,” he said.

He added that while Nigerians are globally competitive, systemic inefficiencies continue to limit economic outcomes.

He drew attention to comparative data showing Nigeria trailing peer economies in manufacturing output and agricultural yields, despite possessing similar starting advantages decades ago, saying the implication, he noted, is clear: the country must rethink how it deploys its resources.

Anchoring his argument on technology, Olusi pointed to ongoing transformations across sectors – from financial technology platforms expanding access to credit, to precision agriculture solutions improving yields and incomes.

These examples, he said, demonstrate how innovation can amplify human effort and unlock productivity gains at scale.

“Technology does not replace human effort. It multiplies it, and that is the bridge between talent and productivity,” Olusi stated.

He urged Nigerian universities to move beyond theoretical knowledge and focus on producing practical, scalable solutions to real economic challenges.

He called on institutions like LAUTECH to lead the charge in innovation, stressing that universities must become engines of production by linking research directly to industry and markets.

Speaking on the role of development finance, Olusi outlined the strategic repositioning of the Bank of Industry to support technology-led growth.

He revealed that BOI is embedding digital transformation at the core of its 2025–2027 strategy, with a focus on accelerating access to finance, supporting innovation, and building enterprise capacity.

A key initiative, he disclosed, is the launch of a digital loan application platform scheduled for June 2026, which will enable entrepreneurs to access funding more efficiently.

“If technology multiplies productivity, then development finance must be organised to accelerate technology adoption. Without capital, talent and technology remain mere potential. With it, they become production,” he said.

Olusi highlighted several BOI-backed interventions across manufacturing, agriculture, infrastructure, and sustainability, noting that the Bank is increasingly financing technology upgrades that enable businesses to scale, compete globally, and create jobs.

He also underscored the need to strengthen the link between academia and industry, announcing plans for an Industrial Innovation Fund aimed at bridging the gap between research and commercialisation.

In addition, he disclosed a proposed student venture capital grant programme designed to support young innovators with funding of up to N50 million.

Addressing the graduating students, Olusi urged them to prioritise problem-solving, production, and integrity, while encouraging those considering migration to remain connected to Nigeria’s development.

Olusi expressed confidence in Nigeria’s economic outlook, pointing to ongoing reforms and increased investment in digital skills, innovation, and infrastructure as signs of progress.

He pointed out that with a direct charge to the graduates and the broader Nigerian youth, whom he described as central to the country’s future.