BoI’s New Management Can Transform MSMEs, Boost Economy – APC Chieftain

A chieftain of the All Progressives Congress (APC) in Rivers State, Darlington Nwauju, has declared that the current Management of the Bank of Industries (BoI) has the potential of jumpstarting the Nigerian economy given the myriad of challenges faced by the national and global economies since the economic meltdown of 2020.

Nwauju, who is the Publicity Secretary of the Rivers State chapter of the party, opined that the appointment of the young and cerebral Olasupo Olusi as MD/CEO of the Bank could serve as silver-lining for the nation to improve on its IGR, create more jobs and consequently shore up the strength of the Naira.

According to him, Nigeria presently is not found on the list of top 10 countries with largest new business formation growth year-over-year according to 2020 surveys, which acknowledges Thailand as Number 10 on the global rankings.

Empirically, he noted that MSMEs contribute 49% of GDP and employ 84% of Nigeria’s workforce (PwC MSME Survey 2020 report).

“This simply means that having the right person with the right skills set has the capacity and potentialities of igniting an MSME revolution that could serve as silver bullet to cure unemployment maladies and youth empowerment challenges nationwide.

“Believe it or not having a Bank of Industry management that can nurture entrepreneurship and foster overall business development, devout time to the growth of MSMEs as well as creating a conducive environment for businesses through practicable and not hypothetical policy reforms which Mr Olusi has the qualification and experience to bring to the table, will in no small way impact our economy positively,” the Rivers politician added.