Stakeholders Laud Olusi’s Bold Reforms At BOI

Industry experts have commended the managing director and CEO of the Bank of Industry (BOI), Dr Olasupo Olusi, for his transformative leadership and strategic initiatives to foster economic growth.

A trade expert, Olakunle Akinbola highlighted BOI’s efforts to provide low-interest credit facilities to boost productivity, create employment, and drive inclusive growth. He explained that the initiative is particularly significant amid rising interest rates from commercial banks, which have stifled the development of Small and Medium Enterprises (SMEs) in Nigeria.

Also, the managing director of EKL Concepts, Deji Adewale emphasised Dr. Olusi’s extensive experience as an economist, development finance expert, and policymaker. He noted that under Olusi’s leadership, BOI has prioritised six key areas: micro, small, and medium enterprises (MSMEs), digital transformation, youth and skills development, gender development, infrastructure, and climate sustainability.

He said, “In his first year, Dr. Olusi implemented structural reforms to align BOI with Nigeria’s broader development goals. The bank streamlined its core directorates—Large Enterprise, MSMEs, and Public Sector & Intervention Funds—to focus on industries such as extractives, manufacturing, services, infrastructure, women and youth development, and climate initiatives. He also established a Corporate Finance and Risk Management directorate to improve global fundraising and risk efficiency. Additionally, specialized units for Non-Interest Banking and Development Effectiveness & Research were introduced to position the bank for long-term impact,” Adewale stated.

The CEO of Hilltop Group, Felix Odoh commended Dr Olusi for leading BOI’s landmark €2 billion (N3.4 trillion) capital raise in 2024. “This milestone increased the bank’s total assets from N3.9 trillion in December 2023 to N6.38 trillion by September 2024, significantly enhancing access to affordable, long-term funding for Nigerian businesses at rates between nine per cent and 14 per cent.

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“Dr Olusi has prioritised support for MSMEs, forging key partnerships to expand financing opportunities. One notable collaboration between BOI and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) established an N1 billion fund that provides single-digit interest loans to nano and micro enterprises. Through these bold initiatives, Dr Olusi positions BOI as a critical driver of industrialisation, economic growth, and financial inclusion in Nigeria,’’ he said.