Managing director and chief executive officer of the Bank of Industry (BOI) Dr Olasupo Olusi has described the media as Nigeria’s development partner, saying effective communication is critical to national growth and institutional impact.
Speaking during an interactive session with media partners in Lagos, Dr Olusi said journalists play an important role in shaping development outcomes through accountability, public engagement and reporting progress.
“The media is the biggest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”
Olusi also highlighted milestones in BOI’s transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.
Reflecting on the institution he met on assumption of office, he 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 inheriting a Rolls Royce.”
He added that the current management is repositioning the bank to deepen its impact on businesses and long term financing.
“I came with the mindset of a development economist who truly believes in impact making,” he said.
Olusi disclosed that BOI has created an impact fund financed through a percentage of the bank’s annual profits to support strategic national investments.
According to him, the fund invested 15 million dollars in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company to improve access to finance for micro, small and medium enterprises lacking collateral.
“The objective is to remove the long-standing barriers preventing small businesses from accessing finance,” he said.
The BOI boss also announced plans to begin non-interest banking operations after receiving final approval from the Central Bank of Nigeria.
He said the initiative would provide inclusive financing options for Nigerians seeking non-interest financial products.
Olusi further revealed that BOI has established more than 20 youth and skills hubs across the country, focusing on ICT, agro processing, fashion, printing and entrepreneurship development.
“These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses,” he stated.
Reaffirming BOI’s commitment to economic growth, Olusi said the bank remains focused on creating measurable impact across sectors and communities nationwide.
“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.
