BOI Under Dr. Olusi: Driving Economic Growth and Inclusive Development in Nigeria
As Nigeria navigates ongoing economic challenges, institutions like the Bank of Industry (BOI) are stepping up to fill critical financing gaps in the private sector and stimulate national development. Development finance institutions (DFIs) like BOI are instrumental in this mission, using tools such as direct loans, equity investments, and on-lending mechanisms to drive growth. Since assuming leadership in 2023, Dr. Olasupo Olusi, Managing Director and CEO of BOI, has leveraged his global expertise to significantly scale up the bank’s impact across Nigeria’s economy.
Dr. Olusi’s appointment has marked a new era of commitment to Nigerian enterprise. A seasoned economist and policy expert with over 20 years of experience spanning the World Bank Group, International Finance Corporation (IFC), and Nigeria’s Ministry of Finance, Olusi has aligned BOI’s operations with President Bola Ahmed Tinubu’s Renewed Hope Agenda. The bank’s strategic priorities now focus on six critical areas: MSMEs, digital transformation, youth and skills development, gender empowerment, infrastructure, and climate sustainability.
In his first year, Olusi restructured BOI to maximize its developmental reach. The bank realigned its directorates—targeting sectors such as manufacturing, extractives, infrastructure, youth, women, and climate projects—while creating new units focused on corporate finance, risk management, non-interest banking, and development effectiveness.
As Chairman of BOI’s subsidiaries, Dr. Olusi led the revitalization of key institutions. A ₦50 billion capital injection into LECON Financial Services expanded support for high-impact sectors like agro-processing, healthcare, and telecoms through affordable equipment leasing. BOI Investment and Trust Company (BOI-ITC) regained its Trusteeship License after a six-year suspension, enabling it to resume services and facilitate over ₦200 billion in loan approvals. A ₦1 billion equity injection also elevated BOI Microfinance Bank to a state-level institution, increasing outreach to underserved communities.
Amid tightening global financial conditions and domestic interest rates peaking at 35%, BOI under Olusi secured nearly €2 billion (₦3.4 trillion) in 2024—its largest international fundraising to date. This boosted the bank’s assets from ₦3.9 trillion in December 2023 to ₦6.38 trillion by September 2024, offering Nigerian businesses more accessible, lower-interest (9–14%) long-term capital.
BOI’s focus on MSMEs remains central. Through a ₦1 billion joint fund with SMEDAN, the bank is offering single-digit interest loans to nano and micro enterprises. New MoUs with industry bodies such as NASME, NASSI, and MAN are deepening real sector financing. Under Olusi, BOI is also implementing the Federal Government’s ₦200 billion initiative supporting 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing firms, while launching the ₦100 billion FAST program to develop 300 rural businesses in every Nigerian state and the FCT.
To bridge information gaps, BOI is also transforming into a knowledge-driven institution. It launched PriceSenseNG, a mobile app providing real-time food prices across Nigeria to support market transparency and policy-making. The bank also introduced two journals focused on development finance and business growth.
International partnerships are expanding under Olusi’s leadership. At the 2024 IMF and World Bank Spring Meetings, BOI signed an MoU with the U.S. Export-Import Bank (EXIM) to explore joint projects in climate, infrastructure, tech, and women-led businesses. EXIM Chair Reta Jo Lewis praised the agreement as a milestone in U.S.-Nigeria relations.
BOI’s support for Nigeria’s digital and creative economy continues through the iDICE program—funded with global partners like AfDB and AFD—to equip 175,000 youth with ICT skills, create 800,000 jobs, and foster entrepreneurship.
Climate initiatives are also central to BOI’s agenda. BOI was designated a Direct Access Entity by the Nigeria Climate Change Commission, enabling access to the Green Climate Fund (GCF). Through its “Green Grows Initiative” and a partnership with RESWAYE to plant 1,000 trees in Lagos, BOI is championing environmental sustainability.
The bank’s commitment to excellence has earned it consistent recognition. It maintained an A+ rating from AADFI in 2023 and top-tier ratings from Agusto & Co (Aaa), Moody’s (Caa1 with a positive outlook), and Fitch (AAA (nga)).
Under Dr. Olusi’s visionary leadership, BOI continues to assert its role as a key driver of Nigeria’s journey toward a $1 trillion economy. The bank’s initiatives are being recognized with awards such as the EMEA’s “Best Social Development Program in Africa” for iDICE, the SERAS Awards for financial inclusion and sustainable development, and accolades from Phillips Consulting for digital presence.
Olusi’s leadership has also been acknowledged with multiple honorary fellowships in 2024 from CIBN, the Nigerian Economic Society, CRMI, and IoD—solidifying his place as a transformative figure in Nigeria’s banking and development landscape.
As BOI looks ahead, it remains committed to innovation, transparency, and inclusivity—bridging funding gaps and catalyzing sustainable growth across Nigeria’s industrial and entrepreneurial ecosystem.
By Akinloye Oyeniyi, reporting from Lagos
