Economy: Media remains Nigeria’s biggest development partner –Dr. Olusi, BoI Chief

*Dr. Olasupo Olusi, Managing Director/CEO of Bank of Industry highlights the strategic role of the media, disclosing the bank expands national reach with launch of new funding push for MSMEs and youth empowerment

Alexander Davis | ConsumerConnect

In rare appreciation of the immense role of the media in the economy, Dr. Olasupo Olusi, Managing Director/Chief Executive Officer (CEO) of Bank of Industry (BoI), has described the media as Nigeria’s most important development partner.

Dr. Olusi opined that effective communication remains critical to national growth and institutional impact.

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Speaking during an interactive session with media partners in Lagos, the Managing Director/CEO of BoI said journalists play a central role in shaping development outcomes by amplifying progress, accountability, and national aspirations.

He also stated: “The media is the biggest agent of development anywhere. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”

Olusi used the engagement to unveil major milestones in BoI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.

Relating his experience when mounted the mantle of leadership at BoI, the Managing Director/CEO, 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 further disclosed that the current leadership is innovating and repositioning the Bank to become even more effective in delivering long-term financing and developmental impact for Nigeria’s private sector.

The BoI Chief Executive stated: “I came with the mindset of a development economist who truly believes in impact-making.”

Olusi revealed that BOI has established 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 in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company (NCGC) to improve access to financing for MSMEs lacking collateral.

Olusi explained: “The objective is to remove the long-standing barriers preventing small businesses from accessing finance.”

He as well announced plans to commence non-interest banking operations following final regulatory approvals from the Central Bank of Nigeria.

The initiative, he noted, would provide inclusive financing options for Nigerians who prefer non-interest financial products.

Besides, Olusi disclosed that BoI has established more than 20 youth and skills hubs nationwide focused on ICT, agro-processing, fashion, printing, and entrepreneurship development.

Olusi stated: “These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses.”

Reaffirming BOI’s commitment to Nigeria’s economic transformation, Olusi said the Bank remains focused on creating measurable impact across communities and sectors nationwide.

“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.

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