BOI strengthens partnership with private sector to spur industrial growth 

The Bank of Industry (BOI) has emphasized the importance of collaboration between the government, development banks, and the private sector to drive industrial growth.

Olasupo Olusi, Managing Director and Chief Executive Officer, BOI, speaking at an interactive session between the and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Abuja, described the event as a collaborative milestone and a step toward transforming Nigeria’s economic landscape.

Olusi reiterated the Bank’s commitment to providing financing and fostering an enabling environment for businesses to thrive.

He also highlighted the bank’s dual role of providing financial support and addressing key barriers to business growth, such as infrastructure gaps, regulatory bottlenecks, and market access.

“This is not a time for silos or isolated efforts. It is a time for co-creation. BOI’s role is not only to provide financing but also to support an enabling environment for businesses to thrive.

“This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets. However, your expertise and insights are essential to inform these efforts.

The bank also underscored the need to integrate technology, sustainability, and skills development as foundational pillars for the growth of small and medium-sized enterprises (SMEs).

“We must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.

“Today’s session is designed to foster open dialogue and actionable outcomes. We want to hear directly from you, the Organized Private Sector.

“As we deliberate today, I urge us to keep in mind six thematic areas of impact that BOI is focusing on in line with President Bola Ahmed Tinubu’s renewed hope agenda:
MSME Development: Supporting micro, small, and medium enterprises to drive innovation and job creation,” he said

In his remarks, Dele Oye, National President, of NACCIMA, called for enhanced support for the private sector. He emphasized the need to empower development banks, such as BOI, to provide affordable credit and drive economic growth.

He urged the government to inject more funds into development banks and work towards reducing the Monetary Policy Rate (MPR) to improve private sector productivity.

“The government must put more funds into development banks to support the private sector. The Central Bank of Nigeria should also consider reducing the Monetary Policy Rate (MPR) to enable greater productivity.

“The BOI should be the pedestal for economic growth, and the loans provided must be affordable, with long tenure and single-digit interest rates. NACCIMA is fully prepared to partner with the BOI to make this vision a reality.

“The current lending rates from commercial banks are unsustainable for private sector development,” Oye noted,

He further stressed the importance of capping government borrowing to prevent the crowding out of private-sector investments.

“The BOI should serve as the foundation for economic growth, offering loans with long tenures and single-digit interest rates. NACCIMA is fully prepared to partner with BOI to make this vision a reality,” Oye added.

The meeting, themed “Driving SME Development through Strategic Partnerships,” served as a platform for fostering dialogue, innovation, and actionable outcomes.

According to a statement signed by the BOI, the meeting builds on previous engagements with other key stakeholders such as the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small-Scale Industrialists (NASSI).

It also follows the recent signing of a Memorandum of Understanding (MoU) between BOI and NACCIMA.