By Jemimah Wellington, JKNewsMedia Reporter
ADDRESSING THE persistent economic challenges in Nigeria requires urgent collaboration between the public and private sectors to drive industrial development and support Small and Medium Enterprises (SMEs).
Olasupo Olusi, Managing Director of Bank of Industry (BoI) emphasised this during an interactive session with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) in Abuja over the weekend.
He also described the session as a pivotal step toward transforming the nation’s economic landscape.
Olusi stressed that achieving sustainable growth demands shared responsibility and co-creation between the bank and key stakeholders like NACCIMA.
“This is not the time for silos or isolated efforts. Co-creation is essential,” Olusi stated.
He further highlighted the BoI’s dual role in financing and fostering an enabling business environment, adding that bridging infrastructure gaps, addressing regulatory hurdles, and enhancing market access are critical priorities.
He further outlined six thematic focus areas aligned with President Bola Tinubu’s Renewed Hope agenda, including MSME development, innovation, and job creation.
“Together, we can introduce technology, sustainability, and skills development as core pillars for SME growth,” Olusi noted.
Dele Oye, National President of NACCIMA, called for greater government support to empower development banks like BoI.
He criticised commercial lending rates as unsustainable for private sector growth and advocated for increased funding to development banks to ensure affordable credit access.
“The government must allocate more resources to development banks to strengthen the private sector. The Central Bank of Nigeria should also lower the Monetary Policy Rate to enhance productivity,” Oye added.
Olusi reaffirmed BoI’s commitment to being a reliable partner for businesses, urging stakeholders to embrace innovation and collaboration to unlock Nigeria’s economic potential.
The session concluded with a collective agreement on the importance of dialogue and actionable outcomes to advance Nigeria’s industrial and SME sectors.
