Abuja:The Bank of Industry (BOI) is urging a transformation in the way capital is mobilized and deployed to facilitate Nigeria’s inclusive economic growth. Dr. Olasupo Olusi, the Managing Director of BOI, emphasized this need during the bank’s 2026 Annual Public Lecture in Abuja, which focused on ‘Rethinking Capital for Inclusive Economic Transformation’.
According to News Agency of Nigeria, Olusi highlighted the necessity for long-term capital that supports industrial growth, reaches underserved businesses, and attracts private investment into productive sectors. He pointed out that the annual lecture, initiated in 2024, serves as a platform for discussing key issues affecting Nigeria’s economic and industrial development. The previous editions addressed the role of Micro, Small, and Medium Enterprises (MSMEs) in alleviating poverty and the development finance imperatives for Nigeria’s growth.
The third edition of the lecture explored how development finance could unlock greater private sector investment. In 2025, BOI disbursed N645 billion, supporting over 12,000 businesses and impacting 1.68 million jobs. Olusi stressed the importance of mobilizing more long-term capital and extending financing to underserved sectors to achieve inclusive transformation.
Guest Lecturer Dr. Asad Alam, a former World Bank Director and Adjunct Professor at Georgetown University, emphasized the need for Nigeria to focus on efficiency, productivity, and human capital, rather than merely accumulating capital. Alam discussed the significance of Total Factor Productivity (TFP) and how human capital, technology, and climate action could enhance productivity and structural transformation if supported by strong institutions and inclusive policies.
Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, challenged economists to identify key elements within TFP for Africa’s growth, emphasizing the importance of technology, information, and artificial intelligence as emerging factors of production.
The event concluded with a panel discussion that praised BOI’s efforts in financing economic growth and called for increased funding to support the bank’s initiatives. Panelists included representatives from the Manufacturers Association of Nigeria, InfraCredit, and Flour Mills Nigeria, among others.