Olasupo Olusi: Repositioning BOI as Engine of Industrial Growth
Under the leadership of Dr. Olasupo Olusi, the Bank of Industry is undergoing a remarkable transformation, expanding support for businesses, promoting inclusion, and positioning itself at the forefront of Nigeria’s economic renewal, writes Dike Onwuamaeze
At a time when the Nigerian economy faces mounting pressure as a result of intensifying geo-political tensions and the urgent need for industrial diversification, the Bank of Industry (BOI) is emerging as one of the country’s most strategic institutions for economic transformation.
At the centre of this resurgence is Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer whose reform-driven leadership is redefining development finance in Nigeria.
A respected economist and development finance expert with more than two decades of global experience, Olusi assumed leadership of BOI with a clear vision of reposition the institution into a modern, impact-driven development finance powerhouse capable of supporting Nigeria’s industrial ambitions while delivering measurable social and economic outcomes.
Since taking office, he has brought a blend of global expertise, strategic planning, fiscal discipline, and innovation to the bank’s operations, helping BOI deepen its role as a catalyst for enterprise growth, job creation, sustainability, and economic inclusion.
Olusi’s impressive career trajectory prepared him well for the assignment. Before joining BOI, he built a distinguished profile at the World Bank and the International Finance Corporation (IFC), where he worked on capital market reforms, private sector development, fiscal sustainability, and investment initiatives across several countries.
He also served as Economic Adviser at Nigeria’s Federal Ministry of Finance, giving him a firsthand understanding of the country’s economic realities and policy environment.
That international exposure is now reflecting in the strategic direction BOI is pursuing under his leadership.
At the heart of Olusi’s agenda are five thematic priorities — support for Small and Medium Enterprises (SMEs), digital transformation, youth and skills development, gender inclusion, and climate sustainability. Together, these pillars are shaping a more responsive and future-focused development finance institution and the results are already becoming evident.
According to BOI’s latest Impact Report published in February, the bank disbursed a record N636 billion to more than 7,000 enterprises in 2025 — the highest in its history — while maintaining a non-performing loan ratio below 1.5 percent, an indication of strong risk management and operational efficiency.
More significantly, the financing directly supported or created about 1.6 million jobs across critical sectors of the economy.
The bank’s interventions touched virtually every productive segment of the economy. The agro-allied sector received N202 billion, infrastructure projects got N100 billion, manufacturing secured N79 billion, extractive industries received N77 billion, while the services sector obtained N55 billion in financing support.
Olusi’s leadership has also strengthened BOI’s commitment to Micro, Small and Medium Enterprises (MSMEs), widely regarded as the backbone of Nigeria’s economy.
Under his watch, N178 billion was disbursed to SMEs, while nano and micro enterprises received N51 billion and N32 billion respectively.
Perhaps one of the most impactful aspects of the current BOI leadership is its emphasis on inclusive growth.
Women-owned businesses, traditionally underserved by conventional financial institutions, are receiving unprecedented support through BOI’s Guaranteed Loans for Women (GLOW) Programme — a N10 billion intervention fund offering affordable financing of up to N50 million per beneficiary.
The initiative is helping female entrepreneurs overcome long-standing barriers to capital access and business expansion.
Building on this momentum, BOI recently partnered with the MTN Foundation to launch the BOI–MTN Foundation Y’ellopreneur 3.0 Matching Fund, a N1 billion programme designed to provide financing and capacity-building for women-led enterprises. The initiative is expected to train up to 1,000 women entrepreneurs, while 200 female-led MSMEs will access loans of up to N5 million each.
Beyond external interventions, Olusi has also promoted gender inclusion within the institution itself. In 2024, BOI launched “BOI Amazons,” a platform aimed at fostering mentorship, collaboration, innovation, and professional development for female employees — an initiative now attracting attention across both public and private sector organisations.
Youth and rural enterprises have equally benefited from the bank’s intervention programmes. Youth-owned businesses received N12 billion in loans, while over 880 rural businesses across Nigeria’s 36 states and the Federal Capital Territory accessed more than N6.5 billion through the Rural Area Programme on Investment for Development (RAPID).
One of the defining features of Olusi’s leadership has been his emphasis on partnerships and institutional collaboration as tools for accelerating industrial development. Rather than operating in isolation, BOI under his administration is increasingly aligning with global institutions, development agencies, state governments, and private sector players to scale impact and improve financing access for businesses.
This collaborative approach is helping BOI mobilise resources, share technical expertise, and create stronger support systems for entrepreneurs across Nigeria. Analysts believe this strategy is particularly important in a period when many businesses are struggling with high production costs, limited access to foreign exchange, weak infrastructure, and declining consumer purchasing power.
Under Olusi, BOI has also intensified efforts toward digital transformation and operational efficiency. The institution is modernising its systems and processes to improve service delivery, reduce bureaucracy, and expand financial access to underserved entrepreneurs, especially in rural and semi-urban communities. This technology-driven approach is helping the bank improve transparency, customer experience, and loan processing timelines.
Industry observers say the renewed focus on efficiency is contributing significantly to BOI’s ability to maintain one of the lowest non-performing loan ratios within Nigeria’s development finance ecosystem despite the challenging macroeconomic environment.
The bank’s increasing focus on sustainability and green financing is another area attracting attention. As climate concerns continue to shape global investment priorities, BOI is positioning itself ahead of the curve by integrating Environmental, Social and Governance (ESG) principles into its financing framework.
Under Olusi’s leadership, BOI is also increasingly positioning itself as a sustainability-focused institution.
In a major milestone, the bank recently won the “Best Circular Economy Model” award at the 2026 Sustainable Finance Awards organised by Global Finance Magazine. The recognition was based on BOI’s innovative Paper Decluttering Initiative — a nationwide programme implemented across 34 locations to reduce paper waste, improve operational efficiency, and strengthen environmental sustainability.
The initiative reportedly achieved between 25 and 65 percent reduction in paper usage while reinforcing Environmental, Social and Governance (ESG) standards across the institution’s operations.
Sustainability is no longer treated as a peripheral issue at BOI. Under Olusi, it has become central to the institution’s development strategy.
The bank financed projects that reduced carbon emissions by as much as 20,000 tonnes in one year alone. It also launched an N825 million clean energy financing initiative in collaboration with the UNIDO-GEF Industrial Energy Efficiency and Resource Efficient Cleaner Production Project to support renewable energy, recycling infrastructure, and cleaner industrial technologies.
BOI’s growing relevance is also evident in its strategic partnerships. Recently, the bank signed a Partnership Framework with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH aimed at strengthening Nigeria’s MSME ecosystem through improved financing, capacity development, and market access.
It also entered into a strategic Memorandum of Understanding with the Raw Materials Research and Development Council (RMRDC) to promote local value addition in agro-processing, solid minerals, and manufacturing — a move analysts say could reduce Nigeria’s dependence on raw commodity exports while boosting industrial productivity.
Beyond financing, Olusi’s BOI is increasingly becoming a knowledge-driven institution that engages stakeholders across sectors. Through customer engagement forums, entrepreneurship programmes, ESG conferences, and strategic dialogues, the bank is helping businesses navigate challenges while promoting innovation and sustainability.
Another landmark achievement under his tenure was BOI becoming the first National Implementing Entity to the United Nations Adaptation Fund in Nigeria, further strengthening its credibility within the global development finance ecosystem.
For many observers, the significance of Olusi’s leadership lies not only in the impressive figures but also in the broader institutional transformation taking place within BOI. The bank is evolving from a traditional lender into a strategic development institution focused on impact, innovation, sustainability, and economic inclusion.
With his strong academic pedigree — including degrees from Hull University and the University of Durham in the United Kingdom — coupled with extensive international experience, Olusi is bringing global best practices into Nigeria’s development finance architecture.
At a time when Nigeria urgently requires industrial expansion, enterprise support, and sustainable economic growth, his reform agenda at the Bank of Industry is increasingly positioning the institution as a critical driver of national development and private sector transformation.
