BOI Meets Organised Private Sector Stakeholders, Vows To Strengthen Nigeria’s Industrial Economy
The Bank of Industry (BoI), under the leadership of its Managing Director, Dr. Olasupo Olusi, on Monday in Abuja held an interactive forum with key representatives of Nigeria’s organized private sector.
The event brought together stakeholders from the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small Scale Industrialists (NASSI), highlighting the bank’s commitment to fostering industrial growth and development in the country.
In his keynote speech, Olusi emphasized the critical role these organizations play in the Nigerian economy.
Describing them as “the bedrock of industrialists in Nigeria,” he stressed the importance of collaboration in addressing the challenges faced by the manufacturing and small-scale industrial sectors.
“This interactive session is focused on the three critical organizations we have already engaged with through Memorandums of Understanding (MoUs): MAN, NASME, and NASSI. It is critical for us to chart a way forward for industrial growth in Nigeria. For the very first time, we have heard directly from these stakeholders, and this has provided us the opportunity to co-create innovative solutions,” Olusi stated.
The session served as a platform for open dialogue, where participants shared insights, challenges, and recommendations.
The BoI’s leadership highlighted the importance of ecosystem development, which aims to create an enabling environment for manufacturers, small businesses, and industrialists to thrive.
Olusi also commended the collaborative approach, noting that the interactive nature of the forum has provided valuable perspectives.
He added, “Hearing directly from these organizations is encouraging. Together, we can develop sustainable strategies to drive industrial growth and enhance Nigeria’s economic resilience.”
Also speaking at the event, the Bank’s Chief Strategy and Development Officer, Dr Isa Omagu stressed the need for stronger partnerships between government agencies, financial institutions, and private enterprises to address critical economic challenges such as inflation, exchange rate volatility, and poverty.
He outlined the BOI’s vision to align with the federal government’s strategic direction to promote economic stability, food security, and Gross Domestic Product growth.
Omagu emphasized the importance of export promotion and import substitution as pillars for reducing pressure on Nigeria’s foreign exchange reserves.
He urged private sector stakeholders to co-create innovative solutions that align with national development goals.
He encouraged local manufacturers to produce goods for export to reduce the strain on foreign exchange.
According to him, supporting local industries to produce goods currently being imported has become imperative, adding that this would save foreign reserves and boost local production.
“The more we export and the less we import, the stronger our reserves become. This collaborative effort will not only stabilize the economy but also ensure sustainable growth,” Omagu remarked.
The forum is part of the Bank of Industry’s broader strategy to engage with stakeholders, foster innovation, and strengthen the industrial sector.
The BoI reaffirmed its commitment to supporting the organized private sector through financial services, capacity-building initiatives, and the promotion of ecosystem-based industrial development.
Participants lauded the initiative, expressing optimism about the potential for improved collaboration and innovative solutions to challenges faced by the sector.
The interactive forum marks a significant step toward revitalizing Nigeria’s industrial landscape and empowering its key players.
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BOI Meets Organised Private Sector Stakeholders, Vows To Strengthen Nigeria’s Industrial Economy is first published on The Whistler Newspaper
