Olasupo Olusi: At BOI, We’re Engineering Nigeria’s Economic Future

In less than two years as Managing Director of the Bank of Industry, Dr Olasupo Olusi has shifted the institution’s language from banking to measurable development. In this interview with senior journalists, the development economist said he inherited “a Rolls-Royce”, one of Africa’s strongest DFIs, but set out to reposition it as a catalyst for inclusive growth rather than just a lender. His reforms began internally. BOI was reorganised in line with global industry standards, and an Impact Group was created to track jobs, skills, and outcomes across all interventions. For the first time, the bank will publish an Annual Development Impact Report this June. Sustainability was elevated with the creation of a new division and the appointment of a chief sustainability officer, leading to BOI’s accreditation by the Global Adaptation Fund as Nigeria’s first institution to deploy adaptation financing through the private sector. Expansion has been physical, too. Offices grew from 31 in 30 states to 36 in 33 states, bringing development finance beyond urban centres. Subsidiaries were recapitalised: LECON got N50 billion and delivered N33 billion in lease financing, while BOI Microfinance Bank secured a state licence to deepen inclusion. BOI’s 2025–2027 strategy targets six pillars: youth and skills, gender, infrastructure, digital, tech, climate, and MSMEs, using debt, equity, and blended finance. A BOI Impact Fund now backs catalytic projects, including $15 million for the New Africa Medical Centre and N25 billion for the National Credit Guarantee Company. Non-interest banking is set to launch, pending CBN approval. For Olusi, the goal is clear: “It is about impact. Titles are temporary, but transforming Nigeria’s economic landscape is enduring.” Excerpts:

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