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BOI Pushes Innovation as Engine of Economic Development
The Managing Director of the Bank of Industry (BOI), Olasupo Olusi, has called for deliberate, technology-led interventions to unlock productivity and drive sustainable growth in Nigeria’s economy.
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Olusi revealed that BOI has strategically repositioned itself to support innovation-led development. Digital transformation is now at the heart of the bank’s 2025–2027 strategy. The focus areas include accelerating access to finance, strengthening enterprise capacity, and promoting technology adoption across key sectors.
Talent Without Productivity: Nigeria’s Economic Paradox
Delivering the 18th Convocation Lecture at Ladoke Akintola University of Technology (LAUTECH) in Ogbomosho, Oyo State, Olusi described Nigeria’s central economic challenge as the failure to translate abundant human talent into measurable output.
According to him, Nigeria’s future depends less on potential and more on the deliberate organisation of skills, technology, and capital.
Olasupo Olusi
“Nigeria’s challenge is not necessarily to produce more talent. The real challenge is to organise that talent pool into productivity,” Olusi said.
He noted that while Nigerians are globally competitive, systemic inefficiencies continue to limit economic outcomes, resulting in underwhelming productivity across sectors.
Technology as the Bridge Between Talent and Output
Anchoring his lecture on innovation, Olusi positioned technology as the critical link between human capacity and economic value. He argued that productivity—defined as output relative to input—remains the missing link in Nigeria’s development journey.
Drawing on examples from financial technology, manufacturing automation, and precision agriculture, he explained how innovation multiplies human effort, improves efficiency, and unlocks growth at scale.
“Technology does not replace human effort; it multiplies it. That is the bridge between talent and productivity,” he said.
BOI’s Digital Strategy and Access to Finance
As part of BOI’s transformation agenda, Olusi disclosed that the bank is finalising plans to launch a digital loan application platform by June 2026. The initiative is aimed at making funding more accessible and efficient for entrepreneurs.
“If technology multiplies productivity, then development finance must be organised to accelerate technology adoption. Without capital, talent and technology remain mere potential. With it, they become production,” he stated.
He added that BOI is increasingly financing technology upgrades across manufacturing, agriculture, infrastructure, and sustainability to help Nigerian businesses scale, compete globally, and create jobs.
BOI and RMRDC Partner to Strengthen Value Chains
In a related development, BOI signed a Memorandum of Understanding (MoU) with the Raw Materials Research and Development Council (RMRDC) to strengthen Nigeria’s agricultural and minerals value chains and boost Gross Domestic Product (GDP).
The partnership targets critical areas including seed development, cultivation, harvesting, post-harvest management, processing, packaging, logistics, and market access. It also promotes the adoption of locally developed machinery across the agricultural value chain.
Joint Steering Committee to Drive Implementation
To ensure sustainability, BOI has established a Joint Steering Committee with RMRDC to oversee implementation of the MoU. The committee will focus on converting research outputs into bankable, industrial-scale investments.
“This partnership brings together complementary strengths. RMRDC brings deep research expertise, while BOI provides the financing and execution capacity to translate ideas into viable industrial projects,” Olusi said.
RMRDC: Partnership Will Accelerate Industrialisation
The Director-General and Chief Executive Officer of RMRDC, Nnanyelugo Martin Ike-Muonso, described the collaboration as a catalyst for national industrialisation.
Nnanyelugo Martin Ike-Muonso
“We are focusing on value chain development and process technologies. These are the foundations of industrialisation, job creation, and shared prosperity” he said.
Universities, Innovation and Youth Development
Olusi also urged Nigerian universities to go beyond theoretical instruction and prioritise practical, scalable solutions to real economic challenges. He announced plans for an Industrial Innovation Fund to bridge the gap between academic research and commercialisation.
In addition, he revealed a proposed student venture capital grant programme, offering funding of up to ₦50 million to support young innovators.
Addressing graduating students, Olusi encouraged them to focus on problem-solving, integrity, and production, while urging those considering migration to remain connected to Nigeria’s development journey.
“This nation is still under construction, and it needs its most capable people,” he stated.
