LAGOS: In the face of global economic challenges, emerging economies like Nigeria are increasingly looking inward to fortify their industries and drive sustainable growth. Among the leading figures in this mission is Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer (MD/CEO) of the Bank of Industry whose leadership has been pivotal in reshaping Nigeria’s industrial sector.
With a distinguished career that spans over two decades, Dr. Olusi has leveraged his global experience, strategic acumen, and deep economic insights to strengthen BOI, helping it become a critical player in Nigeria’s economic revitalization.
Dr. Olusi’s career trajectory is a testament to his commitment to fostering financial and economic sustainability. With his extensive background in development finance, private sector development, and fiscal policy, he has played a vital role in shaping Nigeria’s economic policies and advancing the country’s private sector agenda. Prior to joining BOI, he held key positions at prominent international institutions, including the World Bank and the International Finance Corporation (IFC), where he made significant contributions to capital market reforms, private sector development, and fiscal sustainability.
Now, as the head of BOI, Dr. Olusi is bringing his global experience, innovative leadership, and deep understanding of economic dynamics to steer the bank toward new heights, with a focus on fostering industrial growth, supporting small and medium-sized enterprises (SMEs), and accelerating technological transformation across Nigeria.
A Legacy of Global Expertise and Strategic Vision
Dr. Olusi’s academic background is as impressive as his professional career. He holds a B.Sc. in Economics from Hull University (UK), a M.Sc. in International Money, Finance, and Investment from Durham University (UK), and a Ph.D. in Economics, also from Durham University. These credentials, combined with his extensive experience in leading financial initiatives across multiple countries, give Dr. Olusi a unique perspective on the challenges and opportunities facing emerging economies, particularly in Africa.
Before taking the helm at BOI, Dr. Olusi’s career included impactful roles such as Country Economist at the World Bank, where he worked on various financial reform projects across the Middle East and North Africa (MENA) regions. His tenure at the World Bank was marked by his involvement in capital markets reform, research on private sector development, and advising governments on fiscal sustainability. He also served as an Economic Adviser at the Federal Ministry of Finance in Nigeria and as a Senior Private Sector Specialist at the International Finance Corporation (IFC).
During his career, Dr. Olusi played a central role in steering multi-million-dollar development projects, managing investment portfolios, and spearheading diagnostics for private sector assessments. Notably, he led the World Bank’s inaugural comprehensive assessment of Nigeria’s private sector in 2020, which provided valuable insights into the challenges and opportunities within Nigeria’s economy. His expertise in debt management and fiscal policy has been instrumental in promoting economic stability and encouraging private sector growth in emerging markets.
Leading BOI Towards Sustainable Growth
As the MD/CEO of Bank of Industry (BOI), Dr. Olusi has quickly become a transformative figure, reshaping the institution to better align with Nigeria’s industrialization agenda. Under his leadership, BOI has made significant strides in supporting the growth of Micro, Small, and Medium Enterprises (MSMEs), driving digital transformation, promoting youth empowerment, and advancing gender equality and climate sustainability—all while navigating Nigeria’s complex economic landscape.
In his first year as MD/CEO, Dr. Olusi initiated a comprehensive restructuring of BOI, streamlining its operations to improve impact and efficiency. He reorganized core directorates, focusing on sectors critical to Nigeria’s industrialization, including the manufacturing, extractive, and services sectors. Recognizing the importance of an evolving global financial landscape, Dr. Olusi introduced a Corporate Finance and Risk Management Directorate, which has significantly improved BOI’s global fundraising capabilities and risk management practices.
Moreover, Dr. Olusi expanded BOI’s focus on Non-Interest Banking and established a Development Effectiveness and Research Unit, positioning the bank to better serve a diverse range of stakeholders while ensuring its operations remain aligned with global best practices. His strategic initiatives have also extended to forging critical partnerships with international organizations, creating opportunities for financing and capacity building, and strengthening the bank’s governance structure to better serve Nigeria’s industrial ambitions.
Transformative Contributions to Nigeria’s Economy
Dr. Olusi’s leadership at BOI has directly impacted Nigeria’s economic resilience, particularly in a period marked by global financial uncertainties and rising inflation. One of the most notable achievements under his leadership has been the bank’s fundraising efforts, which have unlocked €2 billion (approximately N3.4 trillion) in financing from global institutions in 2024. This unprecedented achievement has significantly boosted BOI’s total assets, enabling the bank to offer long-term, affordable capital to Nigerian businesses helping to address the challenges posed by high commercial lending rates (as high as 35 percent in commercial banks).
The funds raised by Dr. Olusi’s team at BOI have helped increase the bank’s total assets from N3.9 trillion in December 2023 to N6.38 trillion by September 2024. This surge in assets has allowed BOI to provide affordable financing to key sectors, including manufacturing, healthcare, renewable energy, and telecommunications, with interest rates ranging from 9% to 14%—a far cry from the punitive rates charged by commercial banks. These funds are not only aimed at business growth but also at creating jobs and supporting economic diversification in Nigeria.
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Empowering MSMEs and Rural Development
Dr. Olusi’s leadership has placed a strong emphasis on empowering Micro, Small, and Medium Enterprises (MSMEs) a critical segment of Nigeria’s economy that is often underserved by traditional financial institutions. BOI has actively engaged in partnerships with key stakeholders to expand financing opportunities for MSMEs. One such collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has led to the establishment of a N1 billion fund, offering single-digit interest loans to nano and micro enterprises. This initiative is designed to foster grassroots business development and financial inclusion across the country.
Furthermore, Dr. Olusi has been instrumental in implementing the Federal Government’s N200 billion MSME support program, which targets 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing companies—a move that is helping to create jobs and stimulate local economies.
In an innovative move to promote rural development, Dr. Olusi launched the Rural Area Program on Investment for Development (RAPID), committing over N100 billion to support rural enterprises across Nigeria. RAPID aims to create 300 new enterprises in each of Nigeria’s 36 states and the Federal Capital Territory (FCT), with a focus on agro-processing, agribusiness, and rural industrialization.
Strategic Partnerships and Global Impact
Dr. Olusi’s focus on creating strategic partnerships has significantly enhanced BOI’s ability to foster growth in critical sectors. Under his leadership, BOI has deepened its collaboration with private sector associations, such as the National Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Manufacturers Association of Nigeria (MAN). These partnerships have been instrumental in increasing the bank’s ability to reach more businesses and drive real-sector financing.
In addition to his work with MSMEs, Dr. Olusi has overseen the revitalization of several BOI subsidiaries, ensuring that they contribute meaningfully to the bank’s overarching mission. For instance, he led a N50 billion capital injection into BOI’s subsidiary, LECON Financial Services, boosting its ability to support agro-processing, healthcare, renewable energy, and telecommunications sectors. Furthermore, under Dr. Olusi’s guidance, BOI Investment and Trust Company Limited (BOI-ITC) regained its Trusteeship Operating License from the Securities and Exchange Commission (SEC), allowing it to re-enter the market and provide a broader range of trust, consultancy, and governance services.
Dr. Olusi also oversaw a N1 billion equity injection into BOI Microfinance Bank, enabling it to transition from a unit microfinance bank to a state microfinance bank. This strategic move is designed to enhance the bank’s capacity to serve underserved communities, promoting financial inclusion and supporting small-scale businesses in Nigeria’s rural and urban areas.
Driving Digital Transformation and Youth Empowerment
As part of BOI’s broader digital transformation agenda, Dr. Olusi has emphasized the need for technology adoption and innovation across the Nigerian economy. The focus on digital technologies, including FinTech, e-commerce, and agritech, is essential for unlocking the full potential of Nigeria’s youth, who represent a significant portion of the population. Dr. Olusi’s commitment to youth empowerment is evident in his leadership of BOI’s Youth and Skills Development initiatives, which aim to equip the younger generation with the tools and resources needed to succeed in today’s digital economy.
A Vision for the Future
Dr. Olasupo Olusi’s leadership at the Bank of Industry marks a new era of growth, transformation, and economic diversification for Nigeria. His strategic vision, commitment to sustainable development, and focus on building partnerships have made BOI a pivotal player in the country’s industrialization and economic growth.
Written by Elvis A Ogboi Entrepreneur, Researcher and News Blogger Email: elvis.rapidospace@gmail.com ; elvisogboi157@gmail.com
