By O. Marinho, M. Ogunyemi, A. Gbogboade, M. Adeyemi & S. Asokere
In a show of support for Nigeria’s industrialisation drive, the Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, has reaffirmed the commitment of BOI to Nigeria’s industrial growth. Speaking at the 2025 Nigerian Manufacturing and Equipment (NME) Expo, co-located with the Nigerian Raw Materials (NIRAM) Expo, holding at the Balmoral Convention Centre, Victoria Island, Lagos, from August 5th to 7th, 2025, Dr. Olasupo Olusi described the gathering as “a gallery of industry and manufacturing stakeholders.” He commended RMRDC and MAN for reflecting a collective commitment to drive growth, innovation and industrialisation in Nigeria.
Dr. Olusi echoed a central theme from earlier presentations, that innovation, on its own, cannot deliver meaningful progress unless it is nurtured within a strong and sustainable manufacturing environment. According to him, “It is the manufacturing sector that will catalyse sustainable growth, job creation and rural economic development.” He emphasized that the Bank of Industry deeply understands this principle and is actively positioning itself to address critical sectoral gaps, particularly in skills development, research and innovation and most significantly, access to finance.
In line with its financing mandate, the Managing Director of BOI announced two key upcoming interventions. First, in collaboration with other government agencies, especially the RMRDC, that BOI is establishing an innovation fund to support the commercialization of locally developed ideas and prototypes. This fund, he said, would particularly assist scientists and innovators who have created promising industrial solutions, but lack the means to bring them to market.
Secondly, Dr. Olusi revealed plans for an impact fund, designed to provide equity, not just to service debt for growth-stage enterprises across the manufacturing value- chain. This, he explained, would diversify the financial tools available to transformative businesses and ensure broader support for industrial expansion.
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He also lauded the Federal Government’s ₦75 billion intervention for the sector, noting that the fund had already been fully subscribed, a clear signal of industry demand and confidence. “The speed at which the fund was exhausted reflects the strong appetite for industrial financing and the commitment of government to meet that needs,” he said.
Reiterating the mission of BOI, he affirmed that the institution would not relent in addressing both the financing gaps and the broader structural challenges impeding manufacturing in Nigeria. “We will continue to do everything within our powers to support the entire ecosystem,” he said.
He concluded by thanking the organizers of the NME-NIRAM Expo for the opportunity to participate, describing the platform as a crucial contributor to the country’s journey towards inclusive and innovation-driven industrial development.
