President Bola Tinubu has made a significant move by naming Dr. Olasupo Olusi as the new leader of the Bank of Industry (BOI). This development was made public on Thursday through a statement by Ajuri Ngelale, the presidential spokesperson. The announcement highlighted that Dr. Olusi will serve a four-year term initially. This appointment comes after the voluntary resignation of the former BOI head, Mr Olukayode Pitan.

President Tinubu has given clear directives to the newly appointed BOI Chief. He emphasised the importance of ensuring that Nigerian entrepreneurs, regardless of the size of their businesses, receive equal and necessary support. This is to enhance job creation and wealth generation, especially focusing on the lower and middle-income business operators.

Dr. Olusi is not new to the world of finance and economics. Before this appointment, he had a 20-year tenure as a World Bank economist and a specialist in development finance. From 2011 to 2015, he played a pivotal role as the economic adviser to Ngozi Okonjo-Iweala, the Coordinating Minister of the Economy and Minister of Finance. Dr. Olusi’s academic credentials are equally impressive. He is a graduate of Hull University, UK, holding a Master’s in International Money, Finance, and Investment. He furthered his studies and earned a Doctorate in Finance and Economics from Durham University, UK, in 2005.

Editorial:
We, at Yohaig NG, believe that the appointment of Dr. Olasupo Olusi as the new Managing Director and CEO of the Bank of Industry is a strategic move that could potentially reshape the financial landscape for entrepreneurs in Nigeria. The BOI plays a crucial role in the nation’s economic development, and having a leader with Dr. Olusi’s credentials and experience is a testament to the importance the government places on this institution.

The challenges that lie ahead are numerous. The economic landscape is ever-evolving, and the demands of entrepreneurs are increasing. They seek not just financial support but also guidance, mentorship, and a conducive environment to thrive. Dr. Olusi’s background, especially his tenure with the World Bank and his advisory role to the former Minister of Finance, positions him well to understand these challenges and navigate the BOI towards addressing them effectively.

It’s essential that the BOI, under Dr. Olusi’s leadership, focuses on inclusivity. The emphasis President Tinubu placed on supporting lower and middle-income business operators is commendable. These are the grassroots entrepreneurs who, with the right support, can drive significant economic growth.

The road ahead is long, and the expectations are high. But with a leader like Dr. Olusi at the helm of the BOI, there’s a renewed sense of hope and optimism. We urge the new BOI Chief to hit the ground running, engage with stakeholders, understand their needs, and craft strategies that will not only support but also empower them.

Did You Know?

• The Bank of Industry (BOI) is Nigeria’s oldest and largest development financing institution.
• The BOI’s primary focus is on promoting industrialisation in Nigeria through the provision of long-term financial support to various industries.
• Dr. Ngozi Okonjo-Iweala, whom Dr. Olusi advised, is currently the Director-General of the World Trade Organization.
• The BOI has been instrumental in supporting various sectors in Nigeria, including agro-processing, solid minerals, and information technology.
• The bank has a strategic partnership with international agencies such as the United Nations Industrial Development Organization (UNIDO) to promote industrialisation in Nigeria.