By Yusuf Mohammed
Columnists are akin to seers, burrowing into the past and using present realities to forecast the future. In this regard, the current direction of the Bank of Industry (BOI) under the leadership of Dr. Olasupo Olusi signals a promising economic outlook for Nigeria.
Human development serves as the foundation of economic growth. But over the years, Nigeria’s declining economy and the limited capacity of many citizens to engage in business have contributed to the rise of the “Japa syndrome.”
The widespread prevalence of the Japa syndrome has instilled a mass migration mentality, especially among Nigerian youths, who increasingly prioritize seeking greener pastures in the so-called developed countries. Many grow up aspiring to escape the perceived constraints of their homeland in pursuit of better opportunities abroad. As a result, there is often a diminished commitment to local projects, with young talents viewing them as temporary engagements rather than long-term endeavors.
While those who have left may experience improved economic prospects overseas, the remittances they send back home can sometimes contribute to a culture of dependency. Families left behind may become heavily reliant on these financial inflows, potentially discouraging local entrepreneurship and economic self-sufficiency. In communities deeply affected by the Japa syndrome, this reliance can cause a cycle of economic stagnation, further limiting sustainable development.
To address the challenges posed by the Japa syndrome, the current leadership of the Bank of Industry (BOI) has begun implementing some polices that align with what experts have been recommending.
Many experts have long advocated for the government to tackle the country’s economic challenges by creating employment opportunities and fostering entrepreneurship. They emphasize the need for accessible loans with minimal interest rates to support aspiring entrepreneurs. Encouragingly, the BOI appears to be taking steps in this direction, signalling a commitment to promoting economic stability and reducing the motivation for mass emigration.
In less than two years as Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi has leveraged his global network to drive meaningful impact across Nigeria’s economy, supporting a range of transformative initiatives.
Appointed by President Bola Ahmed Tinubu in 2023, Olusi’s leadership has brought a renewed commitment to empowering Nigerian businesses. With extensive experience spanning the World Bank Group, International Finance Corporation (IFC), and Nigeria’s Ministry of Finance, he brings over two decades of expertise as an economist, development finance specialist, and policymaker.
Under his leadership, BOI has prioritized six key focus areas: micro, small, and medium enterprises (MSMEs); digital transformation; youth and skills development; gender inclusion; infrastructure; and climate sustainability. This strategic, multifaceted approach is redefining and strengthening BOI’s role in shaping Nigeria’s industrial growth and economic resilience.
Olusi has prioritized support for Micro, Small, and Medium Enterprises (MSMEs), forging strategic partnerships to expand financing and growth opportunities within the sector. Under his leadership, BOI has collaborated with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to establish a N1 billion fund, offering single-digit interest loans to nano and micro enterprises. Both organizations contributed N500 million each, enhancing grassroots access to finance.
BOI has also deepened its engagement with key trade associations to strengthen real sector financing. This commitment is reflected in the signing of Memoranda of Understanding (MoUs) with major private sector organizations, including the National Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Manufacturers Association of Nigeria (MAN).
Also, under Olusi’s management, BOI served as the implementation agency for the Federal Government’s N200 billion program, supporting no fewer than 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing companies, significantly driving job creation across the country.
In a major push for rural development, Olusi launched the Rural Area Program on Investment for Development (RAPID), committing over N100 billion to stimulate rural enterprises, with the goal of creating 300 new businesses in each of Nigeria’s 36 states and the Federal Capital Territory (FCT).
Further strengthening BOI’s reach, Olusi has overseen the opening of new state offices in Jigawa, Akwa Ibom, and other locations, while also signing MoUs with states such as Akwa Ibom, Katsina, and Rivers to provide billions of Naira through managed or matching funds. These initiatives are reinforcing BOI’s impact at both the grassroots and national levels.
Before joining BOI, Dr. Olusi was a senior economist and development finance expert at the World Bank. With a career spanning 20 years, he has advised national governments across multiple countries on economic growth, fiscal policy, debt management, and private and financial sector development.
He has spearheaded multimillion-dollar development policy and investment lending projects for both the World Bank and IFC in various countries. Notably, he led the expert team that conducted the World Bank Group’s first comprehensive assessment of Nigeria’s private sector in 2020.
From 2011 to 2015, while on external assignment from the World Bank, Dr. Olusi served as the economic adviser to Nigeria’s Coordinating Minister of the Economy and Minister of Finance, overseeing several high-impact federal government projects.
He holds a Master’s degree in International Money, Finance, and Investment, as well as a PhD in Finance and Economics from Durham University, UK.
While the Bank of Industry (BOI), under the leadership of Dr. Olasupo Olusi, is making significant contributions to Nigeria’s economic development, other institutions must also fulfill their roles effectively, as progress requires a collective effort. A holistic approach is essential.
Beyond BOI’s initiatives, agencies responsible for national security must enhance safety measures to attract investors and skilled professionals who can contribute to economic growth. Likewise, institutions overseeing infrastructure development play a crucial role. By improving essential facilities and creating a conducive work environment, they can help curb brain drain and foster a more sustainable and thriving economy.
Yusuf Mohammed is a journalist based in Lagos
Mail: yusufcolumnist@gmail.com
