BOI Calls for Stronger Public-Private Collaboration to Boost SME Growth

The Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, has emphasized the need for strategic partnerships between the public and private sectors to drive industrial growth and support the development of small and medium enterprises (SMEs) in Nigeria.  Speaking at the first interactive session between BOI and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) in Abuja, Olusi described such collaborations as essential for fostering innovation, creating jobs, and achieving sustainable economic development.  Themed “Driving SME Development through Strategic Partnerships,” the event provided a platform for dialogue and actionable outcomes, building on previous engagements with stakeholders like the Manufacturers Association of Nigeria and the Nigerian Association of Small-Scale Industrialists. It also followed the signing of a Memorandum of Understanding (MoU) between BOI and NACCIMA to address challenges such as infrastructure deficits, regulatory bottlenecks, and limited market access.  Olusi stressed that sustainable economic growth requires shared responsibility and co-creation. “This is not a time for silos or isolated efforts. BOI’s role goes beyond financing—we must support an enabling environment where businesses can thrive,” he said. He called for collective efforts to incorporate technology, sustainability, and skills development as pillars of SME growth.  He also outlined BOI’s focus on six thematic areas in alignment with President Bola Tinubu’s renewed hope agenda, including supporting MSME innovation and job creation. Olusi urged the government to enhance funding for development banks like BOI and to consider lowering the Monetary Policy Rate to boost productivity.  “The government must inject more funds into development banks to support the private sector. Additionally, capping government borrowing is crucial to prevent crowding out the private sector. BOI loans must remain affordable, with long tenure and single-digit interest rates,” he stated.  The NACCIMA president echoed Olusi’s sentiments, highlighting the pivotal role of development banks in driving economic growth and ensuring private sector competitiveness. He reaffirmed NACCIMA’s commitment to partnering with BOI to create a more inclusive and productive economy.  The session concluded with a call for actionable steps to strengthen public-private collaboration, ensuring that SMEs can overcome key challenges and thrive in an enabling economic environment.