News
BoI: Group commends Olusi over Economy Policies delivery
Civil Society Groups for Economic Recovery (CSGER), a coalition of over 76 civil society organizations, has commended the management of the Bank of Industry (BoI), led by Dr. Olasupo Olusi, for driving various sustainable economic initiatives for improved service delivery to Nigerians. .
In a communique issued and signed in Abuja after it’s annual Board meeting and review of economic recovery initiatives of BoI, the National Coordinator, Comrade Matekai Lawrence, applauded Dr. Olusi’s approaches which he described as impactful and revolutionary.
According to Matekai, the BoI has demonstrated high level of patriotism, commitment and statesmanship which we termed as the most creative economic policy of the present administration of President Bola Tinubu since independence as it traversed and touched lives from the North to the South.
“The choice of Olusi by the President Bola Ahmed Tinubu administration to steer the economic intervention schemes of the Federal Government through the Bank of Industry was a testament of the Presidency’s firm stand in ensuring a swift change in the economic drive of the nation from the archaic fossilized ideas of the past to a new frontiers with a globally acclaimed influential economic statesman of the twentieth century.
“Nigerian Industrial landscape kept grappling with industrial funding chasm in the midst of years of economic challenges, transparent institutions like the Bank of Industry (BoI) have consistently played a critical role in providing much needed funding and fostering critical development.
“Over the past year, the youthful and vibrantly brilliant Managing Director/Chief Executive Officer of BoI, Dr. Olusi has taken up this charge, leveraging on his global expertise and network of super supportive network global friends to create impact an industrial innovative creativity across the Nigerian economy and support a wide range of transformative initiatives. His well deserved appointment placed in his heart a resolve laced with renewed commitment to support Nigerian businesses and industries.
“With a heavy breastplate background in global economics that spans the World Bank Group, International Finance Corporation (IFC), and Nigeria’s Ministry of Finance that was also for the first time in the history of Nigeria the Coordinating Ministry of the Economy where he gave an unprecedented performance as an astute adviser and National Coordinator of the famous YouWin and ProjectAct that brought in creativity and innovation to the body polity of Nigeria. Olusi also brings over two decades of global experience as a seasoned economist, development finance expert and policymaker. Under his leadership, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, BoI has focused on six key themes: micro, small and medium enterprises (MSMEs), digital transformation, youth and skills development, gender development, infrastructure and climate and sustainability. This comprehensive approach is reshaping and deepening BoI’s impact on Nigeria’s industrial climate.
“In his first year, Dr. Olusi strategically restructured Bol to enhance impact and align with Nigeria’s development agenda. Under his leadership, in line with international best practice, the bank has streamlined the core directorates—such as Large Enterprise, MSMEs, and Public Sector & Intervention Funds—to focus on key industry segments such as the extractive sector, manufacturing sector, services sector, infrastructure, women, youth, and climate initiatives. He also introduced a Corporate Finance and Risk Management directorate to drive global fund raising and risk efficiency efforts. In addition, specialized units for Non-Interest Banking and Development Effectiveness and Research Teams were created to position the Bank for impact.” Matekai applauded.
The CCGER Coordinator, stressed further that the ₦50 billion capital injection into BOI’s subsidiary, LECON Financial Services has hugely boosted the LECON’s capacity to support high-impact sectors like agro-processing, healthcare, renewable energy, and telecommunications, enabling it to offer equipment leasing as an affordable alternative to direct purchases.
Matekai added that Under the leadership of Olusi, the BoI Investment and Trust Company Limited (BOI-ITC) successfully regained its Trusteeship Operating License from Securities and Exchange Commission (SEC) after six years suspension in 2018. This reinstatement allows BOI-ITC to re-enter the trusteeship market and strengthen its position in trusts, consultancy, and governance advisory services. BOI-ITC has facilitated loan applications for over 100 companies, securing more than ₦200 billion in approvals from BOI for MSMEs and large corporations.
He continued, “At a time when accessing capital is increasingly difficult due to global financial constraints and rising inflation, BOI has emerged as a vital player. With interest rates as high as 35 percent in commercial banks, funding is nearly out of reach for manufacturers and other key sectors, Dr. Olusi spearheaded a landmark funder raiser of nearly €2 billion (₦3.4 Trillion) in 2024 from global institutions, an unprecedented achievement in the Bank’s history. This contributed significantly to an increase in the bank’s total assets from N3.9Trillion in December 2023 to N6.38 trillion by end of September 2024, giving Nigerian businesses access to affordable (9-14%), long-term capital and job creation facilitation. BOI is also breaking ground with initiatives to reduce trade barriers, expand market access, and create better conditions for foreign and domestic investment.
“The innovative leadership style of Dr.Olusi at Bol has prioritized support for Micro, Small, and Medium Enterprises (MSMEs), forging strategic partnerships to enhance financing and growth opportunities across the sector. Notably, BOI’s collaboration with the Small and Medium Enterprises Development Agency (SMEDAN) led to a ₦1 billion fund offering single-digit interest loans to nano and micro enterprises, with both organizations contributing ₦500 million each to expand grassroots access to finance. BOI has further strengthened its partnership with the relevant trade associations. This is further evidenced by the signing of MoUs with key private sector organizations—including the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small-Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.
“Additionally, under Olusi’s leadership, the Bank spearheaded as the implementation agency, the Federal Government’s ₦200 billion program supporting 1 million nano enterprises, 75,000 MSMEs, and 140 manufacturing companies, helping to drive job creation nationwide.
“In a significant push for rural development, he launched the RuralArea Program on Investment for Development (RAPID), committing over ₦100 billion to stimulate rural enterprises and aiming to create 300 new enterprises in each of the 36 states of the federation as well as the FCT. Olusi has also brought BOI closer to communities by opening and commissioning new state offices in Akwa Ibom, Jigawa, and others, and signing MoUs with states like Rivers, Katsina, and Akwa Ibom to provide billions of Naira through managed or matching funds.
“Driven by a commitment to even greater development impact, transparency and efficiency, BOI is transforming into a knowledge bank to better support Nigeria’s private sector. Under his leadership, BOI launched PriceSenseNG, an innovative mobile app providing real-time food price data across Nigeria, helping to boost market transparency, guide policy, and combat food insecurity. Complementing this, the bank introduced two publications, the BOI Journal of Development Finance (Technical) and the BOI Journal of Development Review (Non-Technical)—to share insights on MSME development and industrial growth.
“BOI has also secured an international partnership to stimulate international bilateral economic activity. During the 2024 IMF and World Bank Group Spring meetings, BOI signed an MoU with the Export-Import Bank of the United States (EXIM) to jointly identify projects that foster economic prosperity in both Nigeria and the U.S. This partnership, which focuses on sectors such as climate, infrastructure, creative arts, technology, and support for women-owned businesses, underscores a shared commitment to fostering sustainable development. EXIM President and Chair Reta Jo Lewis emphasized that the collaboration symbolizes EXIM’s dedication to strengthening U.S-Nigeria relations, while Olusi described it as an exciting step toward driving United States investments in Nigeria.
“Recognizing the growth potential of Nigeria’s digital and creative sectors, BOI is actively investing in these fields through the Investment in Digital and Creative Enterprises (iDICE) program. This Federal Government-backed initiative, co-funded by international organizations such as the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, will provide training and capacity-building opportunities for Nigerian youth aged 15 to 35. By equipping 175,000 young Nigerians with ICT skills and supporting enterprise development, iDICE aims to create 800,000 jobs and foster entrepreneurship within Nigeria’s burgeoning digital economy.
“In alignment with Nigeria’s sustainability agenda, BOI has also launched a climate-focused initiative under Dr. Olusi’s leadership. The bank has been nominated as a Direct Access Entity by the Nigeria Climate Change Commission (NCCC) to access financing for climate projects through the Green Climate Fund (GCF). This designation empowers BOI to spearhead climate initiatives and support sustainable development efforts in Nigeria. In addition, through a partnership with RESWAYE, BOI has committed to planting 1,000 trees across Lagos State, an effort aimed at addressing climate change and promoting environmental conservation.
“This initiative complements BOI’s call for local and international climate funding to support green investments in Nigeria. At the launch of BOI’s “Green Grows Initiative,” Olusi emphasized the severe impact of climate change on the Nigerian economy and the need for collective action to mitigate these risks. BOI’s commitment to operational excellence and corporate governance continues to be recognized with the institution maintaining its A+ rating from the Association of African Development Finance Institutions (AADFI) in 2023. It also holds top-tier ratings: Aaa from Agusto& Co (domestic), Caa1 positive outlook from Moody’s Ratings(foreign), and AAA (nga) ratings from Fitch (foreign), highlighting BOI’s commitment to high standards and transparency. Amid rising capital costs and shifting economic conditions, the bank under Dr. Olusi has shown the role that DFIs can play in navigating development challenges, maximizing their capital for economic impact,and striving toward Nigeria’s $1 trillion economy target.In the past year, BOI has garnered multiple awards reflecting Dr. Olusi’s impactful leadership. These honors include the EMEA Award for “Best Social Development Program in Africa” for the Investment in Digital and Creative Economy (iDICE), the SERAS Award for “Best Company in Financial Inclusion” and “Most Effective MDA/Parastatal in Sustainable Development,” and the Philips Consulting Ltd. Award for “Best Website and Overall Best Digital Presence for a Federal Parastatal.”Olusi’s transformative work at BoI and within Nigeria’s banking sector has earned him multiple honors in 2024, including honorary fellowships from the Chartered Institute of Bankers of Nigeria (CIBN), the Nigerian Economic Society, the Chartered Institute of Risk Management (CRMI), and the Chartered Institute of Directors (IoD).
“As BOI steps into its next phase, we believe the institution will continues to innovate in funding, products and policy to foster growth across Nigeria’s industrial sector as well as serve high-impact and underserved sectors. We also have confident that under Olusi’s astute leadership, the bank will not only bridge the funding gap but it will sustain catalyzing inclusive industrial and entrepreneurial development, affirming its position as a pillar of Nigeria’s economic future.” Matekai charged.
The Vatican has confirmed that only one round of voting will take place this Wednesday afternoon as the conclave to elect the next pope officially gets underway.
Cardinals from around the world gathered earlier Wednesday in the Sistine Chapel, where they took a sacred oath of secrecy before the chapel doors were ceremonially closed with the Latin phrase “extra omnes,” meaning “everyone out.” The papal master of ceremonies then declared the start of the conclave, invoking a centuries-old tradition whose name comes from the Latin cum clave, meaning “locked with key.”
Wednesday’s solitary ballot marked the opening step in the process to choose the new leader of the world’s 1.3 billion Catholics. Should the vote prove inconclusive requiring a two-thirds majority to elect a new pope, cardinals will resume the process on Thursday, casting up to four ballots daily until consensus is reached.
Each cardinal votes by writing “Eligo in Summum Pontificem” (“I elect as Supreme Pontiff”) on a paper ballot, followed by the name of their chosen candidate. In a quiet and orderly procession, they approach the silver and gilded urn in order of seniority to place their ballots.
As the final vote is cast, the tension rises in St. Peter’s Square, where the faithful and millions watching around the globe await the first sign of smoke from the Sistine Chapel’s chimney. Black smoke will indicate that no decision has been made; white smoke will proclaim that a new pope has been elected.
The last two conclaves, in 2005 and 2013, ended on the second day, with Pope Benedict XVI and Pope Francis elected after a series of swift ballots, respectively.
As the doors remain closed and Vatican cameras withdraw, the world waits in hushed anticipation for the next chapter in the history of the Catholic Church to be written.
Governor Hyacinth Alia will not honour the House of Representatives Committee invitation scheduled for Thursday, May 8.
The governor’s Chief Press Secretary, Mr Tersoo Kula, confirmed this to journalists on Wednesday in Makurdi.
The House had summoned the governors of Benue and Zamfara, alongside their Assembly leadership.
Kula stated that the invitation is unconstitutional and the governor will not comply with it.
He explained that Alia has filed a case at the Supreme Court challenging the lawmakers’ invitation.
“Yesterday, the Benue Assembly passed a resolution rejecting the Reps Committee invitation.
“They believe the invitation is based on ignorance and have decided not to attend. They will also challenge it in court,” he said.
Kula added that the governor, independently, has approached the Supreme Court to challenge the invitation’s legality.
He said: “Since the matter is in court, I will not speak further on it.”
Kula also claimed that the civil society group behind the petition is faceless and unregistered.
According to him, the address on the group’s letterhead is fake and lacks credibility.
He said there is a coordinated campaign of misinformation and sponsored protests aimed at destabilising Benue.
In recent weeks, he noted, there have been protests in Abuja allegedly representing Benue people’s concerns.
“These protests aim to provoke a state of emergency in Benue by portraying it in a negative light,” he said.
He claimed the organisers seek to undermine progress and return to a failed political order.
“Their ultimate goal is to create chaos for selfish political gain,” Kula added.
He accused the protest sponsors of trying to remove the governor through disruptive means.
“They will not succeed. Benue people stand firmly with their governor,” he said.
He assured the public that Benue remains peaceful and the government is functioning effectively.
“Governor Alia is committed to fulfilling his mandate and addressing the state’s challenges,” he said. (NAN)
Federal Government says Nigeria has so far lost more than N1.3 billion to outbreak of Tuta absoluta commonly known as the tomato leaf miner or “Tomato Ebola” in three states.
Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said this at the on-going four-day capacity building workshop for financial institutions on Wednesday in Abuja.
The workshop is organised by HortiNigeria in collaboration with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc.
Kyari said the outbreak had consequently led to the surge of 50 Kilo Gramme basket of tomato from N5, 000 to N10, 000 and approximately N30, 000 thereby exacerbating food inflation and straining household budgets.
According to him, the states where the loose were recorded include Kano, Katsina and Kaduna.
He explained that tomato ebola had underscored the fragility of the country’s horticultural systems adding that the invasive pest could decimate tomato crops within 48 hours, leading to catastrophic yield losses.
According to him, this crisis highlights the urgent need for integrated pest management strategies, investment in resilient crop varieties and enhanced support for farmers to safeguard the country’s food supply chains.
“Tomatoes and peppers essential ingredients in virtually every Nigerian kitchen serve as baseline commodities for daily cooking.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain,” he said.
The minister said horticulture often described as the “sleeping giant” of Nigerian agriculture, held immense promise that the country must awaken.
According to him, in doing that we must ensure access to sustainable and well-structured financing.
Kyari who identified horticulture as the cultivation of fruits, vegetables, herbs, spices, flowers, and ornamentals described it as far more than a sub-sector of agriculture.
According to him, It is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand.”
He added that in spite of the challenges in the horticulture sector it remained one of the most promising frontiers for agricultural transformation.
He noted that unlike staple crop farming, horticulture offered higher value per hectare, ideal for smallholder commercialisation, shorter production cycles and allowing multiple harvests annually.
He further said that the sector had greater labour absorption, creating year-round employment, especially for women and youth, strong linkages to processing, packaging, retail and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade,” he emphasised.
The minister listed key contribution of the sector to the country’s agricultural transformation as diversification of agricultural production and Incomes, food and nutrition security, employment and youth engagement.
Other contributions according to him include import substitution and export potential, climate adaptation and resilience as well as urban market integration.
Kyari explained that the sector enabled smallholder farmers to diversify their production portfolios and earn steady incomes outside traditional grain cycles.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms,” he added.
He urged financial institutions to map and understand the horticulture value chain from seed to shelf.
He further urged them to move beyond generic lending, and develop tailored products that aligned with the specific stages of the value chain.
He also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
Horticulture is not only a farming activity; it is a vibrant agribusiness ecosystem with scalable investment opportunities that can drive inclusive growth and food system transformation in Nigeria.
“Together, we can unlock the power of horticulture to nourish our people, build wealth and drive inclusive, sustainable growth.
“By building your capacity and investing wisely in the horticulture value chain, you are not just financing crops you are financing livelihoods, nutrition, resilience, and inclusive growth and sowing the seeds for a healthier, wealthier, and more resilient Nigeria,” he further said. (NAN)