The Bank of Industry (BOI) has urged stakeholders to rethink how capital is mobilised and deployed to drive Nigeria's inclusive economic transformation. BOI's Managing Director, Dr Olasupo Olusi, made the call at the bank's 2026 Annual Public Lecture in Abuja. The lecture, themed "Rethinking Capital for Inclusive Economic Transformation," focused on mobilising, structuring, and deploying capital effectively to deliver measurable development outcomes. Olusi emphasised Nigeria's need for long-term capital to support industrial growth and attract private investment into productive sectors.
Dr Olusi disclosed that BOI disbursed N645 billion in 2025, supporting over 12,000 businesses and impacting 1.68 million jobs. He stressed that inclusive transformation requires mobilising more long-term capital, extending financing to underserved sectors, and ensuring that financing translates into economic impact. The BOI Managing Director commended the Guest Lecturer, Dr Asad Alam, and thanked the Federal Government, state governments, development partners, and the private sector for supporting the bank's mandate.
Dr Asad Alam, former World Bank Director and Adjunct Professor at Georgetown University, delivered a lecture titled "Rethinking Capital for Inclusive Economic Transformation – Some Reflections." Alam noted that while capital remains important, its efficiency drives growth, and as economies mature, Total Factor Productivity (TFP) becomes the key driver of sustained growth. He emphasised that Nigeria must move beyond capital accumulation to efficiency, productivity, and human capital.
Alam traced the evolution of growth thinking, from early models such as Harrod-Domar to later decades highlighting human capital, institutions, inequality, technology, and climate change. He defined inclusive transformation as a development process that benefits the majority rather than an elite group with political connections. Alam warned that inequality could undermine growth if left unaddressed and added that technology and climate action could spur structural transformation if capital is deployed efficiently.
The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, challenged African economists to isolate key elements within TFP and recognise technology, information, knowledge, and AI as stand-alone factors of production. Fasua disagreed that capital is becoming less important, citing Nigeria's infrastructure needs and the importance of financing power, logistics, and infrastructure. He added that capital is not just money, but also includes intangible assets like information and knowledge.
A panel session featuring industry experts commended BOI for supporting growth by financing Small and Medium Enterprises (SMEs) and the industrial sector. Panellists called for more funding to enable the bank to meet its obligations. The panel session was anchored by Ms Nancy Illoh-Nnaji and featured Mr Adeyemi Folorunsho, Mr Daniel Mueller, Dr Osasuyi Dirisu, and Mr Titus Owoeye.
The Bank of Industry's Annual Public Lecture series began in 2024, providing a platform for informed discussion on issues shaping Nigeria's economic and industrial development. The 2026 edition examined how development finance can unlock greater private sector investment. Key stakeholders are expected to implement the recommendations from the lecture to drive Nigeria's economic transformation.
Key points
- Dr Olasupo Olusi emphasised Nigeria's need for long-term capital to support industrial growth and attract private investment into productive sectors.
- Dr Asad Alam stressed that efficiency, productivity, and human capital are crucial for Nigeria's economic transformation.
- The Bank of Industry disbursed N645 billion in 2025, supporting over 12,000 businesses and impacting 1.68 million jobs.
