The Managing Director of the Bank of Industry (BOI), Olasupo Olusi, has outlined a technology-led roadmap for Nigeria’s economic growth, urging the country to transform its vast human capital into measurable productivity.
Speaking at the 18th Convocation Lecture of Ladoke Akintola University of Technology (LAUTECH), Olusi said Nigeria’s biggest challenge is not a lack of talent but the inability to organise that talent into economic output.
‘Productivity is the missing link’
Olusi emphasised that while Nigerians remain globally competitive, systemic inefficiencies continue to limit the country’s economic performance.
“ Nigeria’s challenge is not necessarily to produce more talents. The challenge is to organise that talent pool into productivity,” he stated, noting that output relative to input remains weak across key sectors.
He pointed to comparative data showing Nigeria lagging behind peer economies in manufacturing and agriculture despite similar historical advantages, stressing the need for a strategic rethink in resource deployment.
Technology as growth multiplier
Central to his message was the role of technology as a catalyst for productivity. From financial technology platforms expanding access to credit to precision agriculture boosting yields, Olusi said innovation is already demonstrating its potential to transform the economy.
“Technology does not replace human effort—it multiplies it,” he said, describing it as the critical bridge between talent and output.
Universities urged to drive innovation
Olusi called on Nigerian universities to move beyond theory and focus on solving real-world economic challenges. He urged institutions like LAUTECH to strengthen links with industry and position themselves as engines of innovation and production.
BOI rolls out digital strategy
Highlighting BOI’s role, Olusi revealed that the bank is embedding digital transformation at the core of its 2025–2027 strategy. Key priorities include expanding access to finance, supporting innovation, and building enterprise capacity.
He announced plans to launch a digital loan application platform by June 2026, aimed at simplifying access to funding for entrepreneurs.
“Without capital, talent and technology remain potential. With it, they become production,” he said.
New funding initiatives for innovation
Olusi also disclosed plans for an Industrial Innovation Fund to bridge the gap between research and commercialisation, alongside a proposed student venture capital programme offering up to ₦50 million in funding for young innovators.
According to him, BOI is increasingly financing technology upgrades across sectors including manufacturing, agriculture, infrastructure, and sustainability to help businesses scale and compete globally.
A call to Nigeria’s youth
Addressing graduating students, Olusi urged them to prioritise problem-solving, productivity, and integrity, while encouraging those considering migration to remain connected to Nigeria’s development.
He expressed optimism about the country’s economic future, citing ongoing reforms and growing investments in digital skills and infrastructure as signs of progress.
With a renewed focus on aligning talent, technology, and capital, Olusi said Nigeria has the opportunity to unlock sustainable growth and reposition its economy for global competitiveness.
