‘How new BoI management can jump-start Nigerian economy’

September 24, 2024

The Bank of Industry (BoI) has been described as a veritable instrument to jump-start the Nigerian economy through its strengthening of and support for small and medium scale enterprises in all parts of the country.

A chieftain of the All Progressives Congress (APC) in Rivers State, Mr. Darlington Nwauju, who stated this, noted that “the current management of the Bank of Industry (BoI) had the requisite capacity and potential of jump-starting the Nigerian economy given the myriad of challenges faced by the national and global economies since the economic meltdown of 2020.”

Nwauju, who is the Publicity Secretary of the Rivers State chapter of the party, lauded the appointment of “young and cerebral Olasupo Olusi as MD/CEO could serve as silver-lining for the nation to improve on its IGR, create more jobs and consequently shore-up the strength of the naira.”

He regretted that “Nigeria presently is not found on the list of top 10 countries with largest new business formation growth year-over-year according to 2020 surveys, which acknowledges Thailand as No 10 on the global rankings. Empirically, MSMEs contribute 49 per cent of GDP and employ 84 per cent of Nigeria’s workforce (PwC MSME Survey 2020 report).

“This simply means that having the right person with the right skillset, and who has the capacity and potentialities of igniting an MSME revolution that could serve as the silver bullet to cure unemployment and youth empowerment challenges nationwide, is vital.

“Believe it or not, having a Bank of Industry management that can nurture entrepreneurship and foster overall business development, devote time to the growth of MSMEs as well as create a conducive environment for businesses through practicable and not hypothetical policy reforms which Mr. Olusi has the qualification and experience to bring to the table, will in no small way impact our economy positively.”

ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE