The Bank of Industry (BOI) has reaffirmed the importance of strategic collaborations between the public and private sectors in driving industrial growth and small and medium enterprise (SME) development in Nigeria.
Speaking at the first interactive session between BOI and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), BOI CEO Dr. Olasupo Olusi emphasized the need for a collaborative approach to address challenges and foster an enabling environment for businesses to thrive.
“This is not a time for silos or isolated efforts,” Dr. Olusi said. “It is a time for co-creation. BOI’s role is not only to provide financing but also to support an enabling environment for businesses to thrive.”
The session, themed “Driving SME Development through Strategic Partnerships,” aimed to foster dialogue and identify actionable solutions to support SME growth.
Dr. Olusi highlighted six key areas of focus for BOI, aligning with President Bola Tinubu’s Renewed Hope agenda:
- MSME Development: Supporting micro, small, and medium enterprises to drive innovation and job creation.
He further emphasized the need for technology, sustainability, and skills development as core pillars of SME growth.
NACCIMA President Dele Oye underscored the urgent need for the government to empower the BOI to enhance private sector productivity and drive economic growth. He called for a reduction in lending rates by the Central Bank of Nigeria and urged the government to cap its borrowing to prevent crowding out the private sector.
“The BOI should be the pedestal for economic growth, and the loans provided must be affordable, with long tenure and single-digit interest rates,” Oye stated.
The meeting underscored the crucial role of strong public-private partnerships in achieving sustainable economic growth and development in Nigeria.
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