BOI seeks stronger domestic capital to drive Nigeria’s devpt agenda

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Bank of Industry

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By Etop Ekanem

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The Bank of Industry (BOI) has reaffirmed that mobilising domestic capital has become imperative to financing Nigeria’s development priorities, as policymakers, development finance institutions (DFIs), and multilateral partners converged to chart a path towards sustainable economic growth.

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Speaking at the 6th Annual Conference and General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI), themed “Unlocking Domestic Capital for Development Financing,” Managing Director and Chief Executive Officer of the Bank of Industry and Chairman of ANDFI, Dr. OlasupoOlusi, said Nigeria must increasingly rely on domestic resources to fund critical sectors as access to long-term global development finance becomes more constrained.

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According to Olusi, the conference theme reflects one of the country’s most pressing economic priorities, adding: “As access to long-term global development capital becomes increasingly constrained, mobilising domestic resources is no longer simply desirable. It is essential.”

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He explained that domestic capital must play a greater role in financing infrastructure, industrialisation, agriculture, housing, MSME development and other strategic sectors identified in Nigeria’s long-term development agenda.

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Olusi noted that development finance institutions occupy a unique position at the intersection of public policy and private enterprise, with the responsibility of mobilising capital, expanding access to finance, supporting businesses and catalysing sustainable economic development.

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Despite tighter global financing conditions and heightened uncertainty, he said Nigerian DFIs have remained committed to advancing the country’s development priorities and supporting President Bola Tinubu’s Renewed Hope Agenda.

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Delivering the keynote address, Minister of Finance and Coordinating Minister of the Economy, Prof. TaiwoOyedele, said Nigeria’s ambition of building a one-trillion-dollar economy would depend on effectively mobilising domestic savings rather than relying primarily on government borrowing or foreign capital.

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He argued that countries that successfully mobilise domestic resources would be better positioned for long-term economic growth, stressing that domestic capital complements rather than replaces foreign investment.

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