BoI to Nigeria, others: Industrialise or remain behind

The Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, has urged Nigeria and other African nations to translate the continent’s vast potential into sustained and inclusive growth through deliberate industrialisation efforts. Speaking at the inauguration of Course 34 of the National Defence College in Abuja on Thursday, Olusi said Africa’s industrialisation “is […]

The Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, has urged Nigeria and other African nations to translate the continent’s vast potential into sustained and inclusive growth through deliberate industrialisation efforts.

Speaking at the inauguration of Course 34 of the National Defence College in Abuja on Thursday, Olusi said Africa’s industrialisation “is not a matter of chance, but of deliberate choice,” as he outlined a five-point roadmap for the continent’s economic transformation.

Delivering a lecture titled “Optimising Capacity for Industrialisation and Socio-Economic Development in Africa,” the BoI chief identified five critical enablers of growth: infrastructure and energy reforms, access to affordable long-term finance, investment in human capital, regional value-chain integration, and institutional coordination.

“Industrialisation is not a miracle; it is a method. Progress is cumulative, not spontaneous. If we execute with patience, precision, and persistence, Africa can move from being a continent that consumes to one that produces and protects itself,” Olusi said.

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As Nigeria’s oldest and largest development finance institution, the BoI has in recent years championed regional partnerships to promote industrialisation, renewable energy, and small business growth across Africa.

Olusi described the current period as a “defining moment” in the global economic order, stressing that Africa must position itself to take advantage of emerging global shifts — including the green transition, rapid technological change, and evolving trade dynamics.

He noted that Africa’s deficits in power and infrastructure, if addressed strategically, could serve as catalysts for innovation and competitiveness.

Citing data from the International Energy Agency, he said the continent requires massive investment to achieve universal electricity access — a milestone that would enhance productivity, lower costs, and boost industrial capacity.

Highlighting regional infrastructure projects such as the Lagos–Abidjan Highway and the Trans-Saharan Trade Route, Olusi described them as vital for linking agricultural and industrial hubs, reducing freight costs, and expanding intra-African trade.

“Roads, railways, and power lines are not just infrastructure — they are instruments of sovereignty. But beyond infrastructure, we must invest in people — engineers, machinists, and innovators — who will drive Africa’s next industrial revolu