BoI management can Jump-start economy – APC Chieftain

Darlington Nwauju, a key figure in the All Progressives Congress (APC) in Rivers State, has asserted that the current management of the Bank of Industry (BoI) possesses the potential to significantly revitalize Nigeria’s economy.

Speaking against the backdrop of persistent national and global economic challenges following the 2020 downturn, Nwauju expressed optimism about BoI’s role under its new leadership.

Nwauju, who serves as the Publicity Secretary of the APC in Rivers State, praised the appointment of Olasupo Olusi as Managing Director and Chief Executive Officer of BoI. Describing Olusi as young and cerebral, he suggested that the new MD/CEO’s leadership could be a turning point for the country. He noted that Olusi has the skills and experience to improve Nigeria’s internally generated revenue (IGR), create jobs, and strengthen the naira.

Citing global data from 2020, Nwauju pointed out that Nigeria is not among the top 10 countries with the highest new business formation growth, with Thailand holding the 10th position. However, he emphasized that Nigeria’s micro, small, and medium enterprises (MSMEs) offer a powerful economic driver, contributing 49% of the country’s GDP and employing 84% of its workforce, as outlined in the PwC MSME Survey 2020 report.

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Nwauju believes that with the right leadership, such as Olusi’s, the BoI could spearhead an MSME revolution that would tackle unemployment and youth empowerment challenges. He highlighted that nurturing entrepreneurship and fostering business development are essential to creating sustainable economic growth, noting that the BoI must focus on practical, not hypothetical, policy reforms.

“Having a Bank of Industry management that can nurture entrepreneurship, foster overall business development, and focus on MSME growth, combined with Mr. Olusi’s experience, will undoubtedly have a positive impact on Nigeria’s economy,” Nwauju concluded.

This vision for BoI management suggests a potential silver bullet for Nigeria’s unemployment issues and offers hope for a more vibrant and empowered youth demographic.