Industrial readiness critical to Nigeria’s defence, security, says BOI boss

The managing director of the Bank of Industry, Olasupo Olusi, has underscored the imperative of industrial readiness as a critical defence objective, stressing its importance for national defence and security.
Mr Olusi made the assertion at the National Defence College Course 34 inaugural lecture in Abuja, with the theme ‘Optimising Capacity for Industrialisation and Socio-Economic Development in Africa’.
The BOI boss, who was the guest lecturer, highlighted the significance of industrial transformation for national defence and security.
He stated that local production capacity, spare-parts ecosystems, and maintenance depth should be treated as readiness indicators to be planned, tested, and reported.
Mr Olusi outlined five imperatives for immediate and sustained action, including turning procurement into policy, championing technical skills, developing defence-linked industrial clusters, and fostering regional cooperation.
“Turn procurement into policy; use framework and off-take contracts to grow local suppliers for dual-use items such as textiles, cables, radios, IV fluids, and vehicle components. Establish factory-linked academies, apprenticeships, and joint laboratories with polytechnics and manufacturers, promoting competency-based training over certification,” he said.
Mr Olusi also called for anchoring at least one proximate industrial zone with reliable power, shared tool rooms, and testing facilities, ensuring access for vetted SMEs under secure protocols, as well as fostering regional cooperation.
He urged the participants to operate where discipline, logistics, and mission command are second nature, precisely the qualities required for industrial transformation.
Mr Olusi also highlighted the role of BOI in advancing industrialisation, citing its 2025-2027 strategy focused on MSMEs, gender businesses, youth and skills, climate finance, infrastructure, and the digital economy. He stated that the bank had developed specific sector funding windows across various industries and had sponsored innovation hubs to ensure a modern workforce.
Mr Olusi noted that productive transformation was the bridge between aspiration and achievement, and that Africa has the talent, resources, and market to achieve this transformation.
“The bank continues to deepen its capital base by leveraging various debt instruments on the international capital markets through Eurobonds, syndicated loans, and green finance instruments. These funds have strengthened our capacity to continually support enterprises with affordable, long-term financing in a sustainable manner,” he added.
According to him, BOI has sponsored several innovation hubs across the nation to ensure that industries are manned by a modern workforce.
“The bank of Industry remains deeply committed to advancing industrialization, supporting projects that generate jobs, promote exports, enable import substitution, and contribute to sustainable national development. These efforts reflect one truth: development finance is not just about loans; it is about impact, sustainability, and transformation,” he said.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
![Jens Spahn. [PHOTO CREDIT: ZDF]](https://gazettengr.com/wp-content/uploads/Jens-Spahn.jpg)
Heading 4
German lawmaker resigns after backlash for welcoming child through surrogacy
The 46-year-old politician and his party, the Christian Democratic Union (CDU), had backed a ban on surrogacy.

Lagos
Troops nab six suspects in Lagos oil bunkering raid, dismantle site
Mr Yahaya said items recovered during the operation included four drums, two of which contained suspected illegally refined petroleum products.

States
Gov. Yahaya swears in 23 commissioners, 13 aides
Mr Yahaya also urged the appointees to implement policies and deliver good governance during the remaining period of his tenure.

States
Adamawa ADC governorship candidate pledges agricultural reform, improved security
He described Adamawa as an agrarian state with immense potential for economic growth and food security.

Lagos
Lagos lawmaker empowers 60 Apapa residents with fish farming equipment
Mr Adedayo said the initiative was designed to create sustainable livelihoods, enhance food security and improve residents’ economic well-being.

Health
Health experts urge pet vaccination as rabies outbreak claims two lives in FCT
The experts said rabies is entirely preventable through routine animal vaccination and prompt medical treatment after exposure.





