The Bank of Industry (BOI) has emphasized the necessity of gathering local capital to support Nigeria’s economic goals. During the 6th Annual Conference of the Association of Nigerian Development Finance Institutions (ANDFI), experts and policymakers discussed strategies for sustainable progress. Dr. Olasupo Olusi, the Managing Director of BOI and Chairman of ANDFI, stated that Nigeria must look inward for funding as international development finance becomes harder to secure.
Olusi highlighted that relying on domestic resources is now a requirement rather than a preference. He noted that these funds are crucial for boosting key sectors like infrastructure, agriculture, housing, and small businesses. Development finance institutions are uniquely tasked with connecting government goals with private sector activity to stimulate growth.
Even with global economic instability, Nigerian institutions continue to support President Bola Tinubu’s Renewed Hope Agenda. Minister of Finance Prof. Taiwo Oyedele added that reaching a one-trillion-dollar economy requires a focus on domestic savings. He explained that prioritizing internal resources positions the country for better long-term stability and works alongside foreign investment rather than against it.
