BOI Shifts Focus to Development Impact

Why this is here: LECON, a BOI subsidiary, provided over N33 billion in lease financing to businesses in agriculture, logistics, and mining by the end of last year.

Dr. Olasupo Olusi, Managing Director of Nigeria’s Bank of Industry, is refocusing the institution from a lender to a driver of measurable development.

In less than two years, Olusi reorganized BOI with global industry standards and created an Impact Group to track outcomes from its interventions. The bank will publish its first Annual Development Impact Report this June.

BOI expanded its physical presence from 31 to 36 offices across 33 of Nigeria’s states, extending financial services beyond major cities. Subsidiaries like LECON received N50 billion in recapitalization and delivered N33 billion in lease financing. The bank’s 2025–2027 strategy centers six pillars—youth, gender, infrastructure, digital tech, climate, and MSMEs—and utilizes debt, equity, and blended finance.

BOI launched an Impact Fund, investing $15 million in the New Africa Medical Centre and N25 billion in the National Credit Guarantee Company. The bank also seeks approval from the Central Bank of Nigeria to offer non-interest banking services. While BOI has made strides in tracking impact, measuring long-term economic transformation remains an ongoing process.