The Managing Director of Bank of Industry (BOI), Dr. Olasupo Olusi, has emphasised that industrial readiness must be treated as a strategic national defence objective, stressing that no nation can be truly secure without a strong industrial base.
Olusi made the assertion in Abuja during the National Defence College Course 34 inaugural lecture themed: “Optimising Capacity for Industrialisation and Socio-Economic Development in Africa.”
Delivering the lecture as the guest speaker, the BOI chief said industrial transformation is essential to sustaining national defence and security, noting that local production capacity, spare-parts ecosystems, and maintenance depth should be measured and reported as key readiness indicators.
He outlined five priority actions for immediate implementation, 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,” Olusi said.
He further called for the establishment of factory-linked academies, apprenticeships, and joint laboratories with polytechnics and manufacturers to promote competency-based training over paper certification.
According to him, at least one industrial zone with reliable power, shared tool rooms, and testing facilities should be anchored near defence operations, with controlled access for vetted SMEs under secure protocols.
Olusi added that effective industrial transformation requires the discipline, logistics, and mission-oriented mindset that are already second nature to the armed forces.
“If our armed forces can secure a nation, our factories can surely sustain it. Lead with clarity, execute with discipline, partner with purpose, and let your course be remembered as the one that turned potential into performance,” he charged the participants.
Highlighting the BOI’s role in driving industrialisation, Olusi said the bank’s 2025–2027 strategy focuses on six thematic areas: MSMEs, gender businesses, youth and skills, climate finance, infrastructure, and the digital economy.
He noted that BOI continues to deepen its capital base through Eurobonds, syndicated loans, and green finance instruments, enabling it to provide affordable, long-term financing for enterprises.
Olusi explained that the bank had also sponsored several innovation hubs to ensure industries are staffed by a modern, skilled workforce.
“Development finance is not just about loans; it is about impact, sustainability, and transformation,” he stated.
He concluded with a call to action, urging defence leaders to drive industrial transformation with the same commitment they bring to national security.
“A nation that produces can protect; a continent that manufactures can lead. Let history record that in your time, Nigeria and Africa moved from potential to performance,” Olusi said.
