BoI Reaffirms Drive for Sustainable Industrial Growth Across Africa
BoI Reaffirms Drive for Sustainable Industrial Growth Across Africa
James Emejo in Abuja
Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, has called for deliberate and coordinated actions to unlock Africa’s full industrial potential.
Delivering a lecture with the theme, “Optimising Capacity for Industrialisation and Socio-economic Development in Africa” at the inauguration of Course 34 of the National Defence College in Abuja, he said the continent possesses both the talent and resources to achieve rapid and sustainable industrial growth.
Olusi said Africa’s industrial journey was “not a matter of chance, but of deliberate choice,” urging governments, businesses, and citizens to align efforts toward building a resilient and competitive industrial base.
He outlined a five-point pathway to industrial transformation anchored on infrastructure and energy reforms, access to affordable long-term finance, investment in human capital, regional value-chain integration, and strong institutional coordination.
He said, “Industrialisation is not a miracle; it is a method. Progress is cumulative, not spontaneous. If we execute with patience, precision, and persistence, Africa can move from a continent that consumes to one that produces and protects itself.”
The BoI MD described the current period as a defining moment for the continent, noting that global disruptions—such as the green transition, new technologies, and shifts in global trade—offer Africa an opportunity to reimagine its economic model around self-reliance and innovation.
He said despite challenges such as inadequate infrastructure and energy deficits, the same barriers could become springboards for transformation if addressed strategically.
He pointed out that the International Energy Agency estimates that Africa would need about $25 billion annually until 2030 to achieve universal electricity access—a goal that would significantly boost productivity and reduce industrial costs.
Olusi said projects such as the Lagos–Abidjan Highway and Trans-Saharan Trade Route are vital for connecting industrial and agricultural zones, reducing freight costs, and facilitating intra-African trade.
He said, “Roads, railways, and power lines are not merely infrastructure—they are instruments of sovereignty,” he declared. “But beyond infrastructure, we must invest in people—engineers, machinists, and innovators—who will drive Africa’s next industrial revolution.”
He also stressed that affordable long-term financing remained the “oxygen of industrialization”, adding that high interest rates and limited credit continued to constrain manufacturers, development finance institutions (DFIs) which are crucial in providing patient capital for strategic sectors such as manufacturing, renewable energy, and technology.
He said, “The Bank of Industry continues to raise capital through debt instruments, syndicated loans, and green financing to support productive enterprises.
“Our aim is to make every dollar of public capital count—driving impact, sustainability, and profitability.”
He also highlighted the potential of diaspora remittances, which exceed $100 billion annually, as an untapped resource for financing Africa’s industrial development.
According to him, redirecting a portion of these funds toward productive ventures would complement public and private sector investments.
Olusi identified human capital as Africa’s greatest asset, stressing that the continent’s young population could become a competitive advantage if equipped with the right technical and vocational skills.
He said, “Africa has over 60 percent of its population under the age of 25, yet fewer than 10 percent receive vocational or technical training,” he said. “We must move from degree-oriented education to skills-driven learning that connects classrooms to factory floors.”
Olusi commended Nigeria’s Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) for their efforts to promote local production of arms, drones, and other military equipment. He said industrial capacity should be viewed as a component of national defense and security.
He said, “A secure Africa must also be an industrialised Africa,” he said. “A nation that cannot produce its own food, medicine, or machinery cannot claim to be secure.”
He urged participants of the Defence College to treat industrial readiness as a strategic defense objective and to promote local production capacity as an indicator of national resilience.
Olusi concluded with a call to action, urging Africa’s leaders to transform vision into execution.
“Industrialisation demands discipline, collaboration, and clarity of purpose,” he said. “If we begin today, within five years we can export at scale and within a generation we can achieve true economic sovereignty.”
James Emejo in Abuja Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, has called for deliberate and coordinated actions to unlock Africa’s full industrial potential. Delivering a
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