Industrial readiness critical to Nigeria’s defence, security—Olusi

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