Industrial Capacity Key to National Security and Defence, Says BOI Chief

The Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, has emphasised that no nation can achieve true security without strong industrial readiness, describing industrial capability as a core pillar of national defence.

Speaking at the inaugural lecture for Course 34 of the National Defence College in Abuja, themed “Optimising Capacity for Industrialisation and Socio-Economic Development in Africa,” Olusi said that industrial transformation is inseparable from national security, urging policymakers and defence stakeholders to view local manufacturing capacity as a measure of strategic strength.

He noted that a country’s ability to produce, maintain, and innovate locally determines how well it can sustain its military and protect its sovereignty.

“Industrial readiness should be treated as a defence asset. Local production capacity, spare parts ecosystems, and maintenance depth must become indicators of readiness that are deliberately planned, tested, and reported,” he said.

Dr. Olusi outlined five key priorities for strengthening industrial resilience:

1. Turning procurement into policy – using government purchasing power to build local supply chains for both civilian and defence needs.

2. Investing in technical skills – through factory-linked academies, apprenticeships, and partnerships between industries and technical institutions.

3. Developing defence-linked industrial clusters – anchored by reliable power and shared testing facilities.

4. Empowering vetted small and medium enterprises (SMEs) – to participate in supply chains under structured and secure arrangements.

5. Enhancing regional collaboration – to ensure industrial cooperation across African borders.

He challenged the military community to lead this transformation, saying, “If our armed forces can secure a nation, our factories can surely sustain it. Lead with clarity, execute with discipline, partner with purpose, and turn potential into performance.”

Highlighting the Bank of Industry’s contributions, Olusi said the institution’s 2025–2027 strategic plan is focused on six key areas: MSME support, gender-based enterprises, youth empowerment and skills development, climate finance, infrastructure, and the digital economy.

He explained that the bank continues to finance innovation hubs and sector-specific funding initiatives aimed at building a modern, tech-driven workforce.

“Productive transformation is the bridge between aspiration and achievement. It converts potential into power and resources into resilience,” he stated.

Olusi further revealed that the BOI had strengthened its funding base through instruments like Eurobonds, syndicated loans, and green finance options, which have expanded its capacity to offer long-term, affordable financing for industrial growth.

According to him, the BOI remains committed to projects that generate employment, boost exports, substitute imports, and promote sustainable development across Nigeria.

“Development finance isn’t just about disbursing loans—it’s about driving transformation, sustainability, and impact,” he added.

Concluding his address, Dr. Olusi urged the participants of the National Defence College to embrace leadership that combines discipline with innovation, and cooperation with conviction.

“A nation that builds can defend itself; a continent that manufactures can lead. Let history record that your generation moved Africa from potential to performance,” he declared.