The Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, has called for stronger collaboration among governments, businesses, and citizens to build a resilient and competitive industrial base across Africa. He emphasised the need for deliberate and coordinated actions to unlock the continent's vast industrial potential, noting that Africa possesses both the talent and resources required for rapid and sustainable growth.
Speaking at the inauguration of Course 34 of the National Defence College in Abuja, themed "Optimising Capacity for Industrialisation and Socio-Economic Development in Africa," Olusi stated that Africa's industrial journey must be a matter of deliberate choice rather than chance.
He outlined a five-point pathway for industrial transformation centred on infrastructure and energy reforms, access to affordable long-term finance, investment in human capital, regional value-chain integration, and strong institutional coordination.
"Industrialisation is not a miracle; it is a method. Progress is cumulative, not spontaneous," Olusi said. "If we execute with patience, precision, and persistence, Africa can move from a continent that consumes to one that produces and protects itself."
He explained that ongoing global disruptions — including the green energy transition, emerging technologies, and shifts in global trade — present Africa with a unique opportunity to reimagine its economic model around self-reliance and innovation.
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While acknowledging the continent's persistent challenges such as inadequate infrastructure and energy deficits, Olusi noted that these obstacles could become catalysts for transformation if addressed strategically. Citing the International Energy Agency, he said Africa requires about $25 billion annually until 2030 to achieve universal electricity access — a milestone that could significantly boost productivity and reduce industrial costs.
He also highlighted the constraints posed by high interest rates and limited credit to manufacturers, stressing the importance of Development Finance Institutions (DFIs) like the BOI in providing long-term capital for strategic sectors such as manufacturing, renewable energy, and technology.
Olusi revealed that the BOI continues to raise funds through debt instruments, syndicated loans, and green financing to support productive enterprises. According to him, the goal is to ensure that every dollar of public capital delivers measurable impact, sustainability, and profitability.
He concluded with a call to action, urging African leaders to turn vision into execution. "Industrialisation demands discipline, collaboration, and clarity of purpose. If we begin today, within five years we can export at scale, and within a generation, we can achieve true economic sovereignty," he said.
