In a significant development for Nigeria's industrial sector, Dr. Olasupo Olusi, CEO of the Bank of Industry (BoI), emphasized the critical role of public-private partnerships (PPPs) in driving industrial growth and supporting small and medium-sized enterprises (SMEs). This statement was made during an event on January 26, 2025, themed 'Driving SME Development through Strategic Partnerships,' which aimed to foster dialogue and innovation among stakeholders in the industry [625338ac].
Dr. Olusi highlighted the urgent need for collaboration between the public and private sectors to address existing infrastructure gaps and regulatory bottlenecks that hinder industrial progress. He noted that such partnerships are essential for creating an enabling environment for SMEs to thrive, which is vital for the overall economic growth of Nigeria [625338ac].
In conjunction with this initiative, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), had previously signed a tripartite agreement with the BoI and the Development Bank of Nigeria (DBN) to enhance funding for women-owned businesses under the Women Entrepreneurs Finance (We-Fi) Code initiative. This agreement aims to address the significant financing gap for women entrepreneurs, estimated at N294 billion, and is part of a broader strategy to empower women and stimulate economic growth [a9dc805c].
Additionally, Governor Gboyega Oyetola of Osun State announced a N10 million business grant for over 200 women entrepreneurs, further underscoring the importance of supporting female entrepreneurship as a means to boost local economies [b9304fb5].
The discussions at the recent event also included calls from NACCIMA President Dele Oye for the government to empower the BoI to enhance productivity and reduce inflation to 15%. Oye urged for increased funding for development banks and lower lending rates, emphasizing their critical role in achieving Nigeria's economic targets [625338ac].
These initiatives collectively reflect a growing recognition of the importance of strategic partnerships and financial inclusion in fostering a sustainable economic environment in Nigeria, aligning with the CBN's Framework for Advancing Women’s Financial Inclusion and the ongoing efforts to support SME development [a9dc805c].