Sayo Alagbe &
Femi Emmanuel
The Managing Director/Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi, has called for stronger alignment of talent, technology, capital, and institutions to drive Nigeria’s economic transformation.
Olusi made the call while delivering the 18th Convocation Lecture at The Great Hall of Ladoke Akintola University of Technology (LAUTECH) on Tuesday. The lecture was titled “From Talent to Productivity: Organizing Tech-Driven Growth for Nigeria’s Economic Transformation.”
He said Nigeria is richly endowed with human talent, natural resources, a youthful population, and one of Africa’s largest domestic markets, but has struggled to convert these advantages into sustained productivity and industrial growth.
According to him, productivity is not merely about working harder, but about creating more value from available resources. He noted that sectors such as manufacturing and agriculture continue to lag behind peer economies due to high production costs, skills shortages, and weak commercialization of innovation.
Olusi identified technology as the key link between talent and productivity, citing Nigerian fintech firms such as OPay, Moniepoint, PalmPay, and Kuda for expanding access to finance and supporting small businesses.
He also pointed to agritech innovations helping farmers improve yields through satellite data, soil sensors, drones, and artificial intelligence, describing such tools as critical for boosting food production and reducing post-harvest losses.
The BOI boss said development finance institutions must support productivity by funding technology adoption, entrepreneurship, and industrial expansion. He disclosed that the Bank of Industry would launch an online loan application platform by June 1, 2026, to speed up access to financing for businesses.
Olusi further revealed that BOI is partnering with the Federal Ministry of Education on a Student Venture Capital Grant Programme, which will provide up to ₦50 million for students with innovative ideas, especially in science and technology.
He added that BOI has established 15 innovation hubs nationwide, supported over 9,200 aspiring entrepreneurs, and helped create 950 startups.
Commending the Federal Government’s digital initiatives, he highlighted programmes such as the 3MTT Programme, aimed at training millions of young Nigerians in artificial intelligence, cybersecurity, software development, and data science.
Addressing graduating students, Olusi urged them to focus on solving real problems, prioritize production over hype, collaborate across disciplines, uphold integrity, and strengthen institutions.
On migration trends, he advised youths seeking opportunities abroad to do so with purpose while maintaining ties with Nigeria, stressing that national transformation would be driven by those contributing both at home and from the diaspora.
He concluded that Nigeria already possesses the ingredients for prosperity and only requires disciplined execution to transform talent into productivity.
“You are the builders. Go and build,” he charged the graduating class.
Olusi also commended the Vice-Chancellor of LAUTECH, Prof. Rasaq Olatunde Rom Kalilu, as well as the university’s leadership, staff, and students for fostering a culture of innovation.
He praised the institution’s research and product development efforts, noting that LAUTECH is producing not only skilled graduates but also practical solutions.
“I was particularly inspired by the products coming out of LAUTECH, not just in terms of talent, but actual innovations. The university is producing functional food solutions that could address health concerns such as diabetes, hypertension, and respiratory conditions,” he said.
He added that the exhibition of innovations during his visit was both enlightening and encouraging, describing it as evidence of the institution’s commitment to practical, impact-driven research.
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