Nigeria urged to boost domestic capital for development, says Bank of Industry chief

Dr. Olasupo Olusi, Managing Director and Chief Executive of the Bank of Industry, called on Nigeria to shift away from heavy reliance on foreign development finance and accelerate the mobilisation of domestic capital. Speaking at the 6th Annual Conference and General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja, Olusi highlighted that long‑term global development funding is becoming increasingly constrained. He urged the country to build a stronger domestic financing architecture to support key sectors such as infrastructure, industrialisation, agriculture, housing and micro, small and medium enterprises. Olusi stressed that development finance institutions must go beyond lending, acting as catalysts to mobilise capital, improve access to finance, strengthen businesses and drive inclusive economic growth. The remarks underline a strategic push for Nigeria to fund its development agenda through local resources rather than external sources.