The Bank of Industry (BoI) has met with representatives from the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small Scale Industrialists (NASSI) to discuss strategies that will foster industrial growth.

Olasupo Olusi, managing director, BoI, speaking at an interactive forum with key stakeholders from the organised private sector on Monday, in Abuja, said that the forum aims to strengthen collaboration and develop innovative solutions to challenges facing the manufacturing and small-scale industrial sectors.

Olusi emphasised the pivotal role these organisations play in driving Nigeria’s economic progress, describing them as “the bedrock of industrialists in Nigeria.”

He highlighted the importance of collaboration in overcoming sector-specific challenges, noting that the session offered an opportunity to co-create solutions.

“This interactive session is focused on the three critical organizations we have already engaged with through Memorandums of Understanding (MoUs): MAN, NASME, and NASSI. It is critical for us to chart a way forward for industrial growth in Nigeria. For the very first time, we have heard directly from these stakeholders, and this has provided us the opportunity to co-create innovative solutions,” Olusi said.

According to him, the forum serves as an open platform for participants to share insights, challenges, and recommendations. Stakeholders discussed the need for ecosystem development to create a supportive environment for manufacturers, small businesses, and industrialists.

He noted that the interactive forum is part of the BoI’s broader strategy to engage with stakeholders, foster innovation, and strengthen Nigeria’s industrial landscape.

Isa Omagu, BOI’s chief strategy and development officer, stressed the need for stronger partnerships between government agencies, financial institutions, and private enterprises.

He highlighted critical economic issues such as inflation, exchange rate volatility, and poverty, which require collaborative efforts to address.

Omagu outlined the BoI’s vision to align with the federal government’s economic priorities, including promoting food security, Gross Domestic Product (GDP) growth, and economic stability. He urged stakeholders to focus on export promotion and import substitution as key strategies to reduce pressure on Nigeria’s foreign exchange reserves.

“The more we export and the less we import, the stronger our reserves become. This collaborative effort will not only stabilize the economy but also ensure sustainable growth,” Omagu noted

The bank reaffirmed its commitment to supporting the private sector through financial services, capacity-building initiatives, and ecosystem-driven industrial development.

Participants commended the BoI for creating the platform, expressing optimism about the potential for improved collaboration and innovative solutions to industrial challenges.