BOI Advocates for Domestic Capital Mobilization in Nigeria

The Bank of Industry (BOI) has called for stronger mobilization of domestic capital to finance Nigeria’s development agenda during the 6th Annual Conference and General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI). Dr. Olasupo Olusi, Managing Director and CEO of BOI and Chairman of ANDFI, stated that reliance on domestic resources is essential as access to long-term global development finance becomes more constrained.

He emphasized that domestic capital should significantly contribute to financing critical sectors such as infrastructure, industrialization, agriculture, housing, and MSME development. Prof. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, delivered the keynote address, asserting that Nigeria's goal of becoming a one-trillion-dollar economy hinges on effectively mobilizing domestic savings rather than depending on government borrowing or foreign capital.

He noted that Nigeria has substantial pools of capital, including pension assets and diaspora remittances, and stressed the need to convert these savings into productive investments.