BY SAM OTUONYE
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has stated that institutions are measured not by the resources that they deploy, but by the impact that they create, insisting that development finance must be judged by the lives it transforms.
He made the position at the Bank of Industry (BOI) launch of its inaugural edition of Annual Development Impact Report 2025: Stakeholders Engagement Forum, on Thursday, July 2, 2026, in Abuja.
The Minister, represented by the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, speaking on the theme: “How do we finance Nigeria’s Future”, noted that the ambition requires sustained investment, strong institutions, enduring partnerships, discipline to prepare budgets and courage to protect investments.
“Achieving this ambition requires sustained investment, strong institutions, and enduring partnerships. But it is also—it also requires something more fundamental: the discipline to prepare projects properly, the courage to protect investments, and the coordination to align every Naira with national priorities.
“Across the world, the architecture of development finance is changing. Traditional aid is giving way to investment-led partnerships. At least the EU, they’ve told us that much. Public resources must mobilize private capital. Governments will now be judged not by how much they spend, but by how effectively they leverage investment, manage risks, deliver measurable impact, and inspire confidence.
“Nigeria must also not simply adapt to this new reality; we must help to shape it. And this is where the Federal Minister of Budget and Economic Planning has a unique responsibility. We are the custodians of Nigeria’s development cooperation architecture, where every dollar of external financing must advance Nigeria’s national priorities. We provide a platform for aligning federal, state, and local government priorities with private sector participation and development cooperation.”
Bagudu said that the current administration has made reforms that would attract investments, expand enterprises and create jobs, with a vision to achieve a $1 trillion economy.
“Under President Bola Ahmed Tinubu GCFR, Nigeria has executed far-reaching reforms that are now institutionalized. And the purpose of these reforms is singular: to create an economy that attracts investment, expands enterprises, and creates jobs. That vision is anchored in the Renewed Hope Agenda, supported by the National Development Plan 2026 to 2030, and driven by the Nigeria Agenda 2050. At the heart of the vision to achieve a $1 trillion economy is expanding productivity, building globally competitive industries, strengthening food security, empowering entrepreneurs, creating quality jobs, and ensuring that growth translates into shared and in-inclusive prosperity.”
The Minister commended the Bank of Industry (BOI) on its role in development financing and investment, tasking it on stronger governance and top-notch operational standards.
“The next frontier for Nigeria’s development finance institutions is to become architects of investment ecosystems, and BOI is leading in this regard. And this requires stronger governance and institutional systems, where development finance institutions must operate with the highest standards.
“Ensure completeness and ownership across the federation. It also includes a bottom-up approach to development using the Renewed Hope World Development Program to identify and catalyze opportunities starting at the ward level to ensure inclusive and shared prosperity. What this means in practice is that investments to scale, that the investments that we need to scale a $1 trillion economy will only succeed when project preparation is prioritized and financed.
The greatest constraint to investment is not the availability of finance but the availability of bankable projects so far has been one of the major impediments to attracting investments into Nigeria. Therefore, project preparation is where vision becomes investment. It transforms ideas into opportunities, concepts into bankable transactions, and ambition into measurable economic growth.”
The Managing Director of Bank and Chief Executive Officer of Industry, Dr Olasupo Olusi, in his opening remarks said the 2025 report was a watershed in the operations of BOI highlighting the volume of impact it created, even to the local communities.
“The year 2025 marked a defining moment for BOI. It was the year we deliberately shifted our focus from measuring success primarily by the volume of financing that we provide to measuring the impact our financing creates. Today’s launch reflects that strategic shift. Through the disciplined execution of our 2025-2027 corporate strategy, we laid a solid foundation for delivering positive development outcomes across Nigeria.
“We supported businesses across diverse sectors and segments of our economy, strengthened value chains, and expanded access to finance invested in critical infrastructure that enhances national productivity and competitiveness. Most importantly, our interventions translated into tangible impact by supporting millions of jobs, reducing carbon emissions, strengthening digital and other infrastructure, and empowering women and youth.
“This work has been guided by a clear conviction: development finance must be inclusive, must be sustainable, and it will be transformational, from supporting nano, micro, small, and medium enterprises to advancing youth and women-led businesses, financing infrastructure, all that enables enterprise growth. We have remained focused on ensuring that development reaches every segment of our society.”
“The Annual Development Impact Report is therefore BOI’s institutional expression of our commitment to impact. It reflects our determination to measure development outcomes with the same discipline and rigor that we apply to financial performance. By strengthening how we evaluate, how we report, and learn from our interventions, we are building a more accountable, transparent, and impact-driven institution.”
Olusi said BOI is committed to accountability and transparency, as it strives towards deepening its impact and partnerships.
“To reinforce that commitment, this inaugural report has been independently assured by KPMG and the Policy Innovation Centre, thereby providing additional validation to the work that we do. We believe accountability in development finance extends beyond financial reporting to demonstrating the real difference our interventions make to businesses, communities, standards of living, and the Nigerian economy at large.
“As we look ahead, our priority remains clear: to deepen our impact, to expand strategic partnerships, and continue aligning our financing activities with Nigeria’s national development priorities.”
Also speaking, the Minister of Industry, Trade and Investment, Senator John Eno, commended BOI, noting that it has impacted so many MSMEs which he has witnessed across the country, translating enterprise potential into tangible outcomes, new businesses supported jobs created, livelihoods improved, and value chains strengthened.
“BOI has continued to expand access to finance for MSMEs, support youth-led enterprises, promote gender inclusion, and strengthen businesses that are driving innovation across our economy. The bank’s growing focus on climate, on sustainability, on infrastructure, on technology-enabled enterprise reflects the future-facing direction Nigeria must take if we are to build a resilient and a competitive industrial base. By providing finance to productive sectors and because of my thought of duty, if I’ve visited 50 enterprises or industries or companies, there is none that has failed to begin by acknowledging the impact and the contributions of the Bank of Industry.
“BOI has helped translate enterprise potential into tangible outcomes, new businesses supported jobs created, livelihoods improved, and value chains strengthened. These interventions are also contributing to our broader economic growth with the manufacturing sector continuing to solidify its position as a cornerstone of national productivity.”
