The Bank of Industry (BOI) has reaffirmed its dedication to empowering Nigerian artisans and technicians, recognizing their crucial role in driving inclusive economic development and spearheading the nation’s industrial transformation. These skilled individuals, numbering over 12 million, are viewed not merely as workers but as catalysts for grassroots entrepreneurship, job creation, and overall national progress. The BOI’s commitment was underscored at the 2025 Nigerian Artisans Leadership Summit held in Abuja, a gathering that brought together representatives from artisan associations, government agencies, development partners, and the private sector. The summit’s theme, “Unlocking the Inherent Potential of Nigerian Artisans and Technicians,” encapsulates the BOI’s focus on inclusive growth, ensuring that no skill set is overlooked in the pursuit of economic advancement.
The summit served as a platform to identify the multifaceted challenges confronting informal workers and to chart a roadmap for their integration into the formal economy. BOI Managing Director, Olasupo Olusi, highlighted the importance of ensuring that talent is not wasted due to lack of support, that burgeoning businesses are not stifled by limited access to resources, and that informal skills are not excluded from formal opportunities. He emphasized the urgency of addressing systemic issues faced by artisans, including limited access to affordable financing, inadequate research and development, outdated equipment, insufficient training opportunities, poorly structured businesses, and minimal participation in export markets.
To tackle these challenges, the BOI has strategically aligned its 2025-2027 Corporate Strategy around six key pillars. These pillars encompass strengthening Micro, Small, and Medium Enterprises (MSMEs), promoting youth empowerment and skills development, expanding opportunities within the burgeoning digital economy, fostering climate resilience and sustainability initiatives, investing in critical infrastructure, and ensuring gender inclusivity across all interventions. These pillars are not simply bureaucratic categories but serve as lenses through which the BOI is reimagining and enhancing its support for artisans and grassroots entrepreneurs.
The BOI’s mission extends beyond mere financial support; it encompasses providing crucial advisory services to Nigerian enterprises that sustain local economies and drive national growth. The bank’s overarching vision is to transform Nigeria’s industrial landscape by empowering the very enterprises that fuel the nation’s economic engine. Artisans and grassroots entrepreneurs are at the heart of this vision, representing the foundation upon which sustainable and inclusive growth can be built. This commitment aligns with the understanding that development cannot be outsourced or imported; it must be cultivated organically through skill, passion, and purpose – the very qualities embodied by Nigerian artisans.
The BOI’s support for artisans goes beyond financial assistance, encompassing mentorship, training, and market access facilitation. The bank recognizes the critical role of artisans in driving innovation, preserving cultural heritage, and creating employment opportunities, particularly in rural and underserved communities. By investing in the development and modernization of the artisan sector, the BOI aims to unlock its full potential, transforming it into a dynamic and globally competitive force. This involves providing access to modern tools and technologies, promoting best practices in production and management, and facilitating access to both domestic and international markets.
The Artisan Leadership Summit represents another significant step in the BOI’s broader strategy to deepen financial inclusion, promote sustainable livelihoods, and unlock the vast untapped potential within Nigeria’s informal sector. By creating a platform for dialogue, collaboration, and knowledge-sharing, the summit has paved the way for a more integrated and inclusive approach to economic development. This approach recognizes the indispensable role of artisans in shaping Nigeria’s economic future and emphasizes the importance of providing them with the necessary support and resources to thrive. The BOI’s commitment, coupled with the active participation of various stakeholders, signals a promising future for Nigerian artisans and the wider informal sector.
