Get Guardian on GoogleThe transformation of the former Nigerian Industrial Development Bank (NIDB) into the Bank of Industry (BoI) has been recommended as a model for reforming other government-owned enterprises.
Speaking at the 2026 yearly Directors’ Conference of the Chartered Institute of Directors (CIoD) Nigeria, Chairman of the National Organising Committee of the Conference, Dr Waheed Olagunju, said the bank has raised more than $7 billion from the international financial system in the last eight years and signed a $100 million facility with the International Finance Corporation (IFC) the previous week.
“I would like to underscore and possibly recommend the kind of transformative reform of the defunct Nigerian Industrial Development Bank (NIDB) which metamorphosed into the Bank of Industry,” he said.
He said successive boards of the bank had provided the right leadership, adding that he had been involved in its development from inception to fruition.
“As an active participant over 28 years, I am convinced that existing government-owned enterprises would find BOI’s reform experience beneficial,” he said.
Olagunju also spoke about the institute’s efforts to strengthen engagement with government, saying the current CIoD leadership had established a Government Liaison Committee chaired by retired Federal Permanent Secretary, Mrs Fatima Mede.
He said one of the committee’s early outcomes was a memorandum of understanding between CIoD Nigeria and the Ministry of Finance Incorporated (MOFI) on improving cooperation in government-owned enterprises.
Meanwhile, Chairman of the conference, Emmanuel Ocholi, said improved corporate profits did not automatically translate into national prosperity.
“A company may report improved profits while its supply chains remain disconnected from local enterprises. An organisation may adopt sophisticated technologies without adequately investing in its workforce’s skills,” he said.
He said boards should consider the quality of employment their organisations support, opportunities created for local businesses, human capital development, responsible use of natural resources and the wider consequences of their strategic decisions.
According to Ocholi, inclusion should not be treated as a charitable addition to business strategy but as part of the foundations of a resilient economy.
“When more people and businesses can participate productively in economic activity, the market broadens, the supply base strengthens, and the potential for sustainable growth increases,” he said.
He also said sustainability should influence how organisations invest, manage resources, assess long-term risks and preserve their ability to operate in the future, rather than being reduced to reporting exercises or regulatory compliance.
He urged directors to look beyond periodic financial results and consider whether their organisations were building the capabilities required to remain relevant and competitive over the long term.
Ocholi identified infrastructure constraints, financing challenges, changing regulatory requirements and skills gaps among the difficulties confronting businesses in Nigeria.
Although boards could not resolve every national economic challenge, he said they could contribute by promoting investment in productive capacity, supporting innovation, strengthening internal controls and insisting on ethical business practices.
