The Bank of Industry (BOI) has honoured 10 top-performing business development service providers (BDSP) and inducted nine large and small and medium-sized enterprises (SMEs) into its Hall of Fame following their demonstration of prompt loan repayments, prudent fund management, commitment to expansion, job creation and business sustainability.

Speaking yesterday during the award ceremony at the bank’s office in Lagos, themed, ‘Celebrating Impactful Partnerships’, the Managing Director and Chief Executive Officer, BOI, Dr Olasupo Olusi, said the recognition of high-performing customers and businesses shows the critical role of strategic partnerships in driving the country’s industrial growth.

Olusi, who was represented by the bank’s Chief Strategy and Development Officer and Divisional Head, Strategy, Policy and Research, Dr. Isa Omagu, noted that the award ceremony was designed to recognise top-tier customers of the bank, who have demonstrated strong financial discipline, including prompt loan repayments, prudent fund management and a commitment to expansion, job creation and business sustainability.

“These enterprises play a vital role in ensuring the sustainability of the bank, promoting entrepreneurship, boosting local production, and generating foreign exchange through exports, all of which contribute to Nigeria’s gross domestic product (GDP),” he said.

He emphasised the importance of sustained support to enable businesses to thrive and contribute meaningfully to national growth, describing industries as the backbone of economic development.

According to him, the BOI Hall of Fame, established in 2014 with 44 companies inducted, has become a symbol of excellence for enterprises that uphold high standards of character, discipline and compliance with loan obligations.

The BOI boss also highlighted the role of the BDSPs, stating that the bank continues to leverage their expertise to strengthen the capacity, competitiveness, and viability of Micro, Small and Medium Enterprises (MSMEs) across the country.

Olusi explained that outstanding BDSPs were also recognised for their performance, as part of efforts to encourage excellence and inspire improved service delivery within the ecosystem.

Olusi reaffirmed BOI’s commitment to its developmental mandate, assuring that it would continue to provide financial support and pursue strategic collaborations in line with its 2025–2027 corporate strategy.

“I believe that this commission will further strengthen our resolve to continually support the industrial sector towards building a more resilient and productive environment. I want to emphasise that we will ensure that businesses in Nigeria get the necessary financial assistance and support to drive growth and development. We believe that there can be no inclusive growth or sustainable growth in Nigeria if we do not intentionally and proactively partner with stakeholders that can assist us in reaching our full potential,” he added.

Speaking at the event, the Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, lauded the bank for spotlighting successful businesses and promoting job creation within the organised private sector.

She noted that the stories shared by awardees underscored the critical role Small and Medium-sized Enterprises (SMEs) play in job creation and economic development, adding that the LCCI has consistently advocated policies and initiatives that strengthen such enterprises.

Drawing from her experience with the World Bank Group, the LCCI DG warned that poorly targeted funding often fails to deliver impact, noting the need for proper frameworks to ensure that financial support yields measurable results.

She emphasised that access to finance alone is insufficient to drive sustainable growth for SMEs, calling instead for a holistic support system that includes market access, skills and institutional structures.

Almona, however, encouraged the awardees to scale up their operations to ensure increased employment, higher revenues and broader contributions to the nation’s economy.

Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, commended the BOI for its continued efforts in promoting enterprise development and strengthening the country’s industrial ecosystem, as well as recognising excellence among business service providers.

Ajayi-Kadir, who was represented by the Chief Operating Officer of the Manufacturers Resource Centre, MAN, Tabitha Hembah, further commended the bank’s effort at acknowledging individuals and institutions whose contributions are critical to business growth in the country.

He stressed that BOI has continued to play a pivotal role in advancing industrial development, particularly through its support for the manufacturing sector, while also reiterating MAN’s support for initiatives that promote enterprise development and strengthen the country’s industrial base.

National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Jani Ibrahim, also commended the bank’s initiatives to strengthen businesses across the country, as well as its sustained support to the organised private sector (OPS).