The development of Nigeria’s rural communities has long been a national priority, but progress has often been constrained by challenges such as limited access to finance, inadequate infrastructure, and scarce economic opportunities. In the past, initiatives such as the Better Life for Rural Women, the Directorate of Food, Roads, and Rural Infrastructure (DFRRI), and the People’s Bank sought to mobilise communities, support food and cash crop production, enhance food security, and construct rural feeder roads to strengthen economic activities.

These efforts were also aimed at improving rural living standards by expanding access to water, promoting small enterprises, and creating opportunities for employment and human development. Yet, despite these ambitions, their overall impact was limited.
Today, a new approach is changing the narrative. A new initiative, Rural Area Programme on Investment for Development (RAPID) spearheaded by the Bank of Industry (BOI) is changing the narrative.

In alignment with President Bola Tinubu’s Renewed Hope Agenda, the programme is designed to foster entrepreneurship, create jobs, alleviate poverty, and bridge the gap between urban and rural Nigeria. RAPID offers rural communities the financial and institutional support they need to thrive. As BOI sustains and expands this programme, it is imperative for the 36 states and the Federal Capital Territory, especially those yet to participate, to take immediate steps to do so. RAPID is a lifeline for the rural economy, and it must not be ignored.

A Transformative Approach to Rural Development
The RAPID Programme provides a comprehensive mix of financial support, combining grants and loans to empower rural entrepreneurs. It strengthens local value chains across critical sectors such as agro-processing, food production, waste recycling, agroforestry, renewable energy, and agribusiness supply chain management, including logistics and warehousing. These industries are vital not only to Nigeria’s overall economy but also to rural livelihoods. Their growth can create jobs, diversify the economy, and provide sustainable income for millions of Nigerians.

What distinguishes RAPID is its scale and focus. The programme began with an initial N3.7 billion fund to support 10 projects in each of the 36 states and the FCT, with an obligor limit of ₦N10 million per project. Due to strong demand and popularity, BOI expanded the fund to N5 billion, enabling more rural businesses to benefit from its support. This strong uptake demonstrates the appetite and capacity of rural communities to drive economic transformation when given access to finance.

Empowerment and Job Creation
The potential impact of RAPID is monumental. With a focus on employment generation, the programme aims to create job opportunities in agriculture, manufacturing, renewable energy, and waste management sectors. This could go a long way in reducing unemployment, a major concern in rural Nigeria and alleviating poverty while simultaneously improving the income levels of households. These efforts no doubt will contribute to economic resilience by fostering entrepreneurship and ensuring that communities are better prepared for unforeseen challenges, such as natural disasters or economic downturns or external shocks from falling oil prices.

In addition to economic empowerment, women and youth are at the heart of the RAPID initiative. By offering equal opportunities for entrepreneurship, the programme seeks to promote gender equality and create pathways for youth participation in sustainable economic activities. According to recent data, 30% of approved loans have gone to women and 40% to youth. This is a step toward addressing gender and age disparities in economic participation.

Environmental Sustainability and Regional Development
The program’s emphasis on environmental sustainability cannot be overstated. By supporting businesses that focus on waste recycling, sustainable agroforestry, and renewable energy solutions, RAPID contributes to preserving the environment while supporting economic development. In a country where environmental degradation is a significant concern, these efforts help to mitigate the impact of climate change and promote a more sustainable rural economy.

Additionally, RAPID plays a key role in regional development by encouraging balanced growth across Nigeria. The programme aims to address the urban-rural divide, ensuring that rural communities have the necessary tools and resources to thrive. With a focus on inclusive growth, RAPID has the potential to revolutionise Nigeria’s rural landscape, enabling these areas to contribute more significantly to national GDP.

A Call to Action for States: Utilise the Available Funds
Despite RAPID’s success, many states have yet to fully utilize the funds available to them. As of August 2025, BOI had approved ₦N5.3 billion in loans for 782 businesses, with ₦N4.12 billion already disbursed. Yet several states have not signed on or maximized their allocations. This represents a serious lost opportunity. State governments must actively engage BOI, create awareness among entrepreneurs, and ensure that rural communities in their regions benefit. To neglect this chance to boost economies, create jobs, and reduce poverty would be a costly misstep.

The Role of Leadership and the BOI
As chief advocate for the RAPID initiative, Dr Olasupo Olusi, Managing Director of the Bank of Industry (BOI), has been instrumental in ensuring the success of this programme. He emphasised that the program was designed to foster economic inclusion and entrepreneurship in rural communities, highlighting the BOI’s commitment to empowering underserved populations. According to Dr Olusi, the N5 billion fund will significantly impact rural development, creating a foundation for sustained economic growth. As Dr Olusi aptly stated, “The RAPID initiative is crucial to driving Nigeria’s rural economic transformation, ensuring inclusive growth, and reducing the gap between urban and rural areas.” These words underscore the importance of collective effort and government support in unlocking the potential of Nigeria’s rural communities.

A Vision for a Thriving Rural Economy
The RAPID Programme stands as a beacon of hope for Nigeria’s rural economy, offering financial support, training, and business development services to entrepreneurs and communities that have long been sidelined in national economic strategies. By empowering rural businesses, especially those led by women and youth, the programme can contribute significantly to poverty alleviation, economic resilience, and sustainable development.

However, for the programme to realise its full potential, states must take immediate steps to utilise the funds made available, and the Bank of Industry must continue to collaborate with regional stakeholders to ensure that rural Nigeria fully benefit from this laudable transformative initiative. By embracing the RAPID initiative, Nigeria can build a more inclusive, sustainable, and resilient rural economy, creating jobs, enhancing productivity, and fostering long-term development that benefits all citizens.

It is time for the nation to take bold steps towards empowering its rural communities for a prosperous future and the programme will only succeed if all stakeholders play their parts.
Dr Olusi is the Managing Director/CEO of Bank of Industry Limited.