Nigeria must evolve from a talent-rich nation into a productivity-driven economy by deliberately deploying technology and innovation to boost growth and internally generated revenue (IGR), the Managing Director/Chief Executive Officer of the Bank of Industry (BoI), Dr. Olasupo Olusi, has said.
Olusi made this assertion while delivering the 18th Convocation Lecture of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, on Tuesday.
Speaking on the theme, “From Talent to Productivity: Organising Tech-Driven Growth for Nigeria’s Economic Transformation,” he stressed that Nigeria must harness its vast human capital for sustainable development, noting that as Africa’s most populous nation, the country possesses enormous potential yet to be fully optimised.
The lecture, held at the institution’s Great Hall, attracted members of the university management, governing council, academics, industry professionals, students, corps members, and other stakeholders.
Olusi charged tertiary institutions, including LAUTECH, to prioritise practical and technical solutions to Nigeria’s socio-economic challenges. He noted that empowering young people through technology and innovation remains critical to the country’s growth trajectory.
He, however, expressed concern that many Nigerian products are largely consumed within the domestic market, stressing the need to scale production to compete globally.
Addressing graduating students, the BoI boss urged them to become job creators rather than job seekers, encouraging them to focus on solving real-world problems, prioritising production over profit, and applying technology, knowledge, and integrity in their endeavours.
He said the technologies required to advance Nigeria’s economic aspirations are already available, adding that the challenge lies in effectively leveraging them to tackle long-standing issues across key sectors.
According to him, integrating innovation into areas such as food production, food security, manufacturing, and job creation would significantly enhance productivity and economic outcomes.
On the role of the Bank of Industry in driving technological advancement, Olusi disclosed that the institution is strengthening its digital capacity through the development of an online platform to improve service delivery, while also providing targeted financing to innovative enterprises.
He noted that several of these enterprises are already delivering impactful solutions in agriculture, manufacturing, and sustainability.
Olusi commended the Vice-Chancellor of LAUTECH, Prof. Rasaq Olatunde Rom Kalilu, as well as the institution’s leadership, staff, and students for fostering a culture of innovation.
He particularly praised the university’s research output and product development initiatives, describing them as practical and solution-oriented.
“I was particularly inspired by the products coming out of LAUTECH—not just in terms of talent, but actual innovations,” he said. “The university is producing functional food solutions that could help address health challenges such as diabetes, hypertension, and respiratory conditions.”
He added that the exhibition of innovations during his visit was both enlightening and a strong indication of the institution’s commitment to impactful, research-driven solutions.
