BOI targets $1trn economy with deal to boost MSMEs’ market access

The Bank of Industry (BOI) and Bumpa, a digital platform, have signed a Memorandum of Understanding (MoU) to boost digital market access, e-commerce growth and job creation for youth-owned Micro, Small and Medium Enterprises (MSMEs), aiming to drive the Federal Government’s vision of achieving a $1 trillion economy by 2030.

The MoU, which was signed last week at the official launch of BOI and Bumpa partnership held at BOI’s office in Lagos, aligns with the Federal Government’s Renewed Hope Agenda on skills development, job creation and entrepreneurship.

Olasupo Olusi, Managing Director/Chief Executive Officer of BOI, represented by Oluwatoyin Edu, Executive Director, Risk and Technology, said the initiative reflected the bank’s strategic commitment to expanding market access for young entrepreneurs and equip them with the digital tools they need to thrive in today’s fast-evolving economy.

Read also: Industrialisation, regional trade policy crucial to achieving Nigeria’s $1trn economy target – NESG

Olusi explained that the partnership aligns with BOI’s 2025–2027 Corporate Strategy, under which ‘Youth at Scale’ is one of the six thematic areas focusing on supporting youth-led enterprises, promoting technology-driven growth and making impact within the country’s entrepreneurial ecosystem.

The Bumpa’s mobile-first platform, according to Olusi, has become a trusted ally for thousands of MSMEs seeking to digitise their operations and reach wider markets without incurring heavy overhead costs.

The BOI boss praised the Bumpa team for their dedication to building technology that serves small businesses also at the grassroots, underscoring the importance of innovation.

“Today’s launch is more than a formal agreement, it is a shared commitment to innovation, inclusion and impact. We believe that meaningful partnerships like this are essential to unlocking Nigeria’s entrepreneurial potential and driving the vision of a $1 trillion economy by 2030,” Olusi stated.

On his part, Kelvin Ikechukwu, Chief Executive Officer of Bumpa, commended BOI’s commitment to supporting youth entrepreneurship, stressing that only few institutions put their money where their mouth is when it comes to empowering small businesses.

Read also: Nigeria can transform tough reforms into shared prosperity, unlock $1trn economy — NESG

Umechukwu described the partnership with BOI as a transformative step toward creating new opportunities for small business owners, noting that digital adoption is no longer optional but essential for business competitiveness.

“BOI saw that this is not just an opportunity for large corporations but also for small businesses. The same digital tools used by companies in the United States (U.S.) or Canada are now available to Nigerian entrepreneurs through their phones. This levels the playing field and allows local brands to compete globally,” he said.

He explained that under the new partnership, 200 small business owners would receive hands-on support in six months to adopt and integrate technology into their daily operations.

Umechukwu also added that the initiative would monitor key impact metrics, including job creation, revenue growth and business scalability, as entrepreneurs leverage the company’s tools.

Aderonke Akinluyi, Technical Advisor to the Managing Director and one of the bank’s Youth and Skills Thematic Champions, cited research that showed MSMEs are critical engines, contributing about 48% of the national Gross Domestic Product (GDP) and employing about 84% of the country’s workforce.

Read also: E-governance bill nears passage, boosts $1trn GDP goal

Akinluyi said while this figure makes MSMEs crucial driver of economic growth and job creation, the partnership between BOI and Bumpa is designed to unlock digital and e-commerce possibilities that would help youth-led businesses sell smarter, scale further and reach wider markets.

Akinluyi also added that with data from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) showing that access to funding and markets remain two of the biggest challenges for MSMEs, the new partnership will directly address these gaps.