The Bank of Industry (BoI) Limited is planning to launch the BoI Impact Fund, which will use various financial instruments from debt to equity to support high growth enterprises, strategic value chain companies as well as provide support to struggling businesses across the country.
This is as BoI said, in line with the current administration’s Renewed Hope Agenda, it is supporting the federal government’s drive to create a Youth Bank which will focus entirely on developing youth entrepreneurship.
Speaking in a thought-provoking public lecture delivered at Obafemi Awolowo University(OAU), Ile-Ife, Osun State recently, the managing director/CEO of the bank, Dr. Olasupo Olusi said, the bank aims to serve not merely as a lender but as a catalyst for industrial growth and youth empowerment.
The bank, he said, has initiated programmes like: the Youth Entrepreneurship Support (YES) Programme which provides training, mentorship, and financing to aspiring entrepreneurs while discussing the bank’s plans for the future, including initiatives to support digital and creative enterprises.
He emphasised that the upcoming Industrial Innovation Fund aims to finance the full innovation lifecycle, addressing the gaps in research, development, and market entry, adding that, “I want to announce that in line with the current administration’s Renewed Hope Agenda, BoI is supporting the federal government’s drive to create a Youth Bank which will focus entirely on developing youth entrepreneurship.”
Stating that youth-led industrialisation, powered by innovation and entrepreneurship, can forge a pathway toward not only job creation but sustainable development and economic empowerment for the entire nation, he explored the essential nexus between youth innovation, entrepreneurship, and Nigeria’s path towards industrialisation and sustainable development.
Addressing a gathering of dignitaries, students, and academics, Dr. Olusi’s talk, titled ‘Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry,’ painted a comprehensive portrait of the challenges and opportunities facing Nigeria’s youth and industrial landscape.
He had earlier highlighted Nigeria’s demographic reality arguing that, “with a median age of just 18 years and over 70% of its population under 30, Nigeria is one of the youngest countries in the world. Yet, this youth bulge presents a dual-edged sword.”.
He argued that the current state of Nigeria’s industrialization is woefully inadequate, with manufacturing contributing only 8.6% to the GDP, in stark contrast to much higher figures in countries like China (28%), Korea (25%), and Vietnam (23%).
He painted a historical picture, indicating that despite previous efforts and policies aimed at stimulating industrial growth—like the National Industrial Revolution Plan (NIRP) and the Economic Recovery and Growth Plan (ERGP)—the pace of industrialization in Nigeria remains disappointingly slow. Lack of manufacturing capacity leaves Nigeria overly dependent on commodities, particularly oil.
Dr. Olusi articulated a vision for the future, where Nigeria could leapfrog into a modern industrial paradigm, embracing smart manufacturing and technology rather than simply replicating outdated models.
He underscored the importance of a coherent strategy that integrates digital innovation and sustainability into the foundation of Nigeria’s industrial policy.
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