Photo caption: Bank of Industry (BoI) logo
The Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, has disclosed that the bank is set to unveil an Impact Fund and a Youth Bank to support enterprise development and drive youth-led industrialisation across Nigeria.
Speaking during the recent inaugural Innovation and Entrepreneurship Development Annual Lecture organised by Obafemi Awolowo University, Ile-Ife, Osun State, Olusi said the initiatives are aligned with the Federal Government’s Renewed Hope Agenda and aimed at closing funding gaps for youth-led businesses and innovation-driven enterprises.
According to him, the upcoming BOI Impact Fund will deploy various financial instruments, including debt and equity, to support high-growth enterprises and strategic value chain companies while also providing critical support to struggling businesses.
“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,” Olusi said.
He added that the Industrial Innovation Fund, also in the works, will address the full lifecycle of innovation by supporting research, development, and market entry for emerging entrepreneurs, particularly in the digital and creative sectors.
The BOI boss emphasised the need to shift Nigeria’s narrative from limitations to potential, stressing that empowering the youth through innovation and entrepreneurship is key to achieving sustainable development and inclusive economic growth.
“With a median age of just 18 years and over 70 per cent of its population under 30, Nigeria is one of the youngest countries in the world. Yet, this youth bulge presents a dual-edged sword,” Olusi said. “Annually, around 8 million young Nigerians enter the labour market, but the economy offers limited job prospects.”
He warned that the absence of opportunities for the youth could fuel disillusionment and insecurity, noting that investing in young entrepreneurs would not only create jobs but transform Nigeria’s economic trajectory.
“Universities like Obafemi Awolowo University must become more than centres of knowledge—they must be incubators of enterprise and innovation,” he said.
Olusi was honoured with the university’s first Award of Excellence in Innovation and Entrepreneurship Development for his contributions to youth empowerment and industrial growth.
The PUNCH reported that the Federal Government, through the Bank of Industry, has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises in Gombe State.
