The Bank of Industry (BOI) is poised to launch two significant initiatives – an Impact Fund and a Youth Bank – aimed at revolutionizing enterprise development and driving youth-led industrialization across Nigeria. This significant announcement was made by Olasupo Olusi, the Managing Director and Chief Executive Officer of the Bank of Industry, during the inaugural Innovation and Entrepreneurship Development Annual Lecture held recently at Obafemi Awolowo University (OAU), Ile-Ife.
Aligning with the Renewed Hope Agenda
Olusi emphasized that these forthcoming initiatives are strategically aligned with the Federal Government’s Renewed Hope Agenda. Their core objective is to bridge critical funding gaps that have historically hindered youth-led businesses and innovation-driven enterprises from thriving in Nigeria.
The BOI Impact Fund, when unveiled, will deploy a range of financial instruments, including both debt and equity, to provide crucial support. This fund is designed to bolster high-growth enterprises and strategic value chain companies, while also offering vital assistance to businesses currently facing challenges.
"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 declared, highlighting the specific focus on nurturing young entrepreneurial talent.
Fueling Innovation from Research to Market
In addition to the Impact Fund and Youth Bank, Olusi also revealed that an Industrial Innovation Fund is in the pipeline. This fund is conceived to support the entire lifecycle of innovation, providing resources for research and development, and crucially, assisting emerging entrepreneurs with market entry. This will be particularly beneficial for those operating within the dynamic digital and creative sectors.
Transforming Nigeria's Youth Bulge into an Economic Catalyst
Olusi underscored the imperative to shift Nigeria’s national narrative from one of limitations to one of immense potential. He stressed that empowering the nation's vibrant youth through innovation and entrepreneurship is paramount to achieving sustainable development and fostering inclusive economic growth.
He acknowledged Nigeria's unique demographic advantage: "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." He highlighted the challenge of approximately 8 million young Nigerians entering the labor market annually with limited job prospects.
Olusi issued a stark warning that a lack of opportunities for the youth could potentially fuel disillusionment and insecurity. Conversely, he asserted that strategic investment in young entrepreneurs would not only create much-needed jobs but would also fundamentally transform Nigeria’s economic trajectory.
Universities as Incubators of Enterprise
He also challenged academic institutions to play a more proactive role in this transformation. "Universities like Obafemi Awolowo University must become more than centres of knowledge—they must be incubators of enterprise and innovation,” he urged, envisioning a future where higher education directly fosters entrepreneurial growth.
In recognition of his significant contributions to youth empowerment and industrial growth, Olusi was honored with OAU's first Award of Excellence in Innovation and Entrepreneurship Development.
This significant announcement from the BOI follows recent efforts by the Federal Government to support small businesses. The PUNCH earlier reported that the Bank of Industry has already disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State, demonstrating a tangible commitment to fostering economic growth at the grassroots level.