Hints at launching impact fund, youth bank
The Managing Director (MD) and Chief Executive Officer (CEO) of the Bank of Industry (BoI) Limited, Dr Olasupo Olusi, has said that youth-led industrialisation, powered by innovation and entrepreneurship, can forge a pathway toward not only job creation but also sustainable development and economic empowerment for the entire nation.
Olusi, in a thought-provoking public lecture delivered at Obafemi Awolowo University (OAU), Ile-Ife, explored the essential nexus between youths’ innovation, entrepreneurship, and Nigeria’s path towards industrialisation and sustainable development.
The BoI boss, while addressing a gathering of dignitaries, students, and academics, on “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 youths and industrial landscape.
He said that the narrative of Nigeria must shift from one of limitation to one of limitless potential.
“When a nation cannot absorb its youths into productive activity, the resulting frustration can lead to insecurity and disillusionment,” he said.
He said that the current state of Nigeria’s industrialisation is woefully inadequate, with manufacturing contributing only 8.6 per cent to the Gross Domestic Product (GDP), in stark contrast to much higher figures in countries like China (28 per cent), Korea (25 per cent), and Vietnam (23 per cent).
Olusi 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 industrialisation in Nigeria remains disappointingly slow, adding that lack of manufacturing capacity leaves Nigeria overly dependent on commodities, particularly oil.
He, however, 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leapfrog into a modern industrial paradigm, embracing smart manufacturing and technology rather than simply replicating outdated models.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 also underscored the importance of a coherent strategy that integrates digital innovation and sustainability into the foundation of Nigeria’s industrial policy.
Meanwhile, Olusi who stated that though challenges persist, celebrated a rising cohort of youth entrepreneurs that are proactively reshaping Nigeria’s economic narrative.
He said that for Nigeria to harness the full potential of its young population, intentional efforts must be made to create a conducive environment for entrepreneurship and innovation.
He, however, reiterated the pivotal role of the BoI in this transformative agenda, saying the bank aims to serve not merely as a lender but as a catalyst for industrial growth and youth empowerment.
Olusi, who emphasised that the upcoming Industrial Innovation Fund aims to finance the full innovation lifecycle, addressing the gaps in research, development, and market entry, said the BoIk is also launching the BoI Impact Fund, which will use various financial instruments from debt to equity to support high growth enterprises, strategic value chain companies, and to provide support to struggling businesses across Nigeria.
