The Managing Director and Chief Executive Officer of the Bank of Industry, BOI, Olasupo Olusi, has said that the bank is set to launch an Impact Fund and a Youth Bank.
He recently shared that the initiative will drive youth-led industrialisation across the nation.
Speaking during the recent inaugural Innovation and Entrepreneurship Development Annual Lecture organised by Obafemi Awolowo University, Ile-Ife, Osun State, Olasupo revealed that both programmes align with the Federal Government’s Renewed Hope Agenda.
He stated that the initiatives will help to close funding gaps for youth-led businesses and innovation-driven enterprises.
According to him, the upcoming BOI Impact Fund will deploy several financial instruments, including debt and equity, to aid high-growth enterprises, while also offering vital 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,” he said.
He further noted that the Industrial Innovation Fund will tackle the hurdles of innovation by backing research, development, and market entry for emerging entrepreneurs, especially in the digital and creative sectors.
He concluded by emphasising the need to shift the country’s narrative from restrictions to potential, stressing that empowering the youth via innovation and entrepreneurship will guarantee 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. Annually, around 8 million young Nigerians enter the labour market, but the economy offers limited job prospects.
Universities like Obafemi Awolowo University must become more than centres of knowledge—they must be incubators of enterprise and innovation,” he added.
