The Bank of Industry (BOI) is set to roll out two major initiatives: a Youth Bank and an Impact Fund, aimed at advancing youth-led innovation and supporting enterprise development across Nigeria.
BOI’s Managing Director, Olasupo Olusi, made this known while speaking at the maiden edition of the Innovation and Entrepreneurship Development Lecture held at Obafemi Awolowo University, Ile-Ife. He said both initiatives are part of the Federal Government’s broader Renewed Hope Agenda to tackle youth unemployment and provide capital access for startups and high-growth businesses.
According to Olusi, the Impact Fund will utilize a mix of equity and debt financing to assist both emerging enterprises and struggling businesses across key sectors. He added that the bank is working towards establishing a Youth Bank dedicated solely to empowering young Nigerians with financial support, training, and the tools needed to scale their ventures.
In addition, he highlighted the proposed Industrial Innovation Fund, which will cover the full spectrum of innovation development, from research and prototype design to commercialization, particularly in Nigeria’s growing tech and creative industries.
“Nigeria’s median age is just 18, and more than 70 percent of the population is under 30,” Olusi noted. “Around 8 million young people enter the labour market each year, yet job availability remains limited. We must create systems that enable our youth to drive economic change through entrepreneurship.”
Olusi emphasized the crucial role that academic institutions must play, encouraging universities like OAU to evolve into incubators for innovation and job creation, rather than just centers of academic learning.
In recognition of his contribution to youth empowerment and industrial growth, OAU presented Olusi with its first-ever Award of Excellence in Innovation and Entrepreneurship Development.
In related news, the Bank of Industry recently disbursed ₦2.25 billion in loans and support funds to over 16,000 small businesses in Gombe State, underscoring its ongoing commitment to strengthening Nigeria’s MSME ecosystem.
