The Bank of Industry (BOI) is set to establish a Youth Bank aimed at supporting youth entrepreneurs and driving innovation across Nigeria.
This was disclosed by Olasupo Olusi, managing director and chief executive officer of BOI at the inaugural Innovation and Entrepreneurship Development Annual Lecture organised by Obafemi Awolowo University, Ile-Ife, Osun state.
He highlighted the bank’s initiative alignment with the current administration’s Renewed Hope Agenda.
“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
Olusi stated that the upcoming BOI Impact Fund will utilize various financial instruments, from debt to equity to support high-growth enterprises and strategic value chain companies while also supporting struggling businesses in Nigeria.
He added that the Industrial Innovation Fund, which is currently in progress, will oversee the full lifecycle of innovation by supporting research, development, and market entry for upcoming entrepreneurs, especially those in the creative and digital sectors.
Olusi painted a picture of Nigeria’s reality, stating that with over 70% of the country’s population under 30, Nigeria boasts one of the youngest demographics in the world.
“This youthful population presents a dual-edged sword for the nation, especially with millions of young Nigerians entering the job market that offers limited opportunities to accommodate them”.
He emphasized that the inability to engage these youths productively poses a significant challenge that could lead to insecurity and disillusionment.
Olusi urged that a conducive environment that supports entrepreneurship and innovation should be created to harness the full potential of the young population.
He called for collaboration among stakeholders in the private, government, and development partners to create an ecosystem that drives youth innovation and entrepreneurship development.
