The Managing Director and CEO of the Bank of Industry (BoI) Limited, Dr Olasupo Olusi has said youth-led industrialisation, powered by innovation and entrepreneurship, can forge a pathway towards not only job creation but sustainable development and economic empowerment for the entire nation.
He stated that the current state of Nigeria’s industrialisation is woefully inadequate, with manufacturing contributing only 8.6% to the GDP, in stark contrast to much higher figures in countries like China (28%), Korea (25%), and Vietnam (23%).
In a lecture delivered at Obafemi Awolowo University, Ile-Ife, Olusi, explored the essential nexus between youth innovation, entrepreneurship, and Nigeria’s path towards industrialisation and sustainable development.
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His lecture was titled, “Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry.”
The Managing Director highlighted Nigeria’s demographic reality arguing that, “With a median age of just 18 years and over 70% 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, facing an economy that offers limited job prospects.
He noted that as the oldest and largest development finance institution in Nigeria, BOI aims to serve not merely as a lender but as a catalyst for industrial growth and youth empowerment.
The bank, he stated, has initiated programs like the Youth Entrepreneurship Support (YES) Programme which provides training, mentorship, and financing to aspiring entrepreneurs.
Olusi also emphasized that the upcoming Industrial Innovation Fund aims to finance the full innovation lifecycle, addressing the gaps in research, development, and market entry.
He said the Bank 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.
“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 added.
Olusi said: “When a nation cannot absorb its youth into productive activity, the resulting frustration can lead to insecurity and disillusionment.”
He 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 industrialization in Nigeria remains disappointingly slow. Lack of manufacturing capacity leaves Nigeria overly dependent on commodities, particularly oil.
Olusi 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 underscored the importance of a coherent strategy that integrates digital innovation and sustainability into the foundation of Nigeria’s industrial policy.
He cited numerous success stories of young innovators who have leveraged support from the Bank of Industry to establish flourishing businesses. These include Blessing Ebere, who, with Bank support, launched a skincare company that exports products and employs young Nigerians, and Ibrahim Yusuf, who transformed his family’s leathercraft into a successful venture.
“Despite limited support, these young entrepreneurs symbolise a wave of grassroots industrialisation,” Dr Olusi noted.
He emphasised that this entrepreneurial spirit could catalyse a broader industrial transformation for Nigeria, one that capitalises on local creativity and ambition.
However, he highlighted that most youth-led businesses remain informal or small and are often disconnected from national industrial priorities due to structural barriers.
He said 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.
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