The Managing Director and Chief Executive Officer of the Bank of Industry (BoI), Dr. Olasupo Olusi, has called for a bold shift towards youth-led industrialization as a strategic pathway to job creation, economic empowerment, and sustainable national development in Nigeria.
Delivering a keynote public lecture at Obafemi Awolowo University, Ile-Ife, Dr. Olusi explored the deep link between innovation, entrepreneurship, and Nigeria’s industrial future. His lecture, titled “Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry,” highlighted both the pressing challenges and powerful potential embedded within Nigeria’s youthful population.
With a median age of just 18 years and more than 70 per cent of its population under 30, Nigeria faces both an opportunity and a risk. Dr. Olusi noted that while eight million young Nigerians enter the labour market each year, most face a sluggish economy with limited job openings. He cited alarming figures: 8.6 per cent youth unemployment and around 18 million young Nigerians not engaged in education, employment, or training.
“This youth bulge is a dual-edged sword,” he said. “If left unengaged, the frustration can breed insecurity and disillusionment. But if harnessed, this energy can become the driver of a new industrial era.”
He criticized the slow pace of industrial growth, with manufacturing contributing just 8.6 per cent to Nigeria’s GDP—far behind countries like China (28 per cent), South Korea (25 per cent), and Vietnam (23 per cent). Despite past efforts such as the National Industrial Revolution Plan (NIRP) and the Economic Recovery and Growth Plan (ERGP), Nigeria’s industrialization remains stagnant.
Rather than following outdated models, Dr. Olusi proposed a leap into smart, technology-driven manufacturing systems, driven by a youth-focused policy shift.
He emphasized the need for a unified strategy that places digital innovation and sustainability at the core of Nigeria’s industrial agenda. Despite the difficulties, he applauded the growing community of young entrepreneurs who are actively rewriting Nigeria’s economic story. Among those are individuals like Blessing Ebere, whose skincare brand is now exporting products and creating jobs, and Ibrahim Yusuf, who turned a family leather trade into a thriving business—both supported by BoI.
“These stories reflect grassroots industrialization in action,” Dr. Olusi noted. “But many youth-led ventures remain small, informal, and disconnected from broader national industrial plans.”
To bridge this gap, he called for urgent structural reforms and targeted support, including:
- Youth-first industrial policies prioritising STEM education, infrastructure, and startup finance
- Regulatory reforms to reduce red tape for young entrepreneurs
- Dedicated funding mechanisms and incubators for youth-led enterprises
- Cross-sector partnerships involving academia, the private sector, development agencies, and government
He advocated for the creation of a **Youth Industrial Council** to guide youth-centred policies and monitor implementation, and he urged Nigerian universities to evolve into active incubators of enterprise, not just academic institutions.
“Policymakers must back words with real reforms. Banks must take more risks on youth innovation. And our youth must respond with action, not entitlement,” he said.
Dr. Olusi reiterated the central role of the Bank of Industry in this transformation. As Nigeria’s largest and oldest development finance institution, BoI has launched several youth-centred programmes, including the Youth Entrepreneurship Support (YES) Programme, which offers training, mentorship, and financial backing for new businesses.
He also unveiled new strategic initiatives such as:
- The Industrial Innovation Fund, designed to finance the full innovation lifecycle from R\&D to market
- The BoI Impact Fund, using debt and equity instruments to support high-growth and struggling enterprises
- Support for digital and creative sectors as emerging engines of growth
Significantly, he announced BoI’s involvement in the Federal Government’s plan to launch a Youth Bank, a specialised institution dedicated entirely to youth entrepreneurship and enterprise development under the current administration’s Renewed Hope Agenda.
In recognition of his leadership and contributions to innovation and youth empowerment, Dr. Olusi was awarded the Excellence in Innovation and Entrepreneurship Development honour by Obafemi Awolowo University.
The lecture closed with a resounding message: Nigeria’s path to sustainable development lies in unlocking the creative and industrial power of its youth—and the time to act is now.
