The Bank of Industry (BOI) has reaffirmed its commitment to strengthening youth entrepreneurship in Nigeria through the establishment and support of tech hubs, strategic investments, and inclusive innovation policies. This assurance was given by the bank’s Managing Director, Dr Olasupo Olusi, at the 2025 Award of Excellence for Innovations and Entrepreneurship Development held at Obafemi Awolowo University (OAU), Ile-Ife, on Wednesday.
Speaking at the event, Dr Olusi emphasised the urgent need for Nigeria to transition from scattered development efforts to a coordinated and systemic transformation. According to him, this shift requires the alignment of national policy, effective partnerships, and platforms that unlock large-scale opportunities for young Nigerians.
He stressed the importance of adopting youth-centric industrial policies that prioritise four key pillars: skills development, access to finance, infrastructure, and regulatory support. These pillars, he said, are not only essential to empowering current youth entrepreneurs but are also foundational to building Nigeria’s future industrial capacity.
“The four pillars will not only support today’s young industrialists but will also shape the Nigeria we build tomorrow,” Dr Olusi noted.
Highlighting the Bank’s forward-looking agenda, he said BOI’s three-year vision is already materialising through a series of high-impact initiatives. Among these is the planned launch of the Industrial Innovation Fund in collaboration with the Federal Ministry of Science and Technology and other partners. This fund will provide financing across the full innovation value chain—from research and prototype development to equity investments and debt financing—aimed at boosting youth participation in digital technology and the creative industries.
He also revealed that BOI will roll out a new wave of impact funds, employing both debt and equity instruments to support high-growth enterprises, strengthen strategic value chains, and assist struggling businesses across various sectors.
“The best way to predict the future,” he said, “is through strategic investment, innovation, and inclusion. This is how we build a better nation.”
During the event, Dr Olusi was honoured with the Award of Excellence by the Vice-Chancellor of OAU, Professor Simeon Banire, in recognition of his transformative contributions to innovation and entrepreneurship development in Nigeria. Prof. Banire commended BOI’s support for youth-focused tech hubs and described them as critical drivers of sustainable economic growth.
In a further gesture of support, Dr Olusi committed to offering a one-year mentorship programme for selected students of the university. The Vice-Chancellor described the initiative as laudable, noting that such mentorship would significantly enhance the entrepreneurial readiness and innovation capacity of the next generation.
As Nigeria continues to grapple with unemployment and limited industrial productivity, BOI’s investment in technology, innovation, and youth entrepreneurship is positioned as a vital step towards long-term national development.
