The Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, has called for urgent investment in youth-led industrialisation to tackle unemployment and drive sustainable development in Nigeria.
Speaking during a lecture at Obafemi Awolowo University, Ile-Ife, Olusi said Nigeria’s youthful population presents an opportunity to boost innovation, entrepreneurship, and economic growth — if the right structures are in place.
“Over 8 million young Nigerians enter the labour market yearly, but many face limited job opportunities,” he said.
He noted that Nigeria’s manufacturing sector contributes only 8.6% to GDP, far below countries like China (28%), South Korea (25%), and Vietnam (23%).
Despite various industrialisation policies, including the National Industrial Revolution Plan (NIRP), Olusi said progress remains slow. He stressed the need for Nigeria to embrace smart manufacturing, innovation, and youth-driven businesses rather than outdated industrial models.
Empowering Youth Entrepreneurs
The BoI boss shared real-life stories of young Nigerians who used BoI support to grow successful businesses — including a skincare brand founder now exporting products and a leather artisan who scaled his local craft into a thriving venture.
“These stories show that with the right support, youth entrepreneurs can drive grassroots industrial growth,” Olusi said.
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He called for policies and funding mechanisms that prioritise:
Access to finance
Infrastructure for startups
Support for STEM education
Business-friendly regulations
New Youth-Focused Funds
Dr. Olusi announced the launch of several youth-focused BoI initiatives:
Youth Entrepreneurship Support (YES) Programme – training, mentorship and funding
Industrial Innovation Fund – to support innovation from research to market
BoI Impact Fund – to support high-growth and struggling business7es
Youth Bank – a proposed government-backed initiative to finance youth enterprises
He emphasized the need for collaboration between the public sector, universities, financial institutions, and private organisations to build an ecosystem that supports innovation and industrial development.
“Our youth must rise not with entitlement, but with enterprise,” he concluded.
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