The Managing Director and CEO of the Bank of Industry (BoI) Limited, Dr. Olasupo Olusi has said Youth-led industrialization, powered by innovation and entrepreneurship, can forge a pathway toward not only job creation but sustainable development and economic empowerment for the entire nation. In a thought-provoking public lecture delivered at Obafemi Awolowo University, Ile-Ife, Dr. Olusi, explored the essential nexus between youth innovation, entrepreneurship, and Nigeria’s path towards industrialization and sustainable development. Addressing a gathering of dignitaries, students, and academics, Dr. Olusi’s talk, titled “Catalysing Youth-led Industrialization through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry,” painted a comprehensive portrait of the challenges and opportunities facing Nigeria’s youth and industrial landscape. Dr. Olusi address emphasized that the narrative of Nigeria must shift from one of limitation to one of limitless potential.
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. His lecture cited a stark statistic: as of Q3 2023, youth unemployment for ages 15 to 24 stood at 8.6%, and a staggering 18 million young people are not in education, employment, or training. Dr. Olusi said: “When a nation cannot absorb its youth into productive activity, the resulting frustration can lead to insecurity and disillusionment.” Citing historical examples from countries such as South Korea and China, he argued that investing in the youth could not only change the narrative of unemployment but also transform Nigeria into an economic powerhouse. He argued that the current state of Nigeria’s industrialization 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%).
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. Dr. 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. Though challenges persist, Dr. Olusi celebrated a rising cohort of youth entrepreneurs who are proactively reshaping Nigeria’s economic narrative. 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 symbolize a wave of grassroots industrialization,” Dr. Olusi noted. He emphasized that this entrepreneurial spirit could catalyse a broader industrial transformation for Nigeria, one that capitalizes 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.
Dr. Olusi argued that 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. He outlined critical strategies that need to be adopted to include, Policy Framework- Youth first industrial policies that prioritize STEM education, finance, infrastructure development, and regulatory support tailored for startups. He also called for collaborative partnerships, urging stakeholders across academia, the private sector, development partners, and government to come together, aligning efforts to create ecosystems that foster youth innovation. The lecture also advocated the establishment of platforms designed specifically to nurture and scale youth enterprises, such as specialized funding mechanisms and a Youth Industrial Council that could guide policy and monitor implementation.
He said: “Universities, like Obafemi Awolowo University, must become more than centres of knowledge—they must be incubators of enterprise and innovation. Policymakers must match rhetoric with reform. Financial institutions must become more agile, more inclusive, and more willing to back youth-led risk. In addition, our youth—this continent’s greatest comparative advantage—must rise not with entitlement, but with enterprise.” Amidst highlighting youth potential, Dr. Olusi reiterated the pivotal role of the Bank of Industry in this transformative agenda. 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 has initiated programs like the Youth Entrepreneurship Support (YES) Programme which provides training, mentorship, and financing to aspiring entrepreneurs.
Dr. Olusi also discussed the Bank’s plans for the future, including initiatives to support digital and creative enterprises. He 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.
To crown the moment, Dr. Olasupo Olusi was honoured with the very first award of Excellence in Innovation and Entrepreneurship Development by the Obafemi Awolowo University, Ile-Ife.
