The Bank of Industry (BOI) has reaffirmed its commitment to supporting entrepreneurship development among Nigerian youths through technology hubs and innovative financing solutions.
Dr. Olasupo Olusi, Managing Director of BOI, made this declaration during the 2025 Award of Excellence for Innovations and Entrepreneurship Development at Obafemi Awolowo University (OAU), Ile-Ife, on Wednesday.
System-Wide Transformation Strategy
Dr. Olusi emphasized that Nigeria must transition from isolated initiatives to comprehensive system-wide transformation, requiring alignment between policy, partnerships, and platforms to create opportunities for millions of young Nigerians.
"Nigeria must adopt youth-first industrial policies that address four core pillars—skills, finance, infrastructure, and regulatory support," he stated, adding that "these four pillars will not only support today's young industrialists but will also shape the Nigeria we build tomorrow."
High-Impact Initiatives
The BOI's vision for the next three years includes several strategic initiatives. Key among these is the Industrial Innovation Fund, being launched in collaboration with the Federal Ministry of Science and Technology and other stakeholders.
This fund aims to finance the complete innovation lifecycle—from research grants and prototype development to equity investments and debt financing—while accelerating youth participation in digital and creative sectors through skills and enterprise development.
Additionally, BOI is launching impact funds utilizing various financial instruments—from debt to equity—to support high-growth enterprises, strategic value chain companies, and provide assistance to struggling businesses across Nigeria.
Dr. Olusi emphasized that "the best way to predict the future is through strategic investment, innovation, and inclusion for a better nation."
Recognition and Mentorship
During the event, Dr. Olusi received a prestigious Award of Excellence presented by Prof. Simeon Banire, Vice-Chancellor of Obafemi Awolowo University. Prof. Banire commended the BOI boss for his transformative ideas and contributions to developing tech hubs as drivers of economic growth.
In a notable development, Prof. Banire revealed that Dr. Olusi would offer a one-year mentorship program to selected students of the institution, describing the initiative as laudable.
The BOI's focus on youth entrepreneurship aligns with national efforts to diversify the economy and create sustainable employment opportunities through innovation and technology.
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