The Managing Director of the Bank of Industry (BoI), Dr Olasupo Olusi, has described youth-led industrialisation as key to job creation and sustainable economic development.
Olusi made this known on Thursday during a public lecture held at Obafemi Awolowo University, Ile-Ife.
The lecture was titled: Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry.
He stated that Nigeria’s narrative must change from limitation to limitless potential, noting over 70 per cent of its population is under 30 – a double-edged sword.
Olusi said Nigeria’s industrialisation rate was inadequate, with manufacturing contributing only 8.6 per cent to Gross Domestic Product (GDP).
He compared this figure with China (28 per cent), Korea (25 per cent), and Vietnam (23 per cent), highlighting Nigeria’s lagging industrial growth.
“The lack of manufacturing capacity leaves Nigeria overly dependent on commodities, particularly oil,” Olusi stated.
He noted that about eight million young Nigerians enter the labour market annually, facing an economy with limited job opportunities.
Olusi stressed that investing in youth could curb unemployment and help transform Nigeria into a strong economic force.
He said Nigeria must intentionally build a supportive environment for youth entrepreneurship and innovation to thrive.
“In spite of challenges, we celebrate a growing number of youth entrepreneurs transforming Nigeria’s economy with support from the Bank of Industry,” he said.
He added that, in spite of limited resources, these entrepreneurs symbolise a movement towards grassroots industrialisation.
“This entrepreneurial energy could drive a wider industrial transformation, powered by local ambition and creativity,” Olusi noted.
He envisioned a future where Nigeria skips outdated models and embraces smart manufacturing and technology.
Olusi also highlighted the need for a clear strategy that embeds digital innovation and sustainability in Nigeria’s industrial policies.
He called for collaboration among academia, private sector, development partners, and government to build ecosystems that promote youth innovation.
Olusi announced that the BoI would launch the BoI Impact Fund to support Nigerian businesses.
He said the fund would use financial tools, from debt to equity, to support high-growth enterprises and value chain companies.
According to him, the fund will also assist struggling businesses across various sectors throughout Nigeria.
The News Agency of Nigeria (NAN) reports that Olusi received Obafemi Awolowo University’s first Award for Excellence in Innovation and Entrepreneurship Development.
