The Bank of Industry (BoI) has announced plans to introduce a new Impact Fund and a Youth Bank as part of efforts to strengthen Nigeria's industrial sector and support youth-led enterprises.
Speaking at Obafemi Awolowo University, Ile-Ife, the bank's managing director, Olasupo Olusi, said the Impact Fund will provide debt and equity financing to fast-growing businesses and key players across strategic value chains.
He added that the proposed Youth Bank will focus exclusively on youth entrepreneurship, offering access to funding, mentorship, and training in line with the federal government's Renewed Hope Agenda.
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Olusi noted that initiatives such as the Youth Entrepreneurship Support (YES) programme have already equipped young Nigerians with skills and financing support, and that future interventions will also target digital and creative sectors.
He described Nigeria's industrial growth as inadequate, with manufacturing contributing just 8.6 percent to GDP—far behind economies like China, Korea, and Vietnam.
According to him, Nigeria must adopt a modern industrial strategy powered by innovation, smart manufacturing, and sustainable development if it is to reduce its reliance on raw commodities and create inclusive jobs for its youthful population.
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