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 Univ… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader BoI MD: Youth-led industrialisation is the key to job creation By sbinsights on June 13, 2025 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 He stressed the need for Nigeria to embrace smart manufacturing, innovation, and youth-driven businesses rather than outdated industrial models.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. Read also BoI MD: Youth-led industrialisation is the key to job creation SON decries influx of substandard goods in Nigerian markets APPLY NOW: Marketing Officer APPLY NOW: Electrical Engineer APPLY NOW: Human Resources (HR) Manager 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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The Standards Organisation of Nigeria (SON) has raised alarm over the continued flooding of Nigerian markets with substandard goods by importers and some local manufacturers.Speaking at a one-day stakeholders' workshop themed "Growing Businesses Throu… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader SON decries influx of substandard goods in Nigerian markets By sbinsights on June 13, 2025 The Standards Organisation of Nigeria (SON) has raised alarm over the continued flooding of Nigerian markets with substandard goods by importers and some local manufacturers. Speaking at a one-day stakeholders' workshop themed "Growing Businesses Through Standardisation" in Abakaliki, Ebonyi State, the Director General of SON, Dr. Ifeanyi Okeke, represented by Mrs. Talutu Athan, Director of Corporate Affairs, warned that non-compliance with product standards hampers Nigeria's industrial and economic growth. "Standards are not rules from above; they are the foundation of resilience, competitiveness, and business growth," Dr. Okeke said. He emphasized the importance of product certification and adherence to established benchmarks for both local consumption and international markets. "When one trader floods the market with fake products, it tarnishes the reputation of genuine producers," he added. Read also SON decries influx of substandard goods in Nigerian markets APPLY NOW: Marketing Officer APPLY NOW: Electrical Engineer APPLY NOW: Human Resources (HR) Manager APPLY NOW: Front Desk Officer The workshop aimed to boost collaboration with stakeholders while increasing awareness about SON's role in quality assurance and consumer protection. Also present at the event, Ebonyi State NAFDAC Coordinator, Mr. Emeka Orajaka, pledged the agency's full support in the fight against fake and substandard goods. He urged manufacturers and distributors to ensure their products are certified before entering the market. A resource person, Lawal Ayanda, while speaking on the topic, "Growing Businesses Through Standardisation", praised made-in-Nigeria cables, describing them as flame-retardant and safer than many imported alternatives. The Ebonyi State Coordinator of SON, Mrs. Maryrose Ugwueche, appreciated all participating agencies and stakeholders, including the Nigeria Police Force, FRSC, Immigration Service, and others for their support.

SMALL BUSINESS INSIGHTS © 2025. Unsubscribe or manage your email subscriptions. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110