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BOI CEO Highlights Youth In Industrial Job Growth

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BOI CEO Highlights Youth In Industrial Job Growth

…mulls at launching Impact Fund, Youth Bank

Olasupo Olusi, Managing Director and CEO of the Bank of Industry (BoI) Limited has said youth-led industrialisation, 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, Olusi, explored the essential nexus between youth innovation, entrepreneurship, and Nigeria’s path towards industrialisation and sustainable development.

Addressing a gathering of dignitaries, students, and academics, 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.

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 percent and a staggering 18 million young people are not in education, employment, or training.

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 percent to the GDP, in stark contrast to much higher figures in countries like China (28 percent), Korea (25 percent), and Vietnam (23 percent).

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.

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.

A new era of entrepreneurship…

Though challenges persist, 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,” Olusi noted.

He emphasised 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.

Building an enabling ecosystem …

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.”

Olusi hint at launching Impact Fund, Youth Bank…

Amidst highlighting youth potential, 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.
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, Olasupo Olusi was honoured with the very first award of Excellence in Innovation and Entrepreneurship Development by the Obafemi Awolowo University, Ile-Ife.

Businessday.ng

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After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

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Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.

This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.

Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.

Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.

The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.

Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.

Where it’s cheapest and costliest

Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).

At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.

A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.

For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.

According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.

The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.

Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.

According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.

WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.

Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.

This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.

The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.

 

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Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

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A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation

Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

The state governor has pleaded with the petrol tankers to suspend their strike and return to work.

Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.

In solidarity, petrol station owners in the state shut their doors.

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.

Prices vary depending on the location within the town, with some areas seeing prices at N1,600.

The price is a massive N775 difference when compared to N945 it was sold before the showdown.

According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.

“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”

He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.

All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”

Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.

Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.

“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.

“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.

“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.

“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.

In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”

NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase

NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.

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What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

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Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.

In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.

Saboteurs Hinder Transformation, Says NNPCL Management

“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”

Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.

“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”

The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.

“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”

Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.

Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.

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