Business

BOI CEO Highlights Youth In Industrial Job Growth

Published

1 year ago

June 12, 2025

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

Business

No More N1,300/Litre: Relief As Petrol Prices Drop, Marketers Announce New Rates

Published

3 hours ago

July 27, 2026

The Daily Voice

Petrol depot prices have dropped again across Nigeria’s key distribution hubs, with loading rates falling at several depots in Lagos, Port Harcourt and Warri amid sustained competition and improved product supply.

The fresh cuts, ranging from N5 to N25 per litre on Monday, July 27, were recorded at multiple depots nationwide

In Lagos, all six monitored depots lowered their ex-depot rates. Bulk Strategic trimmed its price from N1,260 to N1,250 per litre, while Liquid Bulk moved from N1,270 to N1,256, data from Petroleumprice.ng shows.

Masters dropped from N1,275 to N1,260, and Matrix reduced its rate from N1,270 to N1,255. Sigmund recorded the largest single cut in Lagos, shaving N20 off its price to settle at N1,250 per litre. T.S.L also lowered its loading price from N1,265 to N1,250.

Port Harcourt depots followed suit. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland moved from N1,255 to N1,250. Northwest did not publish a current loading price.

In Warri, Optima posted the biggest single reduction across all three cities, cutting its price by N25 from N1,270 to N1,245 per litre. Matrix in Warri also reduced its rate by N24 to N1,246, and Rain Oil trimmed its loading price by N5 to N1,268 per litre.

Below is a snapshot of current ex-depot prices: Snapshot of petrol depot prices on Monday at depots

LAGOS

Bulk Strategic – N1,250/litre

Liquid Bulk – N1,256/litre

Masters – N1,260/litre

Matrix – N1,255/litre

Sigmund – N1,250/litre

T.S.L – N1,250/litre

PORT HARCOURT

Hong Petroleum – N1,246/litre

Mainland – N1,250/litre

WARRI

Optima – N1,245/litre

Matrix – N1,246/litre

Rain Oil – N1,268/litre

Business

Top 10 Richest Yoruba Billionaires: South West Wealthiest Entrepreneurs, Key Factors Behind Their Wealth

Published

1 day ago

July 26, 2026

The Daily Voice

The Yoruba ethnic group, predominantly located in Nigeria’s southwestern region, has long been home to some of the wealthiest and most influential entrepreneurs in Africa.

Over the years, these Yoruba billionaires have made significant impacts across various sectors, including oil and gas, banking, telecommunications, real estate, and entertainment. Their business acumen and achievements have not only helped shape Nigeria’s economy but have also garnered international recognition.

Here’s a look at the top 10 richest Yoruba billionaires and the key factors behind their wealth:

10. Sulaiman Adebola Adegunwa
Sulaiman Adegunwa is a billionaire philanthropist and businessman from Ogun State. He is the founder of Rite Foods Limited, a company best known for producing popular food and beverage brands in Nigeria. His investments also extend to education, as he founded the Sulaimon College of Education in Ogun State.

9. Fola Adeola
Fola Adeola is best known as the founder of Guaranty Trust Bank (GTBank), one of Nigeria’s largest and most respected financial institutions. He is also involved in several other ventures, including heading MainOne, a telecom company, and running the FATE Foundation, which supports entrepreneurship in Nigeria. His net worth is around $550 million.

8. Dele Fajemirokun
Dele Fajemirokun is one of the most respected Yoruba business figures, with investments spanning insurance, oil, and telecommunications. He is the chairman of AIICO Insurance and a key investor in Food Concepts, the parent company of Chicken Republic. His business acumen has earned him a net worth of $500 million.

7. Samuel Adedoyin
Samuel Adedoyin is a self-made billionaire who overcame humble beginnings to become one of the wealthiest Yoruba men in Nigeria. He is the founder of the Doyin Group, a conglomerate involved in manufacturing, agriculture, and real estate. Adedoyin’s journey from small business ventures to becoming a billionaire is truly inspirational, and his net worth is estimated at $540 million.

6. Oba Otudeko
Oba Otudeko, a respected business magnate and philanthropist, is the founder of Honeywell Group, a diversified industrial conglomerate with interests in food processing, oil and gas, and real estate. He also played a pivotal role in the Nigerian banking industry, previously serving as the chairman of First Bank of Nigeria. Otudeko’s net worth is around $550 million.

5. Tunde Folawiyo
As the managing director of Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate, Tunde Folawiyo carries on the legacy of his family’s business empire. His ventures in shipping and energy are particularly notable, and he also serves on the board of MTN Nigeria. His estimated net worth is around $650 million.

4. Deji Adeleke
Dr. Deji Adeleke is a prominent businessman and philanthropist, best known as the father of the famous Nigerian musician Davido. He is the founder of Pacific Holdings Limited, a company with interests in oil and gas, real estate, and logistics. Adeleke is also an investor in education, having established Adeleke University in Osun State. His net worth is estimated at over $700 million.

3. Jimoh Ibrahim
Jimoh Ibrahim is another leading Yoruba entrepreneur who has built his fortune through diversified business ventures. He is the CEO of Global Fleet Group, a conglomerate with interests in oil and gas, insurance, real estate, aviation, and publishing. A lawyer by training, Jimoh Ibrahim’s net worth stands at around $1.1 billion, largely due to his ability to navigate various industries successfully.

2. Femi Otedola
Femi Otedola is one of Nigeria’s most recognized billionaires, primarily due to his involvement in the oil and gas industry. He is the former chairman of Forte Oil, a major petroleum marketing company in Nigeria, and his business ventures have expanded into power generation, finance, and real estate. Otedola’s investments in key sectors like shipping and energy make him a major player in Nigeria’s economy. As of 2024, his net worth is estimated at $1.8 billion.

1. Mike Adenuga
While Mike Adenuga is a Yoruba billionaire, his reach extends beyond Nigeria to the rest of Africa. He is the founder of Globacom, one of Nigeria’s largest telecommunications companies, and he also has interests in oil exploration through his company Conoil. Adenuga’s strategic positioning in telecoms and oil has made him the second-richest man in Nigeria, with a net worth of over $6 billion.

SEE THEIR NET WORTH

Business

FG Unveils Portal, Targets 26,961 Nigerians for New Positions

Published

2 days ago

July 26, 2026

The Daily Voice

The Federal Government has launched the online registration portal for Phase III of the Renewed Hope Employment Initiative (RHEI), with plans to train 26,961 unemployed Nigerians in 70 high-demand skills as part of efforts to tackle unemployment and boost entrepreneurship nationwide.

The programme, which will run across the 36 states and the Federal Capital Territory (FCT), is expected to commence in August 2026 after the registration process is completed.

Speaking during the launch, the Minister of Labour and Employment, Dr Mohammed Dingyadi, said the initiative is designed to equip unemployed Nigerians with practical, market-driven skills that can lead to employment or self-reliance.

He explained that the government would adopt a ward-to-ward selection process to ensure that beneficiaries are drawn from communities across the country, promoting fairness and wider participation.

According to the minister, the programme aligns with the Federal Government’s broader agenda to reduce unemployment by expanding access to vocational training and enterprise development.

As part of the initiative, the government also announced plans to resettle 3,405 outstanding graduate trainees with starter packs and work tools after completing their training.

The support package is intended to help beneficiaries establish businesses or begin careers in their chosen trades, strengthening the government’s push for sustainable job creation.

Dingyadi acknowledged complaints from beneficiaries of the earlier phases regarding unpaid stipends and delayed resettlement support.

He attributed the setbacks to funding constraints and assured participants that the ministry was working with relevant authorities to secure the release of funds needed to settle all outstanding obligations.

“I wish to assure all affected beneficiaries that this Ministry is fully aware of the matter and is working with the relevant authorities to ensure the release of the necessary funds so that all outstanding obligations can be met without further delay,” he said.

Director-General of the National Directorate of Employment (NDE), Silas Agara, said the upgraded registration portal includes new security and verification features to improve transparency and efficiency.

Applicants will be required to verify their identities using their National Identification Number (NIN), while the system will automatically prevent multiple registrations and assign applicants to training centres closest to their locations.

Agara added that persons living with disabilities would be identified during registration and matched with skills programmes suited to their needs.