Good News As FG, Bank of Industry Partners to Float Bank For Nigerian Youths

• Nigeria is noted for having one of the youngest populations globally, with two in every three residents under 30 years old
• While this could be a blessing, it has not yet proven to be so because of the dearth of opportunities and support for the youth population
• The Bank of Industry is supporting the federal government to float a new bank that will address the gap and trigger economic growth

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Bank of Industry (BoI) will be partnering with the Nigerian government to launch a new bank that will be focused on addressing the needs of youths.

The Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, disclosed this at the recent inaugural Innovation and Entrepreneurship Development Annual Lecture organised by Obafemi Awolowo University, Ile-Ife, Osun State.

Olusi remarked that the plan to establish a Youth Bank aligns with President Bola Tinubu’s Renewed Hope Agenda and creates opportunities for Nigerian youths.

He revealed that the BoI would also launch an Impact Fund to drive enterprise development and youth-led industrialisation.

FG, BoI to launch youth bank to create jobs

According to Olusi, the Bank of Industry Impact Fund would deploy debt, equity, and other financial instruments to support youth-owned high-growth entreprises and strategic value chain companies.

The bank will also bridge the funding gap and provide critical support to businesses in Nigeria, as access to funds has always been identified as a challenge to entrepreneurship.

He said:

“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.”

Olusi pointed out that Nigeria has a median age of 18 years old with over 70% of the population still under 30 years, showing a bulging youth population that must be catered to.

The economy presents insufficient prospects to meet the needs of about 8 million youths entering the employment market annually, and it would take initiatives like this to bridge the gap, Olusi stressed.

The Industrial Innovation Fund is also underway and will support research, development, and market entry for digital and creative entrepreneurs, the PUNCH reports.

He also stressed the need for universities to move from being centres of knowledge to incubators of enterprise and innovation.

BoI launches special loans for women

The Bank of Industry has also launched Project Guaranteed Loans for Women, a N10 billion special intervention programme.

The programme aims to bridge the persistent gap in financial inclusion that women face across the country, especially for those in entrepreneurship.

BoI partners Lagos State, Sterling Bank to give loans

In related news, the Bank of Industry has also partnered with the Lagos State Government and Sterling Bank to give out loans to small businesses.

Legit.ng reported that the selected small and medium-scale businesses would enjoy no-collateral loans at single-digit interest rates.

Governor Babajide Sanwo-Olu urged SME owners in the state to take advantage of these low-interest, risk-mitigated loans to grow their businesses judiciously.

Source: Legit.ng