Bank of Industry Launches Impact Fund to Support High Growth Enterprises and Youth Entrepreneurship

The Bank of Industry (BoI) Limited is planning to launch the BoI Impact Fund, a financial instrument that will support high growth enterprises, strategic value chain companies, and struggling businesses across the country, in line with the current administration's Renewed Hope Agenda. The bank's managing director/CEO, Dr. Olasupo Olusi, emphasized that the bank aims to serve as a catalyst for industrial growth and youth empowerment, highlighting initiatives such as the Youth Entrepreneurship Support (YES) Programme, which provides training, mentorship, and financing to aspiring entrepreneurs. The bank is also planning to support digital and creative enterprises through the Industrial Innovation Fund, which will finance the full innovation lifecycle, addressing gaps in research, development, and market entry.

Key Takeaways:

• The Bank of Industry (BoI) Limited is launching the BoI Impact Fund, which will support high growth enterprises, strategic value chain companies, and struggling businesses across the country.
• The fund is in line with the current administration's Renewed Hope Agenda, which aims to create a Youth Bank that will focus entirely on developing youth entrepreneurship.
• The BoI will serve as a catalyst for industrial growth and youth empowerment, initiated by the bank's Youth Entrepreneurship Support (YES) Programme.
• The Industrial Innovation Fund will finance the full innovation lifecycle, addressing gaps in research, development, and market entry.
• The BoI will focus on supporting digital and creative enterprises through various initiatives.
• Dr. Olasupo Olusi, the bank's managing director/CEO, stressed the importance of youth-led industrialisation, powered by innovation and entrepreneurship, for sustainable development and economic empowerment.

Statistics:

• The BoI Impact Fund will support high growth enterprises, strategic value chain companies, and struggling businesses across the country.
• The bank's Youth Entrepreneurship Support (YES) Programme targets aspiring entrepreneurs with training, mentorship, and financing.
• The BoI will finance the full innovation lifecycle through the Industrial Innovation Fund.
• Dr. Olusi's public lecture at Obafemi Awolowo University (OAU) in Osun State was thought-provoking, highlighting the bank's plans for supporting digital and creative enterprises.

Sources:

• Dr. Olasupo Olusi's public lecture at Obafemi Awolowo University (OAU), titled "Catalysing Youth-led Industrialisation through Innovation and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Bank of Industry."