The bank’s Managing Director and Chief Executive Officer, Dr Olasupo Olusi, disclosed this during a discussion with journalists in Lagos, explaining that the initiative was launched under the BOI Innovation Tech Hub Programme as part of the bank’s corporate social responsibility efforts.
According to Olusi, the programme was designed to help young Nigerians develop their ideas into viable businesses by providing access to infrastructure, mentorship and opportunities to collaborate with other innovators.
He explained that technology and innovation are essential to economic growth, entrepreneurship and finding practical solutions to challenges facing society. The bank’s support for innovation hubs, he added, is intended to nurture talent, encourage knowledge sharing and create an environment where new businesses can thrive.
Olusi said the hubs have helped build innovation ecosystems capable of attracting investors, creating jobs and stimulating economic activity. Through initiatives such as hackathons and business incubation programmes, aspiring entrepreneurs are given opportunities to develop their ideas, improve their skills and turn promising concepts into practical solutions.
He also noted that the hubs encourage collaboration between individuals and organisations, allowing participants to exchange ideas, build partnerships and learn from one another. Networking events, workshops and knowledge sharing sessions form part of the efforts to promote innovation across different sectors.
Beyond technology, the BOI is also supporting young entrepreneurs in the fashion industry through solar power installations aimed at addressing one of the major challenges facing small businesses: unreliable electricity.
The bank’s Lead Youth and Skills Thematic Champion, Mrs Aderonke Akinluyi, said the intervention reflected BOI’s commitment to removing barriers that prevent young Nigerians from turning their skills into sustainable businesses.
Akinluyi explained that access to dependable electricity directly affects productivity, business competitiveness and the ability of entrepreneurs to earn a living. By providing fashion entrepreneurs with clean and reliable power, she said, the bank hopes to reduce operating costs and improve their profit margins.
She added that the initiative aligns with BOI’s youth and skills development priorities, which focus on equipping young Nigerians with the resources and capabilities needed to build sustainable enterprises and contribute to economic growth.
The impact of the solar installations is already being felt among beneficiaries in Lagos. Adebayo Kafayat Adebukonla, Secretary of Lagos Island Artisans, said the improved power supply had made it easier for fashion entrepreneurs to serve customers and complete orders on schedule.
According to Adebukonla, frequent power outages previously disrupted production, making it difficult for businesses to meet deadlines and expand their operations. With a more dependable electricity supply, beneficiaries can now finish garments on time while reducing their environmental impact.
She added that the improvement has strengthened customer confidence and encouraged more young people in the community to consider fashion design as a viable career.
The technology hubs and solar power initiative form part of BOI’s wider efforts to support entrepreneurship, develop skills and help small businesses overcome challenges that limit their growth.
