Odu’a Investment Company Ltd., (OICL) and the Nigerian Philanthropy Office have concluded plans to sign a Memorandum of Understanding (MoU) to provide grants to spur industrialisation in the South-West Zone.
Group Chairman, Odua Investment Company Ltd., Chief Bimbo Ashiru, confirmed this in an interview on Thursday in Lagos.
Ashiru spoke on the sidelines of a meeting between the Board/Management of OICL and the Nigerian Philanthropy Office team, under the office of the Vice President, to discuss areas of partnership and collaboration between the duo.
He said the project, designed to cater for between 500 and 1,000 persons, was geared towards growing businesses, alleviating poverty, promoting agriculture and education.
According to him, the parties will sign the MoU on the partnership tentatively by July 15 to guarantee OICL take ownership of the project in the South-West Zone.
Ashiru said that the amount of the fund for the grant was still under discussion and would be announced when finalised.
The chairman explained that the South-West Governors, who are proprietors of Odu’a Investment, are involved in the project, while OICL was the initiative’s flagship company.
“The collaboration between the parties would spread across several areas, but particularly, to support businesses of the Micro, Small and Medium Enterprises (MSMEs), Agriculture and Education that will lead to industrialisation.
“We have so many companies, banks, that are partners too on the project, but Odu’a is the flagship for the South-West Zone, while there are other companies for the South-East and the North.
“MSMEs are the drivers of any economy in the world; they are about 90 per cent, while the multinationals are just about 10 per cent.
“They create about 90 per cent of jobs across the world, but have problems with funding; this partnership is geared towards addressing the problem and alleviating poverty,” he said.
According to Ashiru, if the Government focuses on such empowerment, it will reduce the level of poverty and create more jobs.
He expressed the willingness of the parties to ensure that everybody that was qualified benefited from the initiative, hence, the ongoing fine tuning of the MoU before finally signing.
Ashiru said, “We will ensure that people that are qualified get the fund and the right calibre of people are put at the helm of affairs of the project.
“That is why the Government is not handling it, so that people with vested interest will not hijack it.
“The most important thing in the area of Philanthropy is to have direct impact and be sustainable, and that we will ensure.