By Sofiyyah Layole
Chairman of Odua Investment Company Limited (OICL), Otunba Bimbo Ashiru, has said Nigeria’s economic revival must begin with regional economic cooperation, improved ease of doing business and deliberate investment in productive infrastructure.
He stated this during an interview on Channels Television’s News Night, stressing that economic growth must be driven by states rather than relying solely on the Federal Government.
Ashiru traced the origin of Odua Investment to the legacy of the late Chief Obafemi Awolowo in the old Western Region, explaining that the conglomerate was originally funded through agriculture, especially cocoa and rubber.
According to him, proceeds from agriculture were used to finance free education and establish major economic assets including Cocoa House in Ibadan, Shagamu Cement, Nigerite and Elephant Cement, making the region economically self-sustaining in the 1960s and 1970s.
He noted that Odua remains the only surviving regional investment company in Nigeria due to long-term economic planning by its founders.
The company has undergone a major revival in recent years following restructuring efforts led by governors of the six south west states, namely Lagos, Ogun, Oyo, Osun, Ondo and Ekiti, who ensured non-interference in its operations by appointing professionals and enforcing strict corporate governance practices.
Ashiru disclosed that Odua has expanded its real estate and hospitality portfolio and is currently reviving the Premier Hotel in Ibadan. He added that the company has also diversified into the oil and gas sector through participation in a marginal field in Ondo State.
According to him, the group is positioning itself as a major driver of industrial growth and economic development in the region.
He called for stronger economic collaboration among states, warning that unhealthy competition slows down development.
Instead, he urged state governments to focus on sectors where they have comparative advantage and build industrial value chains. He cited Ekiti’s potential in cocoa and maize production, Ondo in mining, Ogun in manufacturing and Lagos in finance and technology as examples of how regional synergy can drive inclusive growth.
On attracting investment, Ashiru said states must improve infrastructure, particularly rural road networks that support agriculture and supply chains.
He advocated simpler business processes and stronger legal frameworks, recalling that as commissioner in Ogun State, he reduced business permit approval time from six months to 24 hours, a reform that helped the state climb from 36th to 4th in the World Bank Ease of Doing Business ranking. He also urged states to enact Public Private Partnership laws to protect investors and ensure continuity of projects across political transitions.
Commenting on the economy, he commended Central Bank Governor Yemi Cardoso for stabilising the naira but warned that inflation will persist unless insecurity is addressed to enable farmers return to their fields.
He expressed support for recent tax reforms targeted at high income earners but insisted that tax revenues must be tied to visible development. Ashiru also urged governments to patronise local contractors to retain wealth within the economy, stimulate employment and reduce capital flight, adding that the Odua model has proved that disciplined regional economic development is possible in Nigeria.
