BOI, House Of Oduduwa Sign 1bln Naira Loan Agreement To Aid SMEs

Channels Television  
Updated November 16, 2016

oba-adeyeye-ogunwusi-and-waheed-olagunjuThe Bank of Industry in Nigeria and the House of Oduduwa in Osun State have signed a one billion Naira agreement that will make loan facilities available to both women and youths in Ile-Ife.

The loan was secured by the Ooni of Ife, Oba Adeyeye Ogunwusi.

‎‎Prominent among the features of the Memorandum of Understanding is the 7.5% interest rate to the beneficiaries.

Oba Ogunwusi signed for the House of Oduduwa while the Acting Managing Director of ‎Bank of Industry (BoI), Mr Waheed Olagunju, represented the financial institution.

The monarch emphasised the need to get youths empowered, saying it was necessary for the nation’s continuous growth.

Reducing Youth Unemployment

He urged ‎other monarchs across the globe to be dedicated in developing the youths in their various communities so as to reduce the rate of unemployment in Nigeria.

“I challenge monarchs across the country to be dedicated to developing youths in their communities.

“I won’t mind going hungry to empower the youths. If the youths of today are empowered, many generations will benefit from them and poverty will be abolished.

“Today’s event is another giant step in the history of Ile-Ife. We are moulding the future of our youths in the areas of agriculture and agro-allied industry.

“I put a challenge to other monarch’s to engage in community partnership. We should stop relying on the government. There are so many initiatives that community leaders can tap into.

“Community leaders should go into partnership with multinational companies and financial institutions to benefit their people.

“This one billion Naira funding will obviously help the youth of the entire House of Oduduwa and beyond. This is a very good template that should be emulated by others. As monarchs, we should think of what we can do for our people and support the government in its empowerment moves,” he emphasised.

The Ooni further advised governments at all levels to set up a body that will particularly focus on local contents initiative.

“The body should also be responsible for quality assurance and‎ control. With this, over 60 per cent contracts will have local input,” he says.

On his part, Mr Olagunju explained that the initiative was aimed at reducing youth unemployment in communities.

“Feeding The Whole Nation”

A substantial part of the loan will be disbursed to women and businesses that show high sustainability, agriculture, solid minerals and services especially those who deal in Made in Nigeria Goods, he says.

“We have been partnering with multinational and corporate companies, but today we are collaborating with traditional rulers.

“These are people who have access to the grassroots. Partnering with them is a way of ‎democratising entrepreneurship. We identify areas in which communities have comparative advantages and invest in them.

“The beneficiaries will be selected using the world best practices.

“For this edition, about 15 to 20 per cent of them will be those who deal in local products. ‎

“We are working with the Entrepreneurship Centre of Obafemi Awolowo University (OAU), Ile-Ife. Applications are expected to be submitted and a joint committee of BoI team, the Oduduwa House and OAU team would access it.

“They are to be monitored by members of the committee and elders, especially the traditional rulers. We estimate that about 5,000 youths will benefit from this,” he explained.

Also at the signing ceremony was the Chief Executive Officer of Hephzibah Network, Olamide Awosunle‎. He estimated that with the loan, Ile-Ife would begin to supply food to South-West states.

“This is to complement the Agro-prenuership Summit and it will help to grow Ile-Ife and south western Nigeria.

“In a short time, Ile-Ife will be ‎feeding the whole nation and South-west states especially will depend on Ile-Ife to get food,” an optimistic ‎Olamide, who is the project director, added.