Government Expands Family One Enterprise Initiative to Combat Unemployment
The Federal Government has sanctioned a nationwide extension of Imo State’s Family One Enterprise Initiative (OKOBI) as part of its strategy to alleviate unemployment and bolster the economy. The announcement was made by Vice-Chancellor Kashim Shettima during the inauguration of the OKOBI Student Club at the Nigerian Claretian University of Maryland, located in Nekede, near Owerri.
Represented by Ms. Ruqaya El-Rufai from the Office of the Vice President, Shettima highlighted that fostering entrepreneurship has become essential in addressing the challenges faced by Nigeria’s growing youth demographic. He emphasized that the initiative aligns closely with the nation’s broader economic priorities.
Shettima further elaborated on the initiative’s goals, stating that it promotes financial inclusion by facilitating savings, investments, and access to finance. “Numerous companies will be able to utilize technology for growth, accelerating the adoption of digital practices within the economy,” he noted.
The Vice President also pointed out that OKOBI aims to enhance gender inclusion and extend support to vulnerable populations, ensuring inclusivity in the economic progress. He asserted that by 2030, the initiative would play a significant role in improving Nigeria’s standing in the global human capital index, focusing on empowering communities and transforming job seekers into job creators.
Governor Hope Uzodimma reaffirmed the state government’s commitment to innovation, entrepreneurship, and community-centered development. He characterized the initiative not merely as a policy but as a transformative movement designed to stimulate economic growth across higher education institutions and local communities.
Uzodimma, represented by Vice President Mrs. Chinyele Ekomaro, underscored that the state government is investing in innovative ideas and the aspirations of its citizens rather than just distributing funds. He encouraged student club members to utilize the platform to cultivate “thoughtful ideas that evolve into impactful ventures.”
Professor Kenneth Amaesi, the Governor’s Chief Economic Adviser, addressed the necessity of OKOBI as a grassroots response to unemployment. He highlighted that Imo State, home to approximately 5 million residents, faces a paradox where high literacy rates have led many eligible workers to seek opportunities in other regions, leaving about 50% of its 3.5 million workforce unemployed.
Despite these challenges, Amaesi noted that over 600 companies under the initiative have successfully generated more than 20,000 jobs. He explained that OKOBI is implemented across three levels: community, social groups, and student clubs, and encouraged individuals and communities nationwide to embrace grassroots economic development.
Amaesi also acknowledged IHS Nigeria for its support, including grants provided to beneficiaries of the initiative. Titilope Oguntuga, Director of Sustainability at IHS Nigeria, stated that the initiative symbolizes a strong commitment to community empowerment and economic strengthening, especially for informal businesses striving to improve financial literacy.
Oguntuga remarked that the OKOBI framework aligns with national recovery strategies and promotes a collective vision for economic progress. “We believe that communities can significantly alter their futures if equipped with the right tools and opportunities,” she concluded.
Fr. Wence Madu, Vice-Chancellor of the university, praised the initiative for its potential to address skill gaps and foster ingenuity within the state. He commended Uzodimma for his strategic selection of the university as a beneficiary of this beneficial program. A notable moment during the event was the awarding of N9.5 million in IHS grants to seven multi-purpose cooperatives, aimed at supporting community-focused enterprises.
