BoI earmarks N1bn for agro-based project in Oyo

The Bank of Industry (BoI) has earmarked N1 billion for the implementation of the Oyo Sate agro-based One Local government One Product (0LOP) pilot scheme fashioned along the One Village One Product programme of Japan.

The concept is to adopt a particular product (agro based) in a local government in respect of which the local government area has comparative advantage over others, and develop its value chain potentials.

While BoI is providing the funding for the programme in nine local government areas of Oyo State, the scheme is going be in partnership with the state government, Small and Medium Enterprises Development Agency (SMEDAN) and Japanese International Corporation Agency (JICA).

The nine local governments earmarked for the first phase of the scheme and their respective products per each senatorial districts are Atisbo – sheabutter, Oriire – tomatoes, Itesiwaju – black soap, Ido – cassava, Ibarapa Central – melon, Ibadan South West – cassava, Atiba – local rice, Oyo East – palm product, and Surulere – palm product.

BusinessDay, however, gathers that SMEDAN and JICA are expected to provide capacity building, technical support as well as identifying markets (local and abroad) for finished products.

Gbenga Ogundeji, South West zonal coordinator, SMEDAN, who with BusinessDay, said the OLOP project was to identify one product in each local government where they have comparative and competitive advantage over others and develop it.

While saying that the project would be of help to the people at the grassroots, he noted it would create employment, enhance their capacity to run their business successfully and expose them to international market by assisting them in the area of packaging.

“We also want to enhance their capacity through entrepreneurship training, and JICA will help in the area of machinery fabrication,”he said.

While saying that the programme was copied from Japan, which has worked in Niger and Kano, Ogundeji said that was why Oyo was embracing it.

Folakemi Akinleye, head, Bureau of Investment Promotion and Public-Private Partnerships in the office of Oyo State governor, said the local governments chosen for the project would provide clusters for the agro-products, accessible land, roads, factory shed, boreholes, and electricity, as well as security.

Akinleye, who told BusinessDay that the programme would be routed through cooperative societies, said it would make the people make more income, create more employment, and help the economy of the state to grow.

REMI FEYISIPO