Nigeria: South West GDP Worth Over U.S.$80 Billion - Odua Investment

26 February 2021

With a population of over 40 million people, the South West Gross Domestic Product (GDP) is estimated to be worth over $80 billion.

This was part of the revelations by the Odua Investments Company Limited at the inauguration of the newly appointed board of directors of South West Agricultural Company Limited (SWAgCo), a subsidiary of Odua Group.

Group chairman of Odua Investment, Dr Segun Aina said the appointment of the six new board members was part of strategy to reposition the entire group to make it the engine room for economic development of the South West.

He said the new directors joined SWAgCo at a time it is implementing its strategy for economic and social impact within the agricultural space in Nigeria.

According to him, "With a population of over 40 million energetic and enterprising population, the South West gross domestic product (GDP) is estimated at about $80 billion.

"SWAgCo is an agricultural investment company, fully owned by Odua Investment Company Limited with a strong capital base, established to unlock unrealised agriculture and sub-optimised agribusiness value by transforming underinvested agribusiness opportunities within Nigeria into institutional-grade investment operations.

"The new leadership, who were selected through a competitive process handled by KPMG, brings a wealth of professional experience and expertise at a senior level in Investment, Finance, Agriculture and Performance Solutions to consolidate SWAgCo's operation and set it on the path of achieving its mission to change the landscape of agriculture and agriculture investment in Nigeria."

Among the board of directors are: Mr Owolabi Salami the chairman, he recently retired from the insurance industry; Mr Adeola Adetunji, currently the CEO, Africa for Waxed Mobile and Mvoula Group Limited, Ms Cecilia Akintomide, currently an independent director on the Board of FBN Holdings Plc, Ms Adekemi Ajayi as non-executive director, currently an executive director in Odua Investment will be representing the Group on the Board.

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