Nigeria: Firstbank Backs Imo State's Okobi Initiative to Boost Jobs

FirstBank has thrown its weight behind the Imo State Government's One Kindred One Business Initiative (ÓKÓBÌ), a community-based entrepreneurship programme designed to stimulate job creation, expand financial inclusion and promote sustainable wealth creation through collective business ownership.

The bank said its support aligns with its commitment to empowering small and medium enterprises, deepening financial inclusion and driving long-term socio-economic development across Nigeria.

ÓKÓBÌ, conceived by Imo State Governor, Hope Uzodimma, is built on traditional African values of communalism, kinship and collective responsibility. The initiative formalises groups of like-minded individuals into registered businesses, making them more resilient, easier to finance and better equipped to tackle poverty in rural and urban communities.

Launched in 2023, the initiative has registered over 600 businesses with about 20,000 members and is targeting the creation or support of 100,000 jobs within three years.

Speaking on the partnership, Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said: "Peer accountability remains a powerful driver of sustainable enterprise growth. The ÓKÓBÌ initiative exemplifies this by transforming existing social capital into tangible economic value for communities."

He added: "FirstBank is proud to support the Imo State Government in this forward-looking programme, which goes beyond traditional financing to embed financial inclusion directly within group-based enterprises.

"By supporting these collectively owned businesses, we are helping to stimulate economic empowerment at scale, creating a self-sustaining ecosystem where wealth creation is inclusive, participatory and widely shared. This initiative aligns with our broader commitment to enabling small and medium enterprises, deepening financial inclusion, and driving long-term socio-economic development across Nigeria."

Also commenting, Chief Economic Adviser to the Imo State Government, Professor Kenneth Amaeshi, described ÓKÓBÌ as a viable solution to unemployment and informality, saying the programme had demonstrated remarkable success within a short period.

He urged more corporate organisations to adopt and support the model, stressing that it empowers people to become business owners, strengthens group enterprises and promotes sustainable economic development.

Read the original article on Vanguard.