The House of Oduduwa and the Bank of Industry (BoI) have signed a Memorandum of Understanding which would provide loans to youths in Ile-Ife.
The Ooni of Ife, Oba Adeyeye Ogunwusi signed for the House of Oduduwa while the Acting Managing Director of BoI, Mr Waheed Olagunju, signed for the financial institution.
Olagunju explained that the initiative was aimed at reducing youth unemployment in Ile-Ife communities.
Among the features of the MoU is the provision of N1 billion loans at an interest rate of 7.5 per cent to the youths.
According to him, substantial part of the loan will be disbursed to women, youth and businesses that show high sustainability.
“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 grass root. 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 percent of them will be those who deal in local products.
“We are working with the entrepreneurship centre of Obafemi Awolowo University, Ile-Ife.
“Applications are expected to be submitted and a joint committee of BoI team, the Oduduwa House and OAU team would access it.
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