South-West Can Catalyse Nigeria’s Economic Growth Through Philanthropy – Odua Investment Chair

Ashiru Calls for Homegrown Models to Empower MSMEs and Create Jobs

Chairman of Odu’a Investment Company Limited (OIC), Chief Bimbo Ashiru, has called on stakeholders in the South-West region of Nigeria to harness the power of philanthropy and social investment as strategic tools for economic growth and sustainable job creation. According to Ashiru, the South-West is uniquely positioned to become a catalyst for national transformation by developing homegrown economic models rooted in the growth of Micro, Small, and Medium Enterprises (MSMEs).

Speaking during the South-West Philanthropy Summit held over the weekend in Lagos, Chief Ashiru stressed that economic and social empowerment in the region can be achieved through collaborative models that integrate government, businesses, and philanthropic efforts. He highlighted that such synergy is capable of unlocking the full potential of MSMEs, which serve as the backbone of emerging economies across the globe.

“If we can address job creation and support MSMEs for sustainable growth, we won’t just transform the South-West economy; we’ll be setting a national and even continental model,” Ashiru stated.

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The Power of Localised Solutions and Regional Collaboration

Ashiru advocated for the development and adaptation of localized models based on proven strategies from other emerging economies, tailored specifically for the Nigerian and South-West context. According to him, philanthropy should no longer be viewed merely as charity, but as a strategic investment in human capital and local enterprise.

He further noted that a critical aspect of such transformation will involve supporting entrepreneurs, artisans, and small business owners through structured funding, mentorship, and infrastructure support facilitated by philanthropic organizations and government agencies.

“We must begin to see philanthropy as an integral part of our development strategy. It is not just about giving — it’s about investing in people and systems that drive economic change,” he added.

Ashiru, a two-time Commissioner for Commerce and Industry in Ogun State, also emphasized that unlocking the region’s potential would require strong partnerships across sectors, highlighting the importance of the summit as a platform to ignite those connections.

Summit Organized to Promote Strategic Philanthropy

The South-West Philanthropy Summit was jointly organized by the Nigeria Philanthropy Office (NPO) in the Office of the Vice President and Odu’a Investment Company Limited — a holding firm jointly owned by the six South-West states: Ekiti, Lagos, Ogun, Ondo, Osun, and Oyo.

Ashiru explained that the summit’s goal was to draw attention to the growing relevance of philanthropy in tackling the region’s developmental challenges. The event, he said, was designed to bring together stakeholders from across the public and private sectors to share ideas and foster collaborations that extend well beyond the summit itself.

“We hope the Summit will catalyse and promote philanthropic efforts in the area of job creation in the South-West region, attracting focus and resources from across the globe. The region is ready for such attention,” Ashiru said.

He reiterated that sustainable development would only be possible if both government and private stakeholders recognize philanthropy as a critical enabler of economic inclusion.

A Missing Piece in Nigeria’s Growth Puzzle

In her address at the summit, Thelma Ekiyor-Solanke, Chairperson of the Nigeria Office for Philanthropy & Impact Investment (NPO), echoed Ashiru’s sentiments, stating that philanthropy remains underutilized in Nigeria’s economic planning. According to her, philanthropic capital — often untapped — can serve as non-budgeted funding support for government infrastructure and social projects.

“Philanthropy is key to the nation’s economic growth. It provides the unbudgeted capital needed to fund infrastructure and support vulnerable groups,” she said.

Ekiyor-Solanke called on private sector players to see social investment as more than altruism. She argued that strategic philanthropy can offer measurable returns by creating stable, thriving communities that benefit businesses and improve the economic ecosystem as a whole.

She further assured potential philanthropic investors that social investments yield both tangible and intangible returns, such as brand goodwill, consumer trust, and long-term market growth.

“We are calling on all sectors to support this movement. Social investment isn’t just moral — it’s smart business,” she asserted.

 A South-West Blueprint for Inclusive Growth

As the summit concluded, there was a shared consensus among participants that philanthropy, when strategically deployed, could be a game-changer for economic and social development in the South-West and beyond. Participants committed to furthering partnerships, enhancing impact measurement, and scaling successful models across the region.

The OIC and NPO pledged to continue engaging stakeholders and leveraging the momentum of the summit to drive innovation, inclusion, and growth in the years ahead.

With a solid foundation of regional cooperation and a renewed focus on social investment, the South-West may soon position itself as a national beacon for inclusive development, turning its cultural strength and entrepreneurial spirit into scalable economic solutions.