In a powerful address at the Think Yoruba First 2nd Annual London Conference, Otunba Abimbola Ashiru, Group Chairman of Odu’a Investment Company Limited has disclosed that the Yoruba people’s culture and economy are bound at the hip, underscoring the inseparable link between cultural heritage and economic progress.
His statement highlighted the critical role that cultural preservation plays in driving economic development in Yorubaland.
Speaking on the economic reality of Yorubaland today at the event themed “Yorubaland in 200 Years: Envisioning the Future,” Ashiru opened his speech by reflecting on the deep connection between Yoruba culture and economic potential. “Our people say that ‘odo to ba gbagbe orisun e a gbe ni,’” he quoted, emphasizing that a strong cultural foundation is crucial for significant advancements.
He noted that cultural and ideological renaissance often drives substantial progress for any society.
Ashiru reminisced about the era of remarkable growth under leaders like Chief Obafemi Awolowo and Chief Ladoke Akintola. “The human capacity and natural resources available within the Yorubaland have always been huge,” he stated, highlighting the region’s historical prowess in agriculture and manufacturing. However, he lamented the decline in economic fortunes, citing increased inequality and the diminishing value of education in guaranteeing personal success.
“The gap between the haves and have-nots continues to widen,” Ashiru noted, pointing out that rapid urbanization has shifted productive activities from rural areas to cities, impoverishing rural communities and overburdening urban centers.
Despite these challenges, Ashiru highlighted the progress in sectors like banking, ICT, and entertainment, particularly in Lagos. “We have developed perhaps one of the most sophisticated banking sectors on the continent,” he said, attributing the prosperity in these areas to the leadership and support of Yoruba people.
Ashiru stressed the need for a coordinated approach to rejuvenate the economy, advocating for significant investments in education and regional development projects. “We can benefit significantly from working together as a people to develop large-scale regional development projects,” he asserted, emphasizing the potential for attracting investments and creating substantial economic impact.
Calling for unity among political, business, and traditional leaders, Ashiru emphasized the importance of collective effort. “For us to succeed as a race, and thrive over the next two centuries, all hands have to be on deck,” he urged. He also highlighted the need for re-skilling the population and investing in underfunded areas like history, culture, arts, and civics.
As the chairman of Odu’a Investment Company Limited, Ashiru reaffirmed the company’s commitment to fostering economic growth in Yorubaland. “We hope to create an institution that can compete with the likes of Norfund of Norway,” he said, outlining plans for sustainable investments and partnerships aimed at leveraging the competitive advantages of various parts of Yorubaland.
Concluding his speech, Ashiru expressed optimism for the future: “I believe we can tap our collective capacity to create a Yorubaland that is globally competitive, and which will have its own distinct place in an ever-evolving world.” He called for productive deliberations at the conference and wished for the continued prosperity of the Yoruba people. “Odu’a a gbe wa o!” he exclaimed, invoking a traditional blessing.
