Imo to boost economy with ‘kindred initiative’

Imo State Government has explained how it plans to empower local families with its kindred model initiative.

The Chief Economic Adviser to the government, Prof. Kenneth Amaeshi, during a virtual programme titled, ‘The potential of one kindred, one business initiative in Imo State,’ stated that the plan of the government was to empower families by ensuring that selected members were able to manage one business or the other, which will bring income and in turn, drive the state economy.

Discussing the feasibility and sustainability of the programme, Amaeshi, while lamenting the unemployment rate in the country, observed that, “unemployment is a global problem and also an African problem. The World Bank data has it that about 60 per cent of African youths are unemployed.”

He noted that the situation was terrifying, adding that, “some of the challenges (of Nigeria) from insecurity to others, can be linked to the single problem of unemployment,” hence, the necessity of the kindred initiative.

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He said, “The Italian economy has a lot of family businesses, the same with the United States of America, but the family business here would be a situation whereby you have the family unit, a man, woman and the children and they have a business to themselves.”

He noted that the model was successful in foreign countries.

Speaking on the platform, the Founder, Lift Above Poverty Organisation, Dr Godwin Ehigiamusoe, who lauded the initiative, however observed few limitations that might be a challenge in having a family engaged in the same business, as he raised concerns about the possibility of unequal commitment from the family members.

Using the analogy of a community goat, he said, “A goat that is owned by the community obviously would be starved, and I think that is the same that businesses that are owned collectively is likely to lack; individual ownership, and that can affect the viability of such businesses.”

He suggested the application of essential features of formal cooperative societies or unions to an extended family group and see how each member of that economic association could be empowered to engage in viable businesses.

Asked by our correspondent on the sustainability of businesses amid security situation in the South-east, Amaeshi maintained that the empowerment would tackle insecurity, noting that insecurity itself was largely influenced by unemployment.

Also fielding a question on the feasibility of the empowerment, based on the literacy level of any local family, and amid the Central Bank of Nigeria’s policy of cashless transactions, the Chief Economic Adviser, who incidentally is a professor of Sustainable Finance and Governance, European University Institute, Florence, Italy, opined, “The government can provide some training, and enhance the families who have come together in different ways. Again, I would be surprised if the entire kindred is illiterate.”