Contrary to some popular opinions that there aren’t good government agencies that help businesses in Nigeria or even in Ibadan grow, this unique story of how Bank of Industry, Nigeria funded the local farmers in the Ido Community proves this really wrong.

But how did it all happen?

There is a unique cooperative model which requires farmers (or in essence a group of producers) come together to co save in other to build a structure and procure facilities that help them produce basic raw materials they all need to run their business, such that these set of people are their own first customers and at high production level and scale up can service neighbouring regions.

This is exactly what the fish farmers at Ido local government area of Oyo state came together to build, this cooperative society then approached the Bank of Industry with the idea and they got the required support from this government agency.

According to the BOI State Officer, Mr Pacqueens Irabor, he mentioned that this is, in fact, a beginning of a long term partnership and relationship with the farmer’s community.

Oyo State Officer of BOI addressing the society

The operations manager explained to the Channels TV Host Kayode Alayande of the program BOI Weekly how they run through the production activity, from using fish, factory waste, soya, garri etc and most importantly how they use the factory equipment BOI helped them to procure.

The president also mentioned that in time past they have faced challenges with the past production mills they used, as they would go to the mill with their quality ingredient but at the point of leaving this for grinding and processing, these milling factories go ahead to replace them with bad quality ingredient, hence, that helped their decision for opting in for this model. Also, he mentioned that no member of the society will be given aids in cash, rather any aid whatsoever will be in terms of feedstock.

The Cooperative Society Strategist (who is also the CEO of cooperative strategy and enhancement company, NetPlat Nigeria) talked about how they have strategically studied and adapted this model from the cooperative system in Spain called the Mondragon.  He also mentioned that this model can also be extended to other sectors and other businesses as well.


This is a laudable action by the Nigeria’s Bank of Industry as this surely a great to move to making this budding agripreneurs access the loans needed to grow and scale at volume.

Kayode Alayande also had a chance to interview a lady in this community named Elizabeth Arigbede, she is a young graduate who recently also benefited from the Graduate Entrepreneurship Fund by BOI, from the 1.96 million naira loan she secured from the BOI, she now has her own pond and have been able to grow to have more than 5,000 fish in her ponds and thankfully purchase fish meal from the cooperative to service her two ponds.

Take Home:

From this story, we can easily deduce that agencies like BOI are all out to support entrepreneurs who really do have vibrant business ideas, you can get started by visiting – We would work so hard to get an interview time with the State Manager of BOI to talk to us about business financing and also with Mr. Olumide to talk to us about their effort in enhancing business communities through cooperative societies.

We love to hear from you, please leave a comment in the comment box below! Stay tuned for more business insiders into Ibadan.


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