OKOBI, or the One Kindred, One Business Initiative, is an economic development initiative, within the shared prosperity agenda of the Imo State Government, spearheaded by His Excellency, Distinguished Senator Hope Uzodimma. This model exemplifies the collaboration of two or more individuals pooling resources to establish a lucrative, sustainable, and profitable business venture. The primary objective is to empower grassroots communities, fostering employment and wealth creation through well-structured cooperative enterprises across Imo State.

Initiation of OKOBI Businesses:

An OKOBI business takes shape when individuals, either family, relatives, kinsmen, or community members, unite to explore business ideas tailored to address local needs. Whether engaging in agribusiness, skilled services, or various other ventures, the emphasis is on structured group operations, amplifying productivity, visibility, profitability, and sustainability. The group-owned business model aligns with the bible verse that says, “one can chase a thousand, two can chase ten thousand,” leveraging diverse ideas for informed decision-making.

Participation Criteria:

 Participation in the OKOBI initiative is open to kinsmen, family members, friends, social groups, clubs, and community members sharing common affiliations. The requirement is a joint business venture owned by two or more individuals.

Diverse Business Opportunities:

The OKOBI model can be used to set up different kinds of businesses, limited only by the imagination. From poultry, rabbit keeping, and palm oil production to bakery, rentals, honey production, and more, the key is to identify problems that can be addressed through a business venture.

Identification as an OKOBI Business:

To be recognized as an OKOBI business, certain criteria must be met:

• Joint ownership by two or more individuals (up to a maximum of ten).
• Profit orientation and employment generation.
• Service provision through production, supplies, sales, or skills.
• Registration as a cooperative at the Cooperative Department of the Ministry of Commerce and Industry for tax exemption.
• Enrolment under OKOBI through the Chief Economic Adviser’s Office for identification, mentorship, and progress monitoring.
• Business domicile in Imo State.

Setting Up Stages:

The establishment of an OKOBI business involves several stages:

1. Know Your Team: Assemble a dedicated team for collaboration.
2. Needs Identification & Assessment: Determine the business or service based on economic needs.
3. Solution Identification: Devise effective solutions through commerce, evaluating profitability.
4. Planning, Budget, and Structure: Develop a business plan, budget, and structural framework for sustainable profitability.
5. Registration: Officially register the business as a cooperative OKOBI venture.
6. Bank Account: Open a business account, leveraging partnerships with recommended banks.

Chief Economic Adviser’s Office Support:

 The Office of the Chief Economic Adviser offers comprehensive support for OKOBI businesses, including:

• Consultations and inquiries on OKOBI.
• Tax exemption for registered cooperative businesses in Imo State.
• Visibility through social media platforms.
• Opportunities for collaboration with major clients and investors.
• Consideration for grants and support from international or local entities.

OKOBI epitomizes the spirit of shared prosperity, believing in the strength of unity.

“Umunna wu ike, o wughi agha!”

For further information or inquiries, contact the Office of the Chief Economic Adviser at 09011589113 or 091143360076.