The Executive Chairman, Nigerian Capital Development Fund (NCDF), Hareter Babatunde Oralusi, has hailed President Bola Tinubu for facilitating autonomy for local governments in Nigeria even as he expressed willingness to support grassroots empowerment across the country.
“Oralusi, a global social entrepreneur and impact investor, has promised to mobilise significant investments for local government councils across Nigeria if complete autonomy is granted to them through legislation”, the Executive Director of NCDF, Chief Tajudeen Kareem, said Thursday in a statement.
“The NCDF Group comprises EmergX Plc, the London School of Social Enterprise and Sustainable Economics in the United Kingdom, and Fatherland Holding Inc in the United States and we are prepared to mobilise all logistics, knowledge and resources to enable President Tinubu attain his vision for the development of the grassroot”, the statement read.
The conglomerate is committed to the transformative power of local governments, and regards full autonomy as a solution to many of the issues currently facing Nigeria said Oralusi while also He emphasizing that granting autonomy to local councils would lead to better service delivery and efficient governance at the grassroots level, ultimately addressing critical issues such as infrastructure deficits, unemployment, and inadequate socialservices.
“The autonomy of local governments will help solve fundamental problems that Nigeria is currently grappling with,” Oralusi and cited that the successful models of local governance in the United Kingdom and the United States, where communities operate effectively through their local councils, without the need to rely on the central government for basic needs like housing and municipal amenities.
“In the UK, local councils are empowered to meet community needs, and in the US, local councils are responsible for a range of services that ensure the well-being of residents. This model allows people to get what they need at the local level, without unnecessary bureaucracy,” he added.
The NCDF has a history of promoting social and economic development through impact investments. If local government autonomy becomes a reality in Nigeria, Oralusi has pledged to mobilize substantial resources and investments into these autonomous councils, enabling them to enhance the lives of residents and promote sustainable development.
“With full autonomy, local governments will have the capacity to initiate projects that reflect the specific needs of their people. We will support them by channeling funds directly to these localities, ensuring that resources are effectively used for the public good,” the statement read.
Oralusi also called upon Nigerians to support the administration of President
Tinubu in its efforts to turn round the economy and plan for future resilience trough structural re-structuring.
Specifically, the executive chairman said with full autonomy, local councils can tap into initiatives targeting key sectors such as renewable energy, technology, agriculture, and affordable housing, areas where NCDF has capacity for partnership to directly support projects that create jobs, improve infrastructure, and enhance the quality of life for millions of Nigerians.
In addition to EmergX Plc, an impact investment platform based in the United Kingdom, will also play a significant role in the initiative. EmergX Plc focuses on investing in underserved markets, transforming challenges into opportunities through strategic investments in early-stage businesses. This collaboration will ensure that local councils not only receive financial backing but also benefit from global expertise in impact investing, sustainability, and community development.
Oralusi’s vision comes at a critical juncture for Nigeria, as the nation continues to face numerous socio-economic challenges, including insufficient infrastructure, limited access to quality healthcare, and high rates of unemployment.
“This is an opportunity for us to change the narrative for our communities. By granting autonomy and empowering local councils, we are building a foundation for sustainable growth, community-driven development, and a prosperous future for all Nigerians.”
The call for local government autonomy has been gaining momentum, with numerous stakeholders recognising the potential benefits of decentralising power to the grassroots level.
