The Development Agenda for Western Nigeria (DAWN) Commission and the Egbe Omo Yoruba North America (EOYNA) have partnered to create a structured investment platform aimed at mobilising Diaspora capital for economic development in the South-West of Nigeria.

The initiative, which will be implemented through EOYNA’s investment arm, Synergy, is expected to channel funds into start-ups, real estate and government securities, while creating opportunities for young entrepreneurs and addressing concerns over the management of Diaspora remittances.

Director-General of DAWN Commission, Dr Seye Oyeleye, disclosed this in a statement yesterday, following the signing of a Memorandum of Understanding (MoU) between both organisations at the Commission’s headquarters in Ibadan, Oyo State.

Oyeleye said the partnership was designed to provide Yoruba professionals and investors in North America with a credible framework through which they could invest in the region and contribute to its economic growth.

According to him, the Commission has concluded plans to establish a technology hub in Ibadan to nurture innovative business ideas that can attract funding from diaspora investors.

He added that promising ventures identified through the programme would have access to financing at single-digit interest rates, as well as providing an alternative to the high borrowing costs associated with commercial bank loans.

The DAWN Commission chief noted that the initiative was driven largely by a desire among Yoruba people in the Diaspora to support development in their home region while ensuring that their investments are secure and impactful.

He said many Diaspora investors had expressed frustration over the diversion of funds sent home for developmental purposes, stressing that the new arrangement would provide transparency and accountability in the deployment of investments.

Oyeleye said that Synergy, established by EOYNA five years ago as its investment operating arm, would manage the funds through a governance structure designed to ensure investments are deployed strictly in accordance with investors’ mandates.

Also, EOYNA representative and Vice Chairman of the Synergy Board, Prof. Adeboye Adejare, who spoke at the event, said the partnership would boost confidence among Diaspora investors who often struggle to monitor personal investments from abroad.

Adejare said the organisation recognised the risks associated with investment but had put in place professional structures to ensure prudent management of funds.

He added that beyond providing capital, Synergy would leverage the expertise of its board members and professionals across various sectors to mentor young Nigerian entrepreneurs and support the growth of sustainable businesses.

Similarly, Project Lead at the DAWN Commission, Segun Balogun, described the initiative as a pilot model for Diaspora-driven investment across Yorubaland.

According to him, the partnership seeks to establish a trusted institution through which members in the Diaspora can invest in their communities with confidence, knowing that their resources are being managed transparently and effectively.