The Ogun State Government has handed over a cheque of ₦500 million to the Ogun State Cooperatives Federation Limited to boost local enterprises and enhance economic activities at the grassroots level.
According to a statement issued on Saturday by the ministry, the funds were released through the Ogun State Ministry of Community Development and Cooperatives during a presentation ceremony held in Abeokuta.
The Commissioner for Community Development and Cooperatives, Ademola Balogun, described the fund as “a strategic investment in the State’s human capital,” explaining that it supports Governor Dapo Abiodun’s ISEYA development agenda, which focuses on creating lasting prosperity for residents.
While addressing members of the federation, Balogun advised beneficiaries to make proper use of the funds and cautioned against mismanagement.
“Accountability must be your watchword. Your ability to repay promptly determines the speed at which we can expand this intervention to others,” he said.
He added that the revolving loan arrangement was designed to allow more cooperative members to benefit from the initiative over time.
Balogun also praised the federation for maintaining a non-partisan stance in its development efforts and encouraged continued cooperation with the state government.
He further urged all cooperative members to support government initiatives and work collectively towards the continued development of the state.
Also speaking, the Permanent Secretary in the ministry, Lateef Benson, explained that the disbursement is intended “To encourage and stimulate strong veritable self-help institutions as well as improve the economic welfare of residents by empowering Micro, Small and Medium Enterprises (MSMEs) through cooperative societies.”
In his response, the President of the federation, Wasiu Olaleye, thanked the state government for the support and assured that the money would be distributed to beneficiaries across the three senatorial districts.
“We will ensure that the fund is judiciously utilised and repaid promptly,” he said.
