By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke says his administration is focused on boosting local economy and alleviating hardship among the people by empowering market men and women as well as artisans.

Governor Adeleke stated this at the official issuance of cash backed cheques running into millions of Naira to cooperatives societies at Ife and Obokun/Oriade federal constituencies.

Addressing Cooperative societies members at Ile Ife City Hall and Ijebujesa town hall, Governor Adeleke said the funds being disbursed to the local cooperatives were designed to support grassroots businesses and to ensure financial inclusion for the vulnerable segments of the society. 

“We are here in pursuance of financial inclusion for artisans and local businesses. Our administration is determined to financially empower our grassroot traders” as “the Cooperative platform provides the best path to achieving our agenda on financial inclusion.

“You would all recall that the first Osun State Cooperative Summit was held in January, 2024. Part of the fall out of the summit was our government’s declaration that a sum of One Billion Naira would be released to the cooperative sector. My government is implementing that decision as can be attested to by stakeholders.

“The Cooperative sector in the state comprises the Federation of Osun State Cooperative Limited  ( FOSCOOP) and the newly established Ward Based Cooperative societies. In effect, there are now a minimum of about 332 Ward based cooperative societies in Osun State all of which have received about One Million Naira each. 

“To date, the amount of loans released to the Federation of Osun State Cooperative Limited (FOSCOOP) is about Seven Hundred Million Naira (N700.000,000) . The loan disbursement is being handled in batches.

Governor Adeleke maintained that his administration had released funds for the rehabilitation and upgrade of the Odeomu Cooperative College and as well directed the Ministry of Cooperative and Empowerment to ensure proper linkage between the College and the state universities to deepen the capacity of the College through academic exchanges in relevant fields.

The Governor urged beneficiaries of the first phase of the loan disbursement to invest it judiciously in their businesses.

“Our government will be following up. We promise to reward beneficiaries who grow their businesses from this exercise. We will not relent in our support to grow the local economy through financial inclusion”.

In a remark, the Ooni of Ife, Oba Enitan Ogunwusi, Ojaja II commended the initiative, describing it as a strong way to reach the grassroots of small businesses.

Ooni Ogunwusi added that the cooperative approach would boost the local economy and provide much needed funds for the small business operators to thrive and survive.

Earlier, the Commissioner for Cooperatives and Empowerment, Mr. Bayo Ogungbangbe noted that this was the first time cooperative movement would be so supported.

Governor Adeleke disclosed that the Federation of Osun State Cooperatives and the 332 Ward based Cooperatives were beneficiaries of the disbursement.

Meanwhile, the governor announced the commencement of distribution of federal and state rice to every segment of the society.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *