The head of Odu’a Cooperative Conglomerate has stressed the vital role of cooperatives in supporting small businesses in the South West region. He emphasized that a robust cooperative structure is essential for the success of small-scale enterprises. At a recent stakeholders’ meeting, he discussed how cooperatives provide crucial support to entrepreneurs by offering low-interest loans, enabling them to thrive in their business endeavors.
He highlighted that the cooperative has significantly aided small-scale entrepreneurs by promoting savings and facilitating access to loans at favorable interest rates. The President underscored the economic significance of cooperatives, stating that they are essential for the region’s business landscape and overall prosperity.
Moreover, he noted that the South West region is renowned for its strong cooperative network, which plays a pivotal role in driving economic activities. He also addressed the challenges faced by some businesses in opening accounts with certain banks, clarifying that cooperative societies do not necessarily require Corporate Affairs Commission registration to operate legally.
The President shared that Odu’a Cooperative currently holds assets valued at N50bn, with substantial liquid cash reserves contributed by members across the region. Additionally, representatives from various commercial banks highlighted the advantages of collaborating with the cooperative during the meeting.