The Ogun State Government has presented a cheque of ₦500 million to the Ogun State Cooperatives Federation Limited as part of efforts to support local businesses and strengthen the grassroots economy.
According to a Saturday statement from the ministry, the fund was disbursed through the Ministry of Community Development and Cooperatives during a ceremony in Abeokuta.
The Commissioner for Community Development and Cooperatives, Ademola Balogun, described the fund as “a strategic investment in the State’s human capital,” noting that it aligns with Governor Dapo Abiodun’s ISEYA development agenda, which is aimed at creating sustainable wealth for all residents.
Addressing members of OGSCOFED, Balogun urged beneficiaries to use the funds judiciously and warned against diversion.
“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 highlighted that the revolving nature of the loan is intended to ensure that all cooperative members benefit in the future.
Balogun commended OGSCOFED for its non-partisan approach to development and encouraged the Federation to continue collaborating with the State.
He also called on all cooperators to support government programmes and work to promote a united front for the continued progress of Ogun State.
Also speaking, Permanent Secretary in the Ministry, Mr. Lateef Benson, said the disbursement aims: “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.”
Receiving the cheque, OGSCOFED President Alh. Wasiu Olaleye expressed appreciation to the State Government, assuring that the fund would reach beneficiaries across the three senatorial districts.
“We will ensure that the fund is judiciously utilised and repaid promptly,” he said.