The Ademola Adélékè-led Government of Osun has released a sum of ₦700m to cooperative societies located across 332 wards in the state.
The move, according to the Governor reaffirmed his commitment to financially empower grassroots traders in the state.
He made this known while addressing beneficiaries at Ilé Ifẹ̀ and Ìjẹ̀bú Jẹ̀ṣà.
In a statement by the spokesperson to the governor, Olawale Rasheed which was shared on the X handle of the State Government, Adélékè was quoted as saying, “We are here in pursuance of financial inclusion for artisans and local businesses” adding that “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 fallout 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. Our government had earlier signed a Memorandum of Understanding (MOU) with the Federation of Osun State Cooperative Limited. The MOU provides a strong framework for the sustainability of the loan scheme. We reaffirm our resolve to complete the loan disbursement and even expand the coverage shortly.
“Aside from the push for financial inclusion through the cooperative movement, our government is also deepening the training of cooperative professionals. The more we produce trained professionals, the more the capacity of our cooperative societies to survive and thrive.
“We are here to directly present cash-backed cheques to beneficiaries across the wards. I urge those targeted for this phase of the loan disbursement to invest it judiciously in their businesses. I advise that you start somewhere or add the fund to your existing businesses.”
Earlier, the Governor paid homage to the Ọọ̀ni of Ifẹ̀, Ọba Adéyẹyè Ògúnwùsì at his palace.
The monarch lauded Adélékè for the initiative, describing it as “a strong way to reach the grassroot of small businesses.”
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
