In bid to boost local economy and alleviate hardship in Osun State, Governor Ademola Adeleke on Tuesday disbursed N700m to cooperatives societies in Ife and Obokun/Oriade federal constituencies of the state.
A statement by his spokesperson, Olawale Rasheed, disclosed that Adeleke while flagging off the disbursement noted that the funds were meant to support businesses at the grassroots and ensure financial inclusion for the vulnerable segments of the society.
He equally announced the commencement of distribution of rice to different areas in the state.
The Osun Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, said it was the first time cooperative societies will be so supported.
According to the statement, the Federation of Osun State Cooperatives and the 332 wards-based cooperatives are beneficiaries of the disbursements.
The Ooni of Ife, Oba Enitan Ogunwusi, Ojaaja the Second, applauded the initiative and described it as “a strong way to reach the grassroot of small businesses.”
According to the monarch, the cooperative approach will boost the local economy and provide much needed funds for the small business operators to thrive and survive.
In his remarks, Governor Adeleke said “we are here in pursuit 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 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.
“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 in the near future.
“Aside from the push for financial inclusion through the cooperative movement, our government is also deepening training of cooperative professionals. The more we produce trained professionals, the more the capacity of our cooperative societies to survive and thrive.
“We have released funds for the rehabilitation and upgrade of the Odeomu Cooperative College. Work is presently ongoing. I hereby further direct the Ministry of Cooperative and Empowerment to ensure proper linkage between the College and the state universities. This will deepen the capacity of the College through academic exchanges in relevant fields.
“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.
“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.”
OSUN: Adeleke Strengthens Grassroots Economy, Disburses N700m To Local Cooperative Societies is first published on The Whistler Newspaper