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System Analyst June 11, 2024

Governor Adeleke Strengthens Grassroot Economy, Disburses N700m to Local Cooperative Societies

● As State Launches Distribution of Rice Palliatives

NEWS RELEASE

OSOGBO – 11/06/2024 – osunstate.gov.ng

In his drive to boost local economy and alleviate hardship among the citizenry, Governor Ademola Adeleke today disburses cash backed cheques running into several millions of Naira to cooperatives societies at Ife and Obokun/Oriade federal constituencies.

Addressing a mammoth crowd of cooperative members at Ile Ife City Hall and Ijebujesa town hall, Governor Adeleke said the funds being disbursed to the local cooperatives are designed to support grassroot businesses and ensure financial inclusion for the vulnerable segments of the society.

The disbursement which came as the state government announced the commencement of distribution of federal and state rice to reach every segment of the society, drew wild applause from members of the cooperative movements in both federal constituencies.

While the Commissioner for Cooperatives and Empowerment , Bayo Ogungbangbe said this is the first time cooperative movement will be so supported , Governor Adeleke disclosed that the Federation of Osun State Cooperatives and the 332 Ward based Cooperatives are beneficiaries of the disbursement.

The Ooni of Ife, imperial Majesty, Oba Enitan Ogunwusi, Ojaaja the Second applauded the initiative describing it as “a strong way to reach the grassroot of small businesses.

According to the royal father, the cooperative approach will boost the local economy and provide much needed funds for the small business operators to thrive and survive.

Addressing beneficiaries at Ile Ife and Ijebujesa, Governor Adeleke said “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 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”, Mr Governor posited..

Sigmed:
Mallam Olawale Rasheed,
Spokesperson to the State Governor.

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