Ogun Funds Cooperative Federation with N25m

• Ogun Funds Cooperative Federation with N25m

The Ogun State Government has given N25m to the state Cooperative Federation Limited.

In a statement signed by the Press Officer, Ministry of Community Development and Cooperatives, Adeyinka Elujoba, the state government said the revolving loan was part of efforts at promoting cooperative societies in the state and enhancing the well-being of members.

The Commissioner for Community Development and Cooperatives, Mr. Gbenga Adenmosun, was quoted to have said the fund would encourage investment initiatives in the state by helping members of the cooperative societies to diversify into agriculture and entrepreneurial development.

“The OGSCOFED Limited, as the umbrella body for cooperative societies in the state, should venture into agriculture and commercial activities towards demonstrating the ingenuity embedded in them as a sociological group,” he stated.

The commissioner also urged the cooperative members to ensure proper disbursement of the loan and monitor it for prompt repayment so as to encourage the government to do more.

The President, OGSCOFED, Alhaji Ola Balogun, was also quoted to have said that the state government’s gesture would help the federation to grow.

“The cooperative movement in the state has never had it so good,” he added.

According to him, cooperatives will continue to contribute its quota to the socio-economic development of the state as a way of bridging the gap between the rich and the poor.