The Ogun State Government has taken a decisive step toward stimulating the grassroots economy by presenting a ₦500 million cheque to the Ogun State Cooperatives Federation Limited (OGSCOFED).
This disbursement, handled through the Ministry of Community Development and Cooperatives, is intended to empower Micro, Small, and Medium Enterprises (MSMEs) and bolster local businesses across the state’s three senatorial districts.
During the presentation in Abeokuta, the Commissioner for Community Development and Cooperatives, Hon. Ademola Balogun, described the fund as a strategic investment in human capital.
He noted that the initiative aligns perfectly with Governor Dapo Abiodun’s ‘ISEYA’ mantra, which focuses on sustainable wealth creation for all residents.
However, the Commissioner issued a stern warning to the leadership of the Federation and the individual beneficiaries against the diversion of the capital into non-productive ventures.
Hon. Balogun emphasized the necessity of transparency, reminding the cooperators that the fund is a revolving loan.
He stated that the speed at which the intervention can be expanded to other residents depends entirely on the promptness of repayments by the current beneficiaries.
“Accountability must be your watchword,” he added, urging the Federation to maintain its non-partisan approach to development and continue its collaboration with the state government.
The Permanent Secretary of the Ministry, Mr. Lateef Benson, reinforced this sentiment, noting that the gesture is designed to encourage self-help institutions and improve the general economic welfare of residents.
In response, the President of OGSCOFED, Alh. Wasiu Olaleye, expressed appreciation to the administration for the release of the funds.
He assured the government that the Federation would ensure the loan is distributed equitably and utilized judiciously, promising that all beneficiary cooperators would adhere to the agreed repayment schedules to sustain the program’s cycle.