By Achile Danjuma
In a significant move to stimulate grassroots economic development, the Ogun State Government has presented a ₦500 million cheque to the Ogun State Cooperatives Federation Limited (OGSCOFED). The initiative, carried out through the Ministry of Community Development and Cooperatives, is aimed at empowering local businesses and fostering sustainable wealth creation across the state.
A statement released on Saturday confirmed that the funds were officially handed over during a ceremony held in Abeokuta. The event brought together key stakeholders and members of the cooperative federation to mark what officials described as a milestone in the state’s community development efforts.
Speaking at the presentation, the Commissioner for Community Development and Cooperatives, Ademola Balogun, described the fund as a strategic investment in the human capital of Ogun State. He noted that the intervention aligns with Governor Dapo Abiodun’s ISEYA development agenda, which prioritizes inclusive growth and shared prosperity.
“This fund is not just financial support; it is a strategic investment in the future of our people and the sustainability of our local economy,” Balogun said. “We believe that strengthening cooperatives is one of the most effective ways to empower communities from the ground up.”
The Commissioner urged members of OGSCOFED to ensure transparency and accountability in the management of the funds. He stressed that the loan scheme operates on a revolving basis, meaning that timely repayment will enable other cooperative members to benefit in subsequent phases.
“Accountability must be your watchword. Your ability to repay promptly determines how quickly we can extend this intervention to others,” Balogun warned. “Let us see this as a collective opportunity to uplift more households and small businesses across the state.”
The OGSCOFED, which serves as an umbrella body for cooperative societies in the state, is expected to channel the funds to its registered members, who will in turn invest in various income-generating activities. The initiative is part of broader efforts by the Abiodun administration to deepen financial inclusion and support the informal sector.
With over 3,000 cooperative societies and thousands of members across the state’s 20 local government areas, the fund is expected to have a far-reaching impact on households and small-scale enterprises. Beneficiaries are encouraged to utilize the funds for productive purposes such as agriculture, trade, and artisan services.
The government has reaffirmed its commitment to monitoring the disbursement and utilization of the funds to ensure that the intended goals are achieved.