Empowerment: Ekiti Cooperative Societies Get N50 Million Revolving Loan

Ekiti State Governor, Dr Kayode Fayemi, has disbursed N50 million as revolving loan to cooperative societies in the State in the first phase of the Cooperative Revitalisation Fund.

The Governor has also empowered the State Motorcyclists Association with 100 motorcycles and an 18-seater bus while the State chapter of the National Association of Nigerian Students (NANS) and the Joint Artisans and Technicians also got a bus each.

Governor Fayemi while presenting the cheque to the Cooperative Societies in Ado- Ekiti on Monday said the fund is aimed at improving the lending capacity of the societies and the overall standard of living of the people.

He added that cooperatives are viable networks that can evolve into sustainable business enterprises that can enhance the economic development of the State.

“Cooperatives are viable networks that can evolve into sustainable business enterprises to enhance the economic development of Ekiti State if harnessed.

Hence the need to revitalize these societies cannot be overemphasized. Today’s activity is therefore aimed at increasing the lending capacity of the various Cooperative Societies andf Unions thereby reducing poverty in the State in line with our vision to make poverty history in the State”, he said.

 While stating that the Cooperative Unions are expected to grow and expand to other areas of economic activities such as establishment of cottage industries in cluster communities where raw materials are available towards poverty reduction and employment generation, the Governor assured that his government will continue to support such and create a conducive environment for such micro industries to thrive in Ekiti State.

Fayemi said the disbursement of the cheque is consistent with “our concerted efforts since we assumed office to stimulate economic development in furtherance of our 8-point agenda”; adding that his administration has been true to the people by leaving positive footprints in many areas of the State’s economy.

The Governor while presenting keys of the buses and motorcycles to the commercial motorcyclists and other beneficiaries stated that the gesture is a further assurance that he would not ban commercial motorcycle popularly called Okada from operating in the State.

He added that the Okada riders have contributed immensely to development in the transport sector as well as boosting the economy of the State.

In his remarks, the Commissioner for Rural Development and Community Empowerment, Chief Folorunso Olabode said  the disbursement reflects the importance of cooperative movement as a veritable instrument for economic and social transformation of the society.

Olabode urged the benefitting  unions to ensure fairness and equity in the distribution of the fund which is the first phase of the empowerment scheme .

He added that the beneficiaries should invest in viable ventures and repay the loan in accordance with the terms of the disbursement.

The Chairman of the State Cooperative Advisory Board, Chief Adeola Ayoola said the Board has been working to unify all fronts of cooperatives in the State into one unit that will possess the necessary strength  to drive the economic activities of the State.

Last modified: June 16, 2014