Ogun State Disburses N500m to Boost Cooperatives

The Ogun State Government has disbursed N500 million to cooperatives as part of its efforts to support local businesses and strengthen the grassroots economy. The disbursement was announced on Saturday during a ceremony in Abeokuta, led by the Ministry of Community Development.

Minister Ademola Balogun described the fund as a strategic investment in the state's human capital, aligning with Governor Dapo Abiodun's development agenda aimed at creating and sustaining wealth for residents. Balogun urged beneficiaries to utilize the funds judiciously and warned against diversifying the funds into other accounts.

He emphasized the importance of prompt repayment to ensure future benefits for cooperative members. The Ogun State Cooperative Federation (OGSCOF), represented by President Wasiu Olaley, expressed appreciation for the state government's support and assured that the funds would reach beneficiaries across the three senatorial districts.

The initiative aims to empower micro, small, and medium enterprises (MSMEs) and improve the economic welfare of residents.