𝗢𝗴𝘂𝗻 𝗱𝗶𝘀𝗯𝘂𝗿𝘀𝗲𝘀 ₦500𝗺 𝘁𝗼 𝗰𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲𝘀, 𝘂𝗿𝗴𝗲𝘀 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆

The Ogun State Government has disbursed a total sum of ₦500 million to cooperative societies across the state as part of efforts to strengthen local businesses and support Micro, Small and Medium Enterprises (MSMEs).

Officials said the intervention, carried out under the Ogun State Cooperative Support Fund initiative, is aimed at improving access to affordable financing for small-scale entrepreneurs, artisans, farmers and traders who often struggle to obtain loans from conventional financial institutions.

Speaking during the disbursement exercise, state authorities explained that the programme is designed to stimulate grassroots economic growth, enhance productivity and promote job creation. Beneficiaries were drawn from various cooperative groups across the state’s local government areas.

The government, however, cautioned recipients to ensure transparency and accountability in the utilisation of the funds. Cooperative leaders were urged to monitor the distribution process within their groups and guarantee that members deploy the loans strictly for productive ventures.

According to officials, the fund operates as a revolving credit scheme, making prompt repayment critical for sustaining the programme and enabling more groups to benefit in future phases.

They further emphasised that strengthening cooperative structures remains a key component of the state’s economic development strategy, noting that organised cooperative societies can play a significant role in boosting local enterprise, reducing poverty and supporting inclusive growth.

Stakeholders at the event commended the initiative, describing it as timely amid prevailing economic challenges, and expressed optimism that the support would help stabilise small businesses and improve livelihoods across Ogun State.