In a move to fortify cooperative societies and stimulate economic prosperity in Ekiti State, Governor Biodun Oyebanji has committed to injecting a substantial sum of one billion naira.
Revealing the initiative at the 2023 Cooperatives’ Day ceremony in Ado Ekiti, Governor Oyebanji disclosed plans to release N500 million from the state government, with an additional N500 million sourced from a financial institution, creating a formidable fund to enhance the operations of cooperative societies.
Addressing the vibrant gathering of cooperative societies adorned in colorful attire, Governor Oyebanji emphasized his government’s commitment to involve cooperators in all government economic activities, fostering investment and growth in Ekiti. He reassured civil servants of regular salary deductions to ensure the seamless functioning of cooperative societies within the civil service.
Governor Oyebanji, in his address, highlighted the importance of cooperative societies in economic prosperity, drawing parallels with advanced nations like India and China, where such entities play a pivotal role. He pledged to distribute cheques by the end of January, injecting N1 billion into cooperative societies, urging diligent repayment to ensure sustained support.
The Governor advised citizens to patronize regulated cooperative societies with secure investments, cautioning against joining financial groups imposing exorbitant interests on loans. He instructed the Head of Service to coordinate the activities of these societies, demonstrating the government’s commitment to fostering a conducive environment for cooperative growth.
In response to civil servants’ concerns about a living wage, Governor Oyebanji assured them of collaborative efforts with labor unions to reach a fair and affordable conclusion. The Commissioner for Trade, Industry, and Investment, Mrs. Omotayo Adeola, echoed the Governor’s sentiments, emphasizing the pivotal role of cooperative societies as engines of growth and development.
With this financial injection and collaborative efforts, Ekiti State aims to build a robust and resilient economy, benefiting all cooperative members and contributing to the overall prosperity of the state.
