The Ekiti State Government, through the Ministry of Trade, Industry, Investment and Cooperatives, has hosted a one-day stakeholders’ engagement meeting to sensitize cooperative leaders and societies on modalities for keying into the N1 Billion Cooperative Support Fund initiated by the State Government.
Speaking at the meeting held in Ado-Ekiti, the Commissioner for Trade, Industry, Investment and Cooperatives, Mrs. Omotayo Adeola, described the fund as a bold and strategic move aimed at revitalizing the cooperative sector and empowering grassroots entrepreneurs across Ekiti State.
The Commissioner referenced the Governor’s announcement of the N1 Billion Cooperative Support Fund on December 5, 2023, describing it as a landmark decision aimed at fostering inclusive economic growth and transforming the cooperative landscape in the State.
“Today’s engagement is to enlighten stakeholders on the structure, roles and responsibilities tied to the fund, as well as to ensure transparency and accountability in its disbursement,” she said.
Mrs. Adeola noted that the initial challenge of high interest rates proposed by some commercial banks necessitated strategic engagements with development-oriented institutions, which eventually led to partnerships with the Bank of Industry (BOI) and Omiye Microfinance Bank — both of which have now embraced the Cooperative Support Fund initiative.
She explained that under the agreed structure, the Bank of Industry would handle equipment and machinery financing for cooperatives with an industrial focus, while Omiye Microfinance Bank would provide working capital loans for traders, marketers and agricultural cooperatives.
“This fund is not a handout, it is a financial tool meant to drive enterprise, not a share of the national cake. We must treat it with the responsibility it deserves,” the Commissioner emphasized.
In his remarks, the State Manager of the Bank of Industry, Mr. Oluwaseyi Asaolu, highlighted the fund’s potential to enhance cooperative activities, generate employment and improve the State’s GDP.
“We are excited to be part of this process that will empower local cooperatives to scale and create value,” he said.
The Managing Director of Omiye Microfinance Bank Limited, Prince Gbenga Adegun, said the bank was honored to be one of the selected institutions for the disbursement.
He explained that interested cooperatives must open an account with the bank and provide all required documents, adding that the interest rate is fixed at 9% per annum, with a 12-month gestation period and a 3–6 months moratorium for Agricultural-centred cooperatives societies
In his remarks at the meeting, the Acting Permanent Secretary, Ministry of Trade, Industry, Investment and Cooperatives, Mr. Adedayo Falua, commended the State Government for its commitment to cooperative development, stating, “Cooperative societies in Ekiti have never had it so good. This is a golden opportunity we must not misuse.”
Present at the meeting were the representative of the Federation of Ekiti State Cooperatives, Hon. Olatunji Adeyemi, President, Elegbemeta Apex, Chief John Enaibe, President, coalition of Cooperatives Union, Ekiti State, Mr. Ojo Ezekiel, Cooperative Chairmen from across the State and other key stakeholders.