The Ekiti State Government has announced plans to review the State Cooperative Law, a pivotal move set to overhaul the operations of cooperative societies within the region.
During a meeting with representatives of cooperative societies in Ado-Ekiti, Mrs. Omotayo Adeola, the State Commissioner for Trade, Industries, Investment and Cooperatives, emphasized the government’s dedication to formulating policies and programs aimed at enhancing the financial stability, proper management, and sustained financial viability of cooperative societies.
Highlighting the significant role of cooperative societies in driving economic development, Mrs. Adeola disclosed the government’s commitment to injecting one billion naira into the cooperative sector. She urged cooperators to repay their outstanding loans promptly, enabling more members to benefit from various cooperative societies.
In a bid to optimize the functionality of cooperative societies, Mrs. Adeola assured attendees of her ministry’s provision of training for cooperators engaged in business enterprises. She also encouraged cooperative societies to collaborate with the ministry to ensure smooth operations.
Furthermore, Mrs. Adeola reiterated the government’s focus on promoting infrastructure development to attract investors, consequently driving growth in small and medium enterprises within the state.
Mr. Clement Adewumi, the President of the Mother Union of Cooperative Societies in the State Public Service, conveyed gratitude on behalf of the cooperative societies, lauding Governor Oyebanji for his efforts in repositioning the trade, industry, and cooperative sectors. He pledged full support to the Ekiti State Government in its initiatives aimed at improving the conditions of cooperators in the state.
The move to review the state cooperative laws underscores the government’s commitment to fostering economic growth and stability, positioning Ekiti State as a hub for thriving cooperative societies and business development.
