Ekiti State Government Initiates Review of Cooperative Law to Boost Economic Growth

The Ekiti State Government has announced plans to initiate the review process of the State Cooperative Law, which regulates the activities of cooperative societies in the state.

Mrs. Omotayo Adeola, the State Commissioner for Trade, Industries, Investment, and Cooperatives, revealed this development during a meeting with representatives of cooperative societies in Ado-Ekiti.

Emphasizing the government’s dedication to formulating policies and programs that enhance the financial stability and proper management of cooperative societies, Mrs. Adeola highlighted the pivotal role played by these societies in the economic development of any society.

She also disclosed the government’s intention to inject one billion naira into the cooperative sector soon.

Mrs. Adeola urged members of cooperative societies to ensure prompt repayment of outstanding loans to facilitate broader access to benefits for other members.

She reiterated the government’s commitment to providing training for cooperative members involved in business ventures.

The commissioner advised cooperative societies to collaborate closely with the ministry overseeing their operations, underscoring the government’s focus on infrastructure development to attract investors who would drive small and medium enterprises in the state.

Mr. Clement Adewumi, the President of the Mother Union of Cooperative Societies in the State Public Service, expressed gratitude on behalf of the invited cooperative societies.

He commended Governor Oyebanji for his efforts in revitalizing the trade, industry, and cooperative sectors, acknowledging the governor’s initiatives aimed at improving the conditions of cooperators in the state.

Mr. Adewumi pledged his union’s full support to the Ekiti State Government in its endeavors.