Osun Govt Deepens Cooperative Development with ₦1.5b Investment


 Sunday Okunade
The Osun State Government has reaffirmed its commitment to cooperative development as a key driver of economic empowerment, and thereby injected over ₦1.5 billion to cooperatives societies to empower thousands of cooperators, including those in the diaspora and persons living with disabilities, with the overarching goal of placing economic power directly in the hands of the people and promoting inclusive growth across Osun State.

Governor Ademola Adeleke stated this following a courtesy visit paid on him by the leadership and members of the Federation of Osun State Cooperative Society (FOSCOOP) at the Government House, Oke-fia, Osogbo.

Governor Adeleke appreciated the sustained cooperation and support of cooperative societies, describing them as vital partners in the administration’s economic agenda.

He recalled that cooperatives were deliberately placed at the centre of the state’s empowerment strategy from the outset of his administration, leading to the establishment of the Ministry of Cooperatives and Empowerment in July 2023, saying the initiative, which has attracted national recognition, also informed the hosting of the maiden Osun State Cooperative Summit and Awards to strengthen dialogue, coordination and shared responsibility among stakeholders.

The Governor also highlighted its investment in long-term capacity building, particularly the rehabilitation and upgrade of the Cooperative College at Ode-Omu, now renamed Senator Isiaka Adetunji Adeleke Cooperative College, emphasizing his administration's goal which posits that sustainable cooperative growth must be anchored on education, skills development and strong institutions.

He maintained that at the grassroots level, the state has expanded ward-based cooperatives and provided interest-free revolving loans, while also extending significant funding support to conventional cooperative unions under FOSCOOP. 

Speaking earlier, the Commissioner for Cooperatives and Empowerment in Osun State, Hon. Bayo Ogungbangbe, commended Governor Ademola Adeleke for strengthening and sustaining cooperative societies in the state through the disbursement of ₦1.5 billion as revolving loans. He also appreciated the governor for approving the payment of 12 months’ arrears out of the 17 months’ salary owed to cooperative staff by the previous administration.

In his remarks, the Executive Secretary of Cooperative Societies in the state, Alhaji Adeoye, praised the governor for settling outstanding deductions inherited from the last administration, noting that the gesture has significantly improved the welfare and livelihoods of cooperators across Osun.

The Federation of Osun State Cooperative Societies (FOSCOOP) also unanimously pledged its support for Governor Adeleke’s re-election bid for a second term in office.

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