Ogun gives N25 million loan to cooperative societies

The state government says it will double the loan if it is well utilised.

The Ogun State government has released N25million as loans to cooperative societies in the state to promote the growth of Small Medium Enterprises, SME’s.

The Commissioner for Community Development and Cooperatives, Samuel Aiyedogbon, disclosed this at a workshop, held in Abeokuta, organised by the University of Ibadan Centre For Entrepreneurship and Innovation.

Mr. Aiyedogbon promised that the state government would double the N25million, if the money is utilized properly and paid back within concession period. He explained that when cooperative societies register as business enterprises, the cooperatives can benefit from the Bank of Industries N10billion loan facility.

The commissioner noted that loans given to qualified registered cooperative societies will promote the growth of small and medium enterprises and enhance entrepreneurship development. He commended the organisers of the lunch/workshop and stated that Ogun State government is optimistic that the sessions would pave way for networking among stakeholders.

“I have no doubt in my mind that through this interactive session and networking event among the relevant stakeholders, soonest, more sustainable small and medium enterprises would emerge and Ogun State will be better for it,” he said.

The Director of the Centre For Entrepreneurship and Innovation of the University, Gbemi Oke, said the lack of managerial skills is the main reason businesses die.

She explained that the centre has positioned itself to promote this managerial skills and knowledge. Ms. Oke added that the centre is poised to contributing to sustenance of businesses in Nigeria through training and capacity building.