Fayemi gives N600m loan to thrift societies

Ekiti State Governor, Dr. Kayode Fayemi, yesterday gave a N600 million revolving loan to cooperative societies in the state, saying it is imperative to support them as effective means of translating government’s development efforts at the grassroots level. Fayemi described cooperatives as employers of labour and stabilisers of the state economy.

He pledged his administration’s desire to help in the upgrading of the Cooperative Multipurpose Societies Union (CPMU) to Micro-Finance Institutions to further propel the state economy.

The governor said during the maiden Cooperative Day celebration in Ado Ekiti that the loan made up of the state government and the Bank of Agriculture contribution of N300 million apiece would be made available to members at reduced interest rate.

He said: “By available data, Cooperative in Ekiti State is the second largest employers of labour and providers of economic activities in the state.

“And in terms of loan repayment, they are the best. We quite appreciate their efforts in ensuring that we have a stable economy in the State,” Fayemi said. He described Cooperatives as the most reliable and veritable weapons to combat poverty among the rural dwellers. According to the governor, Ekiti has about 10,000 registered cooperative societies.

Earlier, the Commissioner for Rural Development, Chief Folorunso Olabode; and the Chairman, Ekiti State Cooperative Advisory Board, Chief Clement Ayoola; said the gesture was to sensitize the people that cooperatives could contribute to the attainment of the Millennium Development Goals (MDGs).

Olabode said: “Cooperative is an institution that can evolve into a sustainable business enterprise to enhance the economy of Ekiti State if well harnessed”. Though Paypal working capital alternatives may also be considered in this respect.

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