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Nigeria: Ekiti govt moves to review cooperative laws

ABUJA, January 15, 2024 - EKiti State Government has said it will soon begin the process of reviewing the State Cooperative Law, which governs the operations of local cooperative societies.

According to local media outlets in Nigeria, the state’s Commissioner for Trade, Industries, Investment and Cooperatives, Omotayo Adeola revealed this during a meeting with representatives of cooperative societies.

She stressed the government’s commitment to formulating policies and programmes that would enhance the financial stability of cooperative societies, as well as ensuring their proper management and sustained financial viability.

Adeola, while emphasising the important role played by cooperative societies in the economic development of any society, said EKiti State Government would soon fulfill its promise to inject N1 billion into the cooperative sector.

She advised the cooperators to repay their outstanding loans within the stipulated time to enable more members of various cooperative societies to benefit.

Besides, the commissioner advised the leadership of cooperative societies to collaborate with ministry’s staff overseeing their operations, reiterating government’s focused efforts on promoting infrastructure development to attract investors who would drive small and medium enterprises in the state.

President of the Mother Union of Cooperative Societies in the state public service, Clement Adewumi commended Governor Oyebanji for his efforts at repositioning the trade, industry, and cooperative sectors.

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