The Ekiti State Government has unveiled a ₦1 billion Cooperative Fund to provide affordable financing for cooperative societies and small-scale entrepreneurs, deepening efforts to stimulate the local economy and empower grassroots businesses.
The initiative was announced by the Commissioner for Finance and Economic Development, who said the fund will complement existing partnerships with financial institutions such as Bosak Microfinance Bank and Access Bank. These institutions have been instrumental in supporting small business owners and women-led enterprises across the state.
He also highlighted a \$1 million collaboration with the U.S. African Development Foundation, which has already benefited 10 agricultural cooperatives. A notable success story from the partnership is the Ode-Ekiti Cooperative, which has started producing locally milled rice, contributing to local food production and economic activity.
The commissioner emphasized the government’s commitment to creating an enabling environment for value creators, noting that business growth fuels job creation, productivity, and government revenue.
Since the start of Governor Oyebanji’s administration, over ₦193 billion has been invested in critical infrastructure, including roads, schools, healthcare, and agriculture—key sectors aimed at improving business efficiency and quality of life.
Speaking at the PEBEC Stakeholders’ Forum, the commissioner commended the Ekiti Development and Investment Promotion Agency (EKDIPA) for simplifying business registration and processes. He urged residents to remain hopeful and supportive, stating that the administration is making steady strides toward economic transformation under Governor Oyebanji’s leadership.
