The sustainability of cooperative movement is hinged on transparent leadership, financial discipline, accurate record-keeping, active membership and strict adherence to cooperative principles and applicable laws.
This was the submission of the Commissioner for Ministry of Community Development and Cooperatives Hon. Ademola Balogun, at the Egba and Yewa Zone celebration of the year 2026, International Day of Cooperatives, saying government through the Ministry would continue to strengthen regulatory oversight, provide professional guidance and promote capacity development for the effective management of cooperative societies across the State.
Speaking further at the event tagged “Cooperatives for a Peaceful World: Inclusive Security and Sustainable Economic Development,” Balogun said cooperatives remained powerful instruments for promoting unity, peaceful coexistence, economic empowerment, job creation and sustainable development for members and the national economy, adding that through collective efforts, mutual assistance and shared responsibility, it had continued to build stronger communities, create economic opportunities and improved the livelihoods of their members.
He reaffirmed the present administration’s commitment to supporting and creating an enabling environment for the movement to thrive through various initiatives and interventions such as the recently released ₦500 million revolving loan facility through OGSCOFED, urging the leadership and beneficiaries to ensure proper utilisation, accountability and timely repayment for more cooperators to benefit.
In his welcome address, President Ogun State Cooperative Federation Limited OGSCOFED), Alh. Wasiu Olaleye, commended the State government for its continued support to cooperative societies, saying the interventions had provided the needed support for Small, Medium and Micro Enterprises to scale up their businesses
Olaleye, while acknowledging the responsibility placed on the leadership of cooperatives, said the movement remained committed to transparency, accountability, judicious and timely repayment of loan so as to benefit other eligible members across the State, saying it looked forward to working with all relevant government agencies on the implementation of all approved requests.
In their goodwill messages, Chairman, Abeokuta Chambers of Commerce Industry and Mines and Agriculture (ABEOCCIMA), Mr. Ibrahim Bada and the OGSCOFED Branch President Ado-Odo Ota, Ifo Ewekoro, Mr. Olatunji Alaka said the theme was timely and relevant as cooperative societies remained powerful instruments for economic prosperity, job creation, poverty reduction, and sustainable community development.
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