The Ogun State government has called on young entrepreneurs to boost their businesses by joining Cooperative societies to have access to more business-friendly loans which will aid the growth of their businesses.

Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela made the call while speaking with press men in Abeokuta at the celebration of the 2024 International Day of Cooperatives Conference themed, “Cooperative Build A Better Future for All”.

The celebration was organised by the Ogun State Cooperative Federation Limited (OGSCOFED) in collaboration with the State Ministry of Community Development and Cooperatives at the Olusegun Obasanjo Presidential Library Event Hall, Abeokuta.

Represented by the Permanent Secretary, Ministry of Industry, Trade and Investment, Dr. Olu. Ola. Aikulola, Sofela stated that with high interest rate posing a threat to businesses especially Micro, Small and Medium Enterprises (MSMEs), entrepreneurs need to look towards raising funds for their businesses through cooperative societies.

He added that cooperative societies have continued to provide the veritable platforms for financial inclusion emphasizing that testimonies about the positive impact of cooperative societies on businesses particularly small businesses abound.

“There is power in collaboration. I want to say to young entrepreneurs to join the cooperatives movement, it pays a lot. The advantages include lower interest rates and other liberal terms than commercial banks,” Sofela said.

Also speaking, President, Ogun State Cooperatives Federation Limited (OGSCOFED), Alhaji Wasiu Olaleye appealed to the State government to support cooperatives with a revolving loan of N1bn which would be repaid within two years adding that the Federation is desirous of making loans available to members and non-members of cooperative societies at a minimum interest rate of 0.5 percent and a maximum interest rate of five percent as it is done in Germany.

He also called on the government to provide a bus for the OGSCOFED which would be used for more effective running of the Federation.