Ekiti State Unveils ₦1 Billion Cooperative Fund to Support Small Businesses and Women Entrepreneurs

The Ekiti State Government has announced the launch of a ₦1 billion Cooperative Fund designed to offer affordable financing solutions for cooperative societies, small businesses, and women entrepreneurs across the state. This ambitious move is part of a broader plan to stimulate local economic growth, create jobs, and reduce poverty in Ekiti State.

Affordable Loans and Business Support for Grassroots Entrepreneurs

Speaking on the new initiative, the Commissioner for Finance and Economic Development emphasized that the fund will complement existing partnerships with reputable financial institutions, including Bosak Microfinance Bank and Access Bank. These banks have already empowered thousands of small-scale business owners, especially women-led enterprises that drive community development.

Residents and business owners interested in accessing small business loans in Ekiti State are encouraged to engage with their local cooperative societies and financial partners to learn how to apply.

$1 Million U.S. Partnership to Boost Agricultural Cooperatives

In addition to the ₦1 billion fund, the commissioner highlighted a $1 million collaboration with the U.S. African Development Foundation (USADF). This partnership has already funded 10 agricultural cooperatives in Ekiti, including the Ode-Ekiti Cooperative, now successfully producing high-quality locally milled rice. This project is improving food security, creating employment, and strengthening the local economy.

“Our administration is committed to creating an enabling environment where entrepreneurs can thrive,” the commissioner stated. “Business growth means more jobs, increased productivity, and higher revenue to fund critical infrastructure.”

Over ₦193 Billion Invested in Infrastructure Development

Since Governor Biodun Oyebanji assumed office, Ekiti State has invested more than ₦193 billion in modern infrastructure to support businesses and improve the quality of life. Key projects include:

• New and rehabilitated roads to enhance trade and transportation
• Upgraded schools to build a skilled workforce
• Expanded healthcare facilities to protect public health
• Agricultural development programs to boost food production

These investments are transforming Ekiti into a business-friendly state, attracting investors, and making it easier for entrepreneurs to start and scale their businesses.

Simplified Business Registration and Support Services

At the Presidential Enabling Business Environment Council (PEBEC) Stakeholders’ Forum, the commissioner praised the Ekiti Development and Investment Promotion Agency (EKDIPA) for streamlining business registration and reducing bureaucratic delays. Entrepreneurs can now register their businesses faster and access key support services without unnecessary bottlenecks.

The government is calling on residents to stay hopeful and work together to build a more prosperous Ekiti State under Governor Oyebanji’s leadership.

How to Apply for Ekiti State Cooperative Fund Loans

If you are a business owner or cooperative member interested in accessing small business financing in Ekiti, here are simple steps to get started:

1. Visit your nearest cooperative society office to learn about eligibility requirements.
2. Prepare your business plan and supporting documents.
3. Connect with partner banks such as Access Bank and Bosak Microfinance Bank for application guidance.
4. Submit your application and await approval.