NGO inaugurates cooperative society, launches N50m startup capital for SMEs

NGO inaugurates cooperative society, launches N50m startup capital for SMEs

By Olushola Okewole

The Progressive Women and Youth Advocacy Organisation has inaugurated its co-operative society to manage the N50million fund launched to support young entrepreneurs as startup capital.

With the inauguration held at Nnokwa Progressive Hall, NNPC Ejigbo, Lagos on Friday, the organisation t changed its name to the Progressive Women and Youth Advocacy Organisation & Co-operative Society.

Speaking on the benefits, the Registrar of Co-operatives in the Ministry of Commerce, Industry and Cooperative, Lagos State, Hon. Fatona Olukayode, said the co-operative is a window through which entrepreneurs could benefit from  public funds, and loans from financial institutions.

He stressed that co-operative societies also give access to international funding agents, who look out for already organised societies.

He explained: “Apart from the finance support, co-operative members would also benefit from the skills acquisition that would be organised by the Progressive Women and Youth Advocacy Organisation, so the co-operative is there to sustain members to keep their business going.”

He encouraged members that there is need for savings as they continue in their lines of business, saying savings should be the first thing before spending.

“Other benefit is that the co-operative savings give access to members to move their business ahead as they can take double amount of their savings as loan and pay back with ease.”

The co-operative society executive members were inaugurated by the State cooperative registrar by swearing an oath of office.

The Founder/President of the organisation, Mrs. Vivian Nwakaego Obi, said the organisation inaugurated the society to get government  recognition. She said the body seeks to train young entrepreneurs and empower widows and the youths.

Also speaking, the director of planning and compliance, Sunday Ogoesi, called on all to be part of the cooperative society.