The Ekiti State Government has approved ₦15.181bn for the reconstruction of the Ifaki–Esure–Ilomu–Eyio–Awo–Igede Ekiti Road.
The Commissioner for Information, Taiwo Olatunbosun, said the State Executive Council approved the contract for the reconstruction of the road, which links several communities, to be awarded to CCECC Nigeria Limited.
Olatunbosun disclosed this in a statement made available on Sunday on the approvals at the SEC meeting held last week.
He said, “At the SEC meeting, there was approval of ₦15.182bn for the reconstruction of the Ifaki–Esure–Ilomu–Eyio–Awo–Igede Ekiti Road.
“The decision reflects the Governor Biodun Oyebanji administration’s sustained commitment to improving transportation infrastructure across the state.
“It is aimed at easing vehicular movement, opening up adjoining communities and boosting socio-economic activities within the corridor.
“The contract for the full reconstruction of the road was approved to be awarded to Messrs CCECC Nig. Limited, with payment of 60 per cent of the contract sum as mobilisation fee upon the submission of an Advance Payment Guarantee or Insurance Bond. The project is scheduled to be completed within 24 months.”
Olatunbosun said the SEC also approved a ₦500m Cooperative Intervention Fund to strengthen grassroots economic development.
He said, “The approval is aimed at boosting the capacity, productivity and long-term sustainability of cooperative societies and unions across the state.”
He recalled that Oyebanji had pledged during the 2023 Cooperative Day celebration to provide strategic support to strengthen the cooperative movement as a driver of inclusive economic growth in the state.
The commissioner said, “Under the approved arrangement and in a deliberate effort to ensure affordability and sustainability, the Ekiti State Government will provide direct funding of ₦500m, while Omiye Microfinance Bank will serve as the implementing partner.
“The financing will be made available to cooperatives at a highly subsidised interest rate of five per cent per annum, with a repayment period of 12 to 24 months.
“The intervention fund is expected to increase cooperative productivity and output, expand employment opportunities, support small businesses and informal sector players, diversify the state’s revenue base and strengthen the resilience of cooperative societies for long-term growth.”
According to the commissioner, the approval marks another significant step in the Oyebanji administration’s drive to empower citizens, enhance economic inclusion and support the informal sector.
He said, “It is specifically tailored to provide job opportunities for a large percentage of the population, support local markets and communities, help reduce poverty by offering accessible income opportunities and act as a safety net to support white-collar job opportunities.”
Expected beneficiaries include petty traders and street vendors, smallholder farmers, tailors, hairdressers, mechanics, artisans such as carpenters, welders and plumbers, transport operators including okada riders and keke operators, home-based businesses such as caterers and fashion designers, as well as informal manufacturers involved in soap and furniture making.
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