The Ekiti State Government has approved ₦15.181 billion for the full reconstruction of the Ifaki–Esure–Ilomu–Eyio–Awo–Igede Ekiti Road, a major route linking several communities in the state.
The Commissioner for Information, Taiwo Olatunbosun, said the approval was granted at the State Executive Council meeting and described it as part of Governor Biodun Oyebanji’s ongoing efforts to improve road infrastructure and boost economic activities across Ekiti.
According to him, the road project will be handled by CCECC Nigeria Limited and is expected to ease movement, open up surrounding communities and stimulate socio-economic development along the corridor. He added that 60 per cent of the contract sum will be paid as mobilisation once the contractor submits the required payment guarantee, while the project is scheduled for completion within 24 months.
In the same meeting, the council also approved a ₦500 million Cooperative Intervention Fund aimed at strengthening cooperative societies and promoting grassroots economic growth in the state.
Olatunbosun explained that the fund fulfils a promise made by Governor Oyebanji during the 2023 Cooperative Day celebration to support cooperatives as key drivers of inclusive development. Under the arrangement, the state government will provide the ₦500 million, while Omiye Microfinance Bank will manage the implementation.
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The loans will be given to cooperatives at a subsidised interest rate of five per cent per year, with a repayment period of between 12 and 24 months. The intervention is expected to boost productivity, expand job opportunities, support small businesses and help diversify the state’s revenue base.
He noted that the initiative is designed to empower citizens, reduce poverty and strengthen the informal sector. Beneficiaries are expected to include petty traders, farmers, artisans, transport operators, small business owners and other informal workers across Ekiti State.
