Governor Ademola Adeleke of Osun State has given his approval for the release of a N1 billion revolving loan scheme to support small and medium-sized enterprises (SMEs) in the state. This announcement was made during the inaugural Osun State Cooperative Summit, demonstrating the government’s commitment to economic growth and financial assistance for local businesses.
The N1 billion loan scheme aims to provide qualifying SMEs with access to funds at a single-digit interest rate. The scheme will be facilitated through the Osun State Cooperative Movement, ensuring that these funds are readily available to those who need them.
Governor Adeleke also highlighted significant reforms in Osun State’s cooperative and micro-credit sector. This includes the amendment of the Cooperative Act to align with modern practices and upgrading the operational standards of the cooperative movement to instill greater confidence.
In addition to the loan scheme, Governor Adeleke announced the comprehensive rehabilitation of Cooperative College, Odeomu, reflecting a commitment to improving educational infrastructure. There are also plans to potentially include cooperative studies as a formal program in polytechnics and universities across the state.
To ensure the continued relevance of cooperative laws in the 21st century, the governor plans to sponsor an executive bill for a thorough review of these laws, acknowledging the dynamic nature of the cooperative landscape. Additionally, he shared that his administration successfully repaid previously diverted cooperative savings, addressing the financial crisis faced by the cooperative society due to actions taken by the previous administration.
Overall, Governor
