Governor Ademola Adeleke of Osun State has approved the release of a N1 billion revolving loan scheme to support small and medium-sized enterprises (SMEs) in the state.
The announcement of this financial initiative was made during the inaugural Osun State Cooperative Summit on Tuesday, as disclosed in a post on the governor’s official X (formerly Twitter) handle.
Governor Adeleke highlighted that the N1 billion revolving loan scheme is intended to be accessible to qualifying small and medium-sized enterprises at a single-digit interest rate, facilitated through the Osun State Cooperative Movement.
This initiative underscores the government’s commitment to fostering economic growth and providing financial assistance to the local business community.
- “I announced the immediate release of the sum of one billion naira (N1,000,000,000) only as a revolving loan scheme amount for the Osun state cooperative movement at a single-digit interest rate.
- “This follows the implementation of several policies aimed at rejuvenating the cooperative model in the state notably the creation of the Ministry of Cooperative and Empowerment; the first of its kind in Nigeria,” the governor stated.
Governor Adeleke highlighted significant reforms in Osun State’s cooperative and micro-credit sector. Among these initiatives, he emphasized the amendment of the Cooperative Act to align with modern trends and practices.
The governor also underscored the importance of upgrading the operational standards of the cooperative movement to instil greater confidence in its functioning.
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Governor Adeleke announced the approval for the comprehensive rehabilitation of Cooperative College, Odeomu, reflecting a commitment to enhancing educational infrastructure.
- Additionally, he hinted at the potential inclusion of cooperative studies as a formal program in polytechnics and universities across the state.
- Demonstrating his administration’s dedication, the governor unveiled plans to sponsor an executive bill to review cooperative laws thoroughly.
- According to him, the objective is to align these laws with the realities of the 21st century, acknowledging the dynamic nature of the cooperative landscape and ensuring its continued relevance in a changing socio-economic environment.
- Furthermore, Governor Adeleke shared that his administration had successfully repaid previously diverted cooperative savings.
Hence addressing the financial crisis and challenges faced by the cooperative society, stemming from actions taken by the previous administration.