Governor Ademola Adeleke of Osun State has given his approval for a N1 billion revolving loan scheme to support Small and Medium-sized Enterprises (SMEs) in the state. This financial initiative was announced during the inaugural Osun State Cooperative Summit, with the funds intended to be accessible to qualifying SMEs at a single-digit interest rate through the Osun State Cooperative Movement.
Governor Adeleke emphasized the government’s commitment to fostering economic growth and providing financial assistance to the local business community. The N1 billion revolving loan scheme is part of a series of initiatives aimed at rejuvenating the cooperative model in the state. Key reforms include the creation of the Ministry of Cooperative and Empowerment, amending the Cooperative Act to align with modern trends, and upgrading operational standards within the cooperative movement.
The governor also announced plans for the comprehensive rehabilitation of Cooperative College, Odeomu, and hinted at the potential inclusion of cooperative studies as a formal program in polytechnics and universities across the state. Additionally, an executive bill will be sponsored to thoroughly review cooperative laws, ensuring their alignment with 21st-century realities. Governor Adeleke highlighted the successful repayment of previously diverted cooperative savings, addressing financial challenges faced by the cooperative society from actions taken by the previous administration.
