The Osun Government has approved a one billion naira (1,000,000,000 Naira) loan scheme for the cooperative society and Small & Medium-sized Enterprises (SMEs) in the state.
Osun State Governor, Senator Ademola Adeleke announced the release of the money in a post on X on Wednesday, saying his administration is happy to fulfill one of its key promises during the campaign season.
“At the first ever edition of the Osun State Cooperative Summit held under the Ministry of Cooperative and Empowerment, I highlighted our administration’s plan to revive the economy of the state through a robust support for the Small and Medium-sized Enterprises,” Adeleke said.
“I announced the immediate release of the sum of one billion naira (#1,000,000,000) only as a revolving loan scheme amount for the Osun state cooperative movement at a single digit interest rate.
“This follows the implementation of a number of 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.”
Furthermore, Adeleke said he highlighted series of ongoing reforms in the cooperative and micro credit sector including an amendment of the Cooperative act to include modern trends and practices.
This includes upgrading the operational standard of the cooperative movement to increase confidence level, reviewing compliance with democratic governance to encourage innovation and increase the potentials of the grassroot financial platform among others.
He also announced the approval of the complete rehabilitation of the Cooperative College, Odeomu while hinting at the possibility of cooperative studies becoming a programme of study at polytechnics and universities across Osun state in recognition of the importance of cooperative movement to the local economy.
The Osun State Governor concluded by expressing the interest of his administration in sponsoring an executive bill for the review of the Cooperative laws in order to conform with realities of the 21st century.
“I am grateful to the Executive Secretary of the Federation of Osun Cooperative Union, Mr. Wasiu Bello and all the cooperative members for appreciating our administration’s efforts in repaying the previously diverted Cooperative savings by the past administration which left the cooperative society in crisis and financial challenges,” Adeleke added.
