Osun State Governor Ademola Adeleke has approved a N1 billion revolving credit program to assist the state’s small and medium-sized enterprises (SMEs). The Osun State Cooperative Movement is expected to make the money available to eligible SMEs at a single-digit interest rate. This financial plan was revealed at the first Osun State Cooperative Summit.
Governor Adeleke underscored the government’s dedication to promoting economic expansion and offering monetary support to the nearby business community. The N1 billion revolving loan program is one of several programs meant to revitalize the state’s cooperative model.
The Ministry of Cooperative and Empowerment was established, the Cooperative Act was updated to reflect contemporary practices, and the cooperative movement saw several other significant improvements.
In addition, the governor unveiled plans to completely renovate Cooperative College, Odeomu, and made hints about the possibility of making cooperative studies an official course of study at state universities and polytechnics.
Furthermore, an executive bill will be presented to properly examine cooperative legislation and make sure they are in line with modern-day reality. Governor Adeleke addressed the financial difficulties the cooperative society was facing as a result of prior administration acts, highlighting the effective recovery of previously misdirected cooperative savings.