Osun: Gov. Adeleke Approves Of N1 Billion Loan For SMEs

A N1 billion revolving loan program has been authorized by Osun State Governor Ademola Adeleke to assist the state’s small and medium-sized businesses (SMEs).

The governor revealed this financial proposal during the first-ever Osun State Cooperative Summit on Tuesday, according to a tweet on his official X (formerly Twitter) account.

Governor Adeleke emphasized that the Osun State Cooperative Movement is responsible for facilitating the N1 billion revolving loan plan, which is meant to be available to eligible small and medium-sized businesses at a single-digit interest rate.

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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.

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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.