Business
My administration will boost Osun micro-credit agency with N1bn — Adeleke
The administration of Governor Adeleke of Osun State has disclosed plans to commit N1bn as a revolving loan to the state-owned Cooperative and Micro-Credit Agency.
Governor Ademola Adeleke has unveiled a multi-pronged plan to revitalize the cooperative movement in Osun State, highlighting investments, legal reforms, and educational initiatives.
The announcement came during the first statewide summit of the cooperative society movement held in Osogbo.
In a statement released by his spokesperson, Adeleke revealed the commitment of his administration to inject one billion naira into the state’s cooperative movement, establishing a pool of revolving loans accessible at single-digit interest rates through cooperatives and micro-credit agencies, National Daily Newspaper gathered.
This financial boost aims to empower cooperative businesses and fuel economic growth.
Recognizing the need for infrastructure upgrades, Adeleke announced the complete rehabilitation of the state-owned Cooperative College in Ode-Omu.
This investment signals a dedication to providing quality training and support for future cooperative leaders.
Furthering the dedication of his administration to modernizing the sector, Adeleke pledged to review the outdated cooperative law.
National Daily Newspaper gathered that the Governor intends to sponsor an executive bill to amend the current legislation, ensuring it aligns with contemporary practices and fosters a supportive environment for cooperatives to thrive.
Education also takes center stage in Adeleke’s vision.
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Assuring the possibility of introducing cooperative studies programs in polytechnics and universities within the state, by integrating cooperative knowledge into formal education, the governor aims to cultivate a generation equipped to drive cooperative ventures effectively.
Adeleke emphasized the crucial role cooperatives play in strengthening the local economy.
He called for measures that inspire confidence and encourage sustained government financial contributions to the agency.
This suggests a collaborative approach with cooperative stakeholders to ensure efficient utilization of resources and maximize impact.
Governor Adeleke’s comprehensive plan presents a promising path for invigorating the cooperative movement in Osun State, by combining financial support, infrastructure renovation, legal reforms, and educational initiatives, he aims to empower cooperatives, promote entrepreneurial spirit, and contribute to the state’s economic development, National Daily Newspaper gathered.