July 16, 2024

Osun State Launches One Billion Naira Revolving Loan Scheme for Cooperative, Micro-Credit Agency

 

By: Ogunleye Oluwapelumi

 

Supporting the cooperative society and Small & Medium-sized Enterprises (SMEs) in Osun State, the government has fulfilled one of its key promises by launching the Cooperative Movement Reform Plan.

 

This plan aims to revive the state’s economy and empower local businesses. At the Osun State Cooperative Summit, the Governor announced the immediate release of one billion naira as a revolving loan scheme for the cooperative movement, with a single-digit interest rate. This initiative is part of the government’s ongoing efforts to rejuvenate the cooperative sector and promote grassroots financial empowerment.

During the summit, the Governor also highlighted several ongoing reforms in the cooperative and micro-credit sector. These include amending the Cooperative Act to incorporate modern trends and practices, upgrading the operational standards of the cooperative movement to increase confidence, and promoting democratic governance to encourage innovation and enhance the potential of the grassroots financial platform. The creation of the Ministry of Cooperative and Empowerment, the first of its kind in Nigeria, demonstrates the government’s commitment to supporting and empowering local businesses.

 

“Furthermore, I 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; 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.

 

“I 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 the state in recognition of the importance of cooperative movement to the local economy.” Governor Adeleke partly said.

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