Osun State Governor, Senator Ademola Adeleke, has disclosed plans by his administration to commit N1bn as revolving loan to the state-owned Cooperative and Micro-Credit Agency.
Speaking at the first statewide summit of the cooperative society movement in Osogbo, Adeleke also expressed the readiness of his administration to review the cooperative law to take into account modern trends and practices.
Declaring the event open, Adeleke, called for measures that would inspire confidence and sustain continuous government financial contributions to the agency.
He subsequently directed the Commissioner for Cooperative and Empowerment to submit a reform plan for execution, and announced that his administration has resolved to invest a billion naira into the state cooperative movement to create a pool of revolving loans at single digit interest rate through the cooperatives and micro-credit agency.
In addition to the financial boost, the Governor also approved a comprehensive rehabilitation of the Cooperatives College in Ode Omu.
The funds are earmarked to strengthen and support cooperative initiatives across the state, to empower local communities and foster economic development.
(Editor: Nkoli Omhoudu)
