By Newspot Nigeria Metro News Desk
In a sweeping economic empowerment drive aimed at rejuvenating Osun State’s grassroots economy, Governor Ademola Adeleke has disbursed over ₦1.58 billion in interest-free revolving loans across the state. The initiative, spearheaded by the Ministry of Cooperatives and Empowerment, marks one of the most extensive support packages for small and medium-scale enterprises (SMEs) and cooperatives in Osun’s history.
The disbursement occurred in two key phases under Governor Adeleke’s Cooperative Revolving Scheme.
Phase I: Ward-Based and Conventional Cooperatives
- 401 cooperative societies across Osun’s 332 political wards were carefully identified.
- 20,000 households directly benefited from the initiative.
- Each of the 300 priority wards received ₦2.1 million, while the remaining 101 wards got ₦1.050 million, bringing the total Phase I disbursement to ₦736,050,000 in interest-free loans.
Phase II: FOSCOOP Support for Conventional Cooperatives
- 250 cooperative unions and societies were empowered through the FOSCOOP initiative.
- A total of 10,233 individual corporators benefited.
- Disbursement in this category reached ₦800 million, with an additional ₦50 million revolving loan reaching Osun indigenes based in Abuja and Northern Nigeria.
The total interest-free fund disbursed for both phases stands at a landmark ₦1,586,000,000.00.
Beyond the revolving loan program, Governor Adeleke’s administration also launched complementary support efforts:
- A Food Bank Initiative, in collaboration with Fidelity Bank, provided food relief to over 3,000 beneficiaries, cushioning the economic shocks experienced by vulnerable households.
- The Imole Business Empowerment Scheme was launched to uplift over 5,000 women and youths through:
- Free CAC business registration
- Distribution of POS machines
- Startup grants for micro-enterprises
In an educational stride that reinforces the administration’s sustainability goals, the government has also upgraded the Sen. Isiaka Adetunji Adeleke College of Cooperative Studies in Ode-Omu into a new campus of UNIOSUN. The campus will begin offering degree-awarding courses in Management Sciences and Cooperative Studies starting September 2025, in a bid to groom the next generation of cooperative leaders.
This coordinated empowerment rollout underscores Governor Adeleke’s pledge to deliver “people-focused governance” while positioning cooperatives and SMEs at the heart of Osun’s economic recovery.
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