Governor Adeleke Approves N1bn Loan for Cooperative Societies in Osun State

In a significant move aimed at empowering cooperative societies in Osun State, Governor Ademola Adeleke has approved a loan of N1 billion to support their growth and development.

The announcement was made during a statewide summit of the cooperative society movement, where Governor Adeleke was also conferred with an award for his commitment to the cooperative sector.

The loan, which will be administered through the state’s Cooperative and Micro-Credit Agency, is part of a broader plan to inject funds into the cooperative movement and promote economic growth in the state.

Governor Adeleke emphasized the importance of cooperative societies in the local economy and expressed his administration’s commitment to strengthening their operations.

In addition to the loan approval, Governor Adeleke also announced plans to review and update the cooperative law in the state to align it with modern trends and practices.

He stressed the need for cooperative societies to adhere to democratic governance principles and improve their operational standards.

The summit, which was attended by various stakeholders in the cooperative movement, was hailed as a first of its kind in the state.

It provided an opportunity for cooperative societies to share their experiences and discuss ways to enhance their contribution to the local economy.

With the approval of the N1 billion loan, cooperative societies in Osun State are now poised to expand their activities and contribute more significantly to the state’s economic development.

The move is expected to boost the confidence of cooperative members and promote greater participation in the sector.