Osun flags off N200m microcredit loan to traders
…Pledges accountability in use of micro-credit funds
By Jeleel Olawale
On Wednesday, Osun State Governor Ademola Adeleke launched the disbursement of ¦ 200 million in micro-credit loans aimed at supporting traders and market vendors to stimulate the state’s economy.
Represented by Deputy Governor Prince Kola Adewusi, Adeleke emphasised the state micro-credit agency’s commitment to providing financial support for all entrepreneurs, which he believes will foster economic development in local communities.
“This initiative is designed to provide financial facilities that enable business owners to thrive and compete effectively in the global economy,” Adewusi stated.
He assured that the administration would maintain transparency and accountability in the disbursement and use of the funds.
“We will ensure that the money received by beneficiaries is used judiciously to achieve our goal of economic empowerment. This is a collective responsibility, and I urge all stakeholders to support the state’s economic policies and programs.”
Commissioner for Cooperatives and Empowerment, Prince Bayo Ogungbangbe, described the program as a vital step toward economic prosperity.
He noted that the 2024 New Working Capital of the Micro, Small, and Medium Enterprises Development Fund (MSMEDF) Program reflects the government’s commitment to uplifting micro, small, and medium enterprises, which are crucial to the local economy and livelihoods.
“This year, we have significantly increased the funding pool to reach more beneficiaries and redesigned the application process to ensure that deserving enterprises from all local government areas can benefit from this initiative,” Ogungbangbe added.
He projected that the initiative would create thousands of jobs, enhance local production and service delivery, and improve the competitiveness of MSMEs in regional and national markets.
Ogungbangbe encouraged entrepreneurs and small business owners in Osun State to take advantage of this opportunity.
“This program is not just a financial lifeline; it is a vote of confidence in your abilities and dreams to transform our state’s economy,” he said.
The Commissioner pledged to administer the fund with utmost transparency, ensuring that every kobo is accounted for and that the initiative visibly impacts the growth of MSMEs and the overall economy of Osun State.
“With the support of Governor Ademola Adeleke and the dedication of our MSMEs, I am confident that we are on the path to creating a more prosperous and dynamic Osun State,” Ogungbangbe concluded.
