Osun: Adeleke shares N250m microcredit to boost businesses

News Update

THE Governor of Osun State, Senator Ademola Adeleke, has distributed N250 million (N250,000,000) in microcredit cheques to beneficiaries across the state during the foundation-laying ceremony for the Osun Microcredit Agency’s office complex.
The event was held at the agency’s permanent site in Oranmiyan New Town, behind the State Secretariat, Abeere, Osun State.

Represented by the Secretary to the State Government, Hon. Teslim Igbalaye, Governor Adeleke described the occasion as a “new chapter” for the agency, which has been instrumental in providing accessible credit to citizens throughout the state.

He also addressed the long-standing issue of the agency operating from rented premises, calling it unacceptable. The Governor pledged to expedite the completion of the new office complex, assuring attendees that the project would be completed ahead of its original 2027 target set by the Medium-Term Sector Strategy (MTSS).

“For over a decade, it is disheartening to note that an agency as critical as the Osun Microcredit Agency has operated from rented premises. This reality is both unacceptable and a reflection of the neglect and complacency we inherited. However, we are here today to rewrite that story and restore hope to this agency and the people it serves,” the Governor stated.

“Our administration is committed to improving the lives of the people of Osun State,” he added, emphasising that the office complex is one of several projects slated for completion by 2025.

The N250 million funding boost for the Osun Microcredit Agency includes a N200 million injection into the agency’s working capital, with N50 million earmarked for new applicants and beneficiaries. This initiative is part of the administration’s broader effort to empower small businesses and stimulate economic growth across the state.

Addressing the beneficiaries of the microcredit loans, Adeleke urged them to use the funds prudently to grow their businesses and contribute to Osun State’s economic development. The loans, which feature a 12-month repayment tenor at an annual interest rate of 9%, are designed to be affordable and sustainable, ensuring they remain accessible to others through a revolving credit scheme.

“To the beneficiaries of these funds, I urge you to use the resources wisely to grow your businesses and create lasting value. As you know, these loans are revolving in nature, and timely repayment is essential to ensure others also benefit,” Adeleke stated.

The Governor also encouraged individuals, cooperative groups, and small and medium enterprises (SMEs) to take advantage of the opportunities provided by the Osun Microcredit Agency. He reaffirmed his administration’s commitment to driving the state’s economic growth through innovative initiatives.

Despite criticism from opposition parties, Governor Adeleke reiterated his administration’s resolve to prioritise the welfare of Osun citizens. “The people of Osun have seen the light,” he said, urging continued support for his government beyond 2026 to sustain the state’s progress and development.