Quite a number of people, business owners inclusive have complained about the current situation of the country. Some even had to stop running their business because of how bad things have gotten. 

The Government over time has realised how the situation has posed a problem for business owners and has constantly been seeking ways to help them cushion the effect. In line with this, Governors from different cities are finding the best solutions to the pressing problems. 

For small and medium business owners in Osun State, the Governor of the state, Ademola Adeleke has approved a sum of N1 billion that would be disbursed as loans to assist and ease the effect of the bad economy. 

According to the Governor, the N1 billion revolving loan program is designed to be available to eligible small and medium-sized enterprises, featuring a single-digit interest rate. Also, the initiative will be facilitated through the Osun State Cooperative Movement. 

“I announced the immediate release of the sum of one billion naira (N1,000,000,000) only as a revolving loan scheme amount for the Osun state cooperative movement at a single-digit interest rate.

“This follows the implementation of several policies aimed at rejuvenating the cooperative model in the state notably the creation of the Ministry of Cooperative and Empowerment; the first of its kind in Nigeria,” the governor shared.

The Governor also took to his Twitter Page to reveal that this idea has been part of his campaign promise and it’s a good thing it is finally happening. 

What does this mean for small and medium-sized enterprises in Osun State?  

For small business owners in Osun State, this development executed by the government means several good things which include: 

• Financial support 
• Low-interest rates 
• Economic revitalization amongst many others.