In a significant move to stimulate grassroots economic growth, the Osun State Government has launched a major empowerment initiative, directly benefiting two thousand of its citizens.
Historic Handover of Tools for Wealth Creation
The state government, in collaboration with First Bank Plc and Fidelity Bank Plc, distributed Point of Sale (PoS) terminals, official business registration certificates from the Corporate Affairs Commission (CAC), and start-up grants to a total of 2,000 women and youths. The event, held on Thursday at the Staff Development Centre in Abere, Osogbo, was tagged the "Imole Business Empowerment Scheme 1.0."
Governor Ademola Adeleke, who presented the items, described the ceremony as a historic milestone for his administration. He emphasized that the scheme moves beyond political slogans to provide tangible tools for creating wealth, generating employment, and fostering prosperity across Osun State.
A Ministry Proving Its Worth
Governor Adeleke used the occasion to highlight the impact of the Ministry of Cooperatives and Empowerment, a department he established and described as the first of its kind in Nigeria. He stated that the ministry's remarkable achievements have vindicated its creation.
The governor outlined several key accomplishments:
- Hosting the state's first-ever Cooperative Summit and Awards in January 2024.
- Establishing a Cooperative Revolving Loan, initially set at ₦1 billion and later increased to ₦3.450 billion due to demand.
- Disbursing ₦1.6 billion from this fund to beneficiaries state-wide.
- Implementing a Ward-Based Cooperative Initiative, expanding from 332 to 401 wards, with ₦736,050,000 in interest-free loans impacting over 20,000 households.
- Supporting conventional cooperatives with ₦800 million, benefiting 10,233 individuals.
- Extending ₦50 million in loans to Osun indigenes residing in Abuja and Northern Nigeria.
Other milestones include launching a Micro, Small and Medium Enterprises Development Fund (MSMEDF) programme, initiating a Food Bank that served over 3,000 residents, and upgrading the Senator Isiaka Adetunji Adeleke College of Cooperative Studies into a campus of Osun State University.
Focus on Sustainable Growth and Inclusion
The Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, noted that the empowerment presentation reflects the administration's dedication to sustainable development, youth empowerment, and women's inclusion. He stressed that the Imole Business Empowerment Scheme 1.0 is built on a foundation of capacity building and training to ensure beneficiaries can grow their businesses sustainably.
Ogungbangbe also highlighted the ministry's work with Persons With Disabilities (PWDs), mentioning recent empowerment facilitated with Project Enable Africa and Libra Philanthropies. He shared the inspiring stories of two beneficiaries: Miss Blessing Adeniran, a determined graduate with physical challenges, and Mr. Olawumi Olabode, a resilient tricycle driver who does not own his vehicle. The Commissioner appealed for direct state support to help them achieve greater independence.
Each of the 2,000 beneficiaries, drawn from all 30 Local Governments and the Area Office in Osun, received a package designed for immediate business launch. The Commissioner urged them to use the opportunities wisely, grow their businesses diligently, and become worthy ambassadors of the transformative scheme.
