The governor of Osun State, Ademola Adeleke, has revealed that his administration intends to lend N1 billion to the state-owned Cooperative and Micro-Credit Agency on a revolving basis.

Speaking on Tuesday at the cooperative society movement’s inaugural statewide summit in Osogbo, Adeleke stated that his administration was prepared to examine the cooperative law to incorporate contemporary practices and trends.

Adeleke, who was conferred with an award, however, called for measures that would inspire confidence and sustain continuous government financial contributions to the agency.

He subsequently directed the Commissioner for Cooperative and Empowerment to submit a reform plan for the execution, and announced that his administration had “resolved to invest a billion naira in the state cooperative movement to create a pool of revolving loans at single digit interest rate through the cooperatives and micro-credit agency.”

He announced to the assembly that he had given his approval for the Cooperative College, Odeomu, to undergo a full renovation, and he gave the Commissioner instructions on how to carry out this approval.

According to a statement made by Olawale Rasheed, the governor’s spokeswoman, Adeleke was quoted as saying, “Because of the importance of cooperative movement to the local economy, we may also consider the possibility of cooperative studies becoming a programme of study at polytechnics and universities in the state.

“The executive arm will also consider sponsoring an executive bill for the review of the cooperative law. Let us make the operating law conform with the realities of the 21st century.”