Osun targets small businesses for job creation, signs N1.5bn soft loan deal

The Osun State Government has reaffirmed its commitment to supporting small businesses as a key driver of job creation and industrial growth across the state.

Commissioner for Commerce and Industry, Rev. ‘Bunmi Jenyo, stated this during a media briefing in Osogbo, noting that Governor Ademola Adeleke’s administration has made small and medium enterprises (SMEs) central to its economic revival strategy.

Jenyo revealed that a soft loan scheme worth ₦1.5 billion will soon be launched in partnership with the Bank of Industry (BoI). Under the deal, Osun State and BoI will each contribute ₦750 million to support small businesses with affordable financing.

“We’re focused on creating the right environment for small businesses to grow. Our policies are geared toward building industrial clusters and agro-processing hubs that align with Osun’s local strengths,” he said.

Read also

• Nigeria to champion fair, inclusive global financial system as it assumes G-24 leadership
• NSDC launches outgrower programme to boost local sugar production, rural incomes
• Artistic Pulse Festival to spotlight Nigeria’s creative industry, sustainable innovation
• NACCIMA pushes stronger Nigeria–China partnership for SME growth
• NSDC rolls out sugarcane support scheme for agripreneurs

The state government has also developed industrial estates in areas like Erin-Osun to accommodate micro-enterprises, especially in the food processing sector. One of the estates is currently supporting local garri producers.

Jenyo highlighted key milestones achieved under the administration, including the first Osun Industrial Summit in 2024, which attracted investment interest from 20 companies. He also mentioned the recent signing of a Memorandum of Understanding with Smart City Ltd, which is expected to generate over 100,000 jobs in its first phase.

The commissioner added that cocoa farming and processing—once a mainstay of Osun’s economy—will be revived to create new value chains for rural businesses.

“This government is not just making promises. We’re backing small businesses with capital, infrastructure, and policy support to help them thrive,” he added.