The Osun State Government has reaffirmed its strong commitment to supporting micro, small, and medium-scale enterprises (MSMEs), recognizing their central role in driving economic development and job creation.
Speaking to journalists in Osogbo, the State Commissioner for Commerce and Industry, Reverend ‘Bunmi Jenyo, emphasized that Governor Ademola Adeleke’s administration has placed small businesses at the heart of its industrialization policy.
“Reviving the state’s economy was a major assignment given to our Ministry. We designed a comprehensive policy for industrial development which has served as our roadmap since inception,” Jenyo stated.
Key Industrial Partnerships and Investment Prospects
Jenyo highlighted several initiatives that underscore the state’s industrial push, including the 2024 Osun Industrial Summit, which attracted 20 companies interested in establishing operations in the state. A landmark Memorandum of Understanding (MoU) was also signed on May 28 with Smart City, a company whose first phase of investment is expected to create 100,000 jobs, with a long-term projection of 500,000 jobs.
Soft Loans and Cluster Development
In a bid to scale small business operations, the government is finalizing a ₦1.5 billion soft loan scheme in collaboration with the Bank of Industry (BoI). Each party—state and federal—will contribute ₦750 million under a counterpart funding arrangement, ensuring that entrepreneurs can access affordable financing.
Jenyo also revealed plans to develop industrial clusters and agro-processing units, leveraging the state’s comparative advantage in agriculture. One such cluster is the Erin-Osun industrial estate, focused on garri production and designed to accommodate numerous small-scale operators.
“This estate may not house big industries, but it is a strategic anchor for our grassroots economic growth,” he explained.
Reviving Cocoa Processing and Trade
Further outlining the state’s economic revival strategy, Jenyo said the government is committed to restoring the former glory of cocoa production and processing in Osun. Once a key cash crop in the region, cocoa will now receive renewed investment and policy attention.
Conclusion
Osun State’s renewed focus on industrial growth, job creation, and MSME empowerment signals a bold step toward transforming its economic landscape. With strategic partnerships, funding access, and support infrastructure in place, the Adeleke administration aims to position Osun as a hub for sustainable enterprise and agro-industrial development.
