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The Kwara State Government has flagged-off of a N250million micro credit
intervention scheme for Small and Medium Scale Enterprises (SMEs)
designed to strengthen the capacity of cooperative societies to contribute to
boost economic activity in the state. Speaking at the flag-off, the State
Governor, Alhaji Abdulfatah Ahmed  said the intervention scheme was part of
his administration’s effort to create Shared Prosperity through the economic
empowerment of small business owners and artisans in the state.

“We are determined to accelerate the capacity of SMEs to become major
players in the economy of Kwara State”, said the governor who stressed the
informal sector's critical role in economic growth and development. Alhaji
Ahmed said the N250 million was the first tranche of a N500 million fund
designed to boost entrepreneurship and enhance the economic well-being of
people  of the state, stressing that another N750million would be made
available to  small  holding farmers in the state in order to promote food
security and wealth creation.


Alhaji Ahmed who described the scheme as a unique opportunity for SMEs
and cooperatives to grow their businesses, advised the beneficiaries of the
scheme, who he said were selected after rigorous analyses of application
and due process, to use the fund for productive ventures capable of creating
shared prosperity through job and wealth creation.

The State Commissioner for Commerce and Cooperatives, Alhaji Saka
Onimago said the loans would be disbursed to the cooperative societies
through ten preselected Micro Finance Banks in order to ensure
transparency and accountability. Alhaji Onimago expressed the hope that
revolving loan scheme will reposition small scale enterprises for the economic
transformation of Kwara State.
Kwara Flags-off N250m Micro-Credit Scheme
for SMEs
| More
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