Kwara Disburses over N229m Non-interest Loans to Young Entrepreneurs

Hammed Shittu in Ilorin

As part of its efforts to create jobs and accelerate economic growth, the Kwara State Government over the weekend in Ilorin, the state capital, disbursed over N229million interest free loans to over 360 young entrepreneurs.

The Acting General Manager of Kwara State Social Investment Programmmes (KWASSIP), Dr. Wasiu Tejidini disclosed this Ilorin at the fourth edition of Kwapreneur initiative of the government.

He said the loans were ranging from N3million downward adding that, such initiative would create jobs and reduce social vices in the state.

He said the fund was meant to help the startups young entrepreneurs so as to boost the economic activities in the state.

While lauding the gesture of Governor AbdulRahman AbdulRazaq led administration for the initiative, Tejidini said, “the programme would have positive impacts in helping to spread prosperity, especially among young people who do not have collateral to access bank facilities. Beneficiaries of the previous editions have told the stories of positive change in their businesses. It is in this regard that His Excellency, Mallam AbdulRahman AbdulRazaq, deemed it fit to further support Kwara-based MSMEs, being fully aware of the challenges facing young entrepreneurs in the areas of status and expansion funds.”

Speaking at the event, Governor AbdulRazaq said building a stronger economy requires extending adequate support to small and medium scale businesses.

AbdulRazaq presented cheques of varying amounts to different winners who had earlier pitched their businesses before a panel of judges drawn from different backgrounds in the state. 

 “This is the fourth phase of supporting the MSMEs with non-interest funds since the inception of the present administration. This shows our consistency and commitment to boost economic activities and make life worth living for all, “he said.