Kwara SMEs receive multimillion Naira boost

Informal sectorBy AUGUSTINE OSAYANDE

ABUJA, (CAJ News) – THE Kwara State Government has earmarked N150 million for a new scheme aimed at promoting entrepreneurship and competitiveness in the state’s informal sector.

Tagged “Kwara’s Next Entrepreneur”, according to a senior government official, the scheme will allow existing and new medium scale enterprises to bid for funds to establish or expand existing businesses in the state.

The Technical Adviser to the State Governor on Small and Medium Enterprises Development, Olusegun Soewu, disclosed that a crop of successful businessmen had been engaged as managers and captains to assess business plans of interested individuals.

The panel includes Kunle Oyinloye, the Olofa of  Offa, Oba Mufutau Esuwoye II, Shuaib Ottan, Retired Vice Admiral Samuel Afolayan,  Mallam Yusuf Olaolu Alli and Engineer Lanre Sagaya.Others are Waheed Olagunju, Chief Tajudeen Owoyemi and Gabriel Adewumi.

Soewu noted that successful applicants would benefit from between N3 million to N10 million to be repaid over a period of time, depending on the nature of the enterprise.

He said the competition would be held twice a year to ensure that as a many qualifying small businesses as  possible benefited from the scheme. Soewo said up-and-coming business owners would continue receiving micro credit funding under a different window as the government was determined to economically empower people and create jobs by promoting the informal sector.

– CAJ News 

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