200 local entrepreneurs trained to access funds in Kwara

About 200 local entrepreneurs from Offa local government area of Kwara state have been trained on how to access funds from the Bank of Industry (BoI) in order to boost their businesses.

Speaking at the event, Chairman, Transition Implementation Committee (TIC) for the council, Mrs Bolaji Ibiyeye-Adisa, explained that the council organsied the training to enhance the capacity of the businessmen and women in knowing the options and opportunities available to them in respect of sourcing for funds to boost their businesses as part of the contribution of the council to expanding the economic development of the communities in the area.

She explained that the framework offered through the training that would ensure the survival and sustenance of the numerous SMEs within the Local Government Area.

According to the TIC boss, participants would after the training be qualified to obtain local from the BoI at a single digit interest rate, spread over a period of three years. She noted that governments at the local levels must begin to explore opportunities within the economic reform agenda of the federal government to benefit the local businesses, saying the BoI funding window was a veritable tool for achieving such goals.

Ibiyeye-Adisa while emphasising the need for the government not to neglect the rural economy noted that for any society to attain development, industrialization, gainful and meaningful employment are key factors and that cottage industries, mostly Small and Medium enterprises are the backbone of the economic growth and development of any society.

As such, she noted the most important policy thrust of the Kwara State Government and the present administration in Offa Local Government is poverty alleviation with emphasis on the development of Micro Small and Medium enterprises.

According to her, “the pursuit of economic development is an important goal of many developing economies of the world. Developing economies are faced with several problems such as high rate of poverty and unemployment, which has continued to hinder the attainment of socio-economic development.

“Small and Medium scale enterprises have proved to be a major intervention in resolving the problems of poverty and unemployment in most developing economies. SMEs remain the catalyst for the economic growth and development of the people at the grassroots. However, there are certain constraints hindering the growth of small and medium scale enterprises which includes lack of financial support, poor management, lack of training and experience, poor infrastructure, insufficient profit and low demand for products and services.”

While challenging the beneficiaries to make the best of the knowledge acquired at the workshop for the benefit of their businesses and the community at large, the TIC boss also commended the state government for providing the enabling environment for small businesses to thrive in the state.