At least 360 Kwara state-based startups owned by young people were awarded varying amounts of non-interest loans on Thursday, with Governor Abdulrahman Abdulrazaq saying building a stronger economy requires extending adequate support to small and medium-scale businesses.
At the fourth (4.0) edition of Kwapreneur, an initiative of the Kwara state government that gives financial support ranging from N3 million downward to businesses owned mainly by young people in Ilorin, the state capital, Governor Abdulrazaq presented checks of varying amounts to different winners who had earlier pitched their businesses before a panel of judges drawn from different backgrounds in the state.
Speaking at the event, the acting General Manager of Kwara State Social Investment Programmes (KWASSIP), Dr Wasiu Tejidini, said that the programme is having 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 stories of positive change in their businesses,” he said.
“It is in this regard that Governor 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.”.
He thanked the governor for encouraging the youth to be self-reliant.
In his speech, Governor Abdulrahman Abdulrazaq said that a total of N229,565,000 was disbursed under the initiative to the 360 beneficiaries, who said that the fund would help to expand their businesses and create more jobs.
“This is the fourth phase of supporting 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,” said the governor.
“Our core objective is to encourage self-reliance among young people through entrepreneurship and innovation, especially small-scale businesses that are the life wire of any economy.”
AbdulRazaq congratulated the winners for scaling through a rigorous pitching process and urged them to make judicious use of the funds and pay them back so that others could benefit.
“To all of you beneficiaries, I urge you to see this as revolving funds meant to support several startups and initiatives owned by young people.
When you make good use of the money and pay back as you should, you will have contributed your quota to the socioeconomic growth of our state through job creation and poverty reduction,” he said.
“For those who did not get in this round, there will be another day. Stay positive and continue to do your best.”.
The event was attended by Rt. Hon. Speaker Yakubu Danladi Salihu and some other lawmakers of the Kwara House of Assembly; cabinet members; security chiefs; All Progressives Congress (APC) Chairman Prince Sunday Fagbemi; business leaders; artisan groups; and market leaders from across the state.
Some of the star winners included Akingboye Anuoluwapo, who is into tomato paste production (N2 million); Sifau Adewoye Mashood, a skincare therapist (N2 million); Bamidele Tinuola Suzan, a shea butter producer (N2 million); Peleowo Surura (N1.5 million); Saka Shehu Olayinka, a local aluminium pot maker (N1.5 million); and Saliu Fatimah Adejumoke of Baytu Tejmeel Natural Resources Nigeria Ltd (N1.5 million).
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