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Kwara distributes funds to grow SMEs

25 April 2016, 20:32

Abuja - The Kwara State government has disbursed more than N16 million to cooperatives societies in the state to expand their operations.

The Technical Adviser to the governor on Small and Medium Enterprises Development, Olusegun Soewu, confirmed the disbursement.

Governor Abdulfatah Ahmed's adviser noted that the state government had injected a cumulative of N1,597 billion into the scheme adding that a total of 1, 848 cooperative societies had benefited from the scheme.

The disbursement is done through selected micro-finance banks that are based within the operating environment of the target beneficiaries.

“The participating micro-finance banks are referred to as partnering banks,” Soewu said.

Also read: SME sector to steer Nigeria into leading global economy

The target beneficiaries of the scheme include men and women who have existing businesses, youth with workable business ideas or requisite skills, enterprising women in the rural areas and cooperative societies with traceable business records.

Some 53 associations under the aegis of Artisan Congress of Kwara State had benefited from the scheme, adding that about 150 taxis, 25 buses, and 193 motorcycles had been given out to beneficiaries across the state.

Soewu also added that over 160 farmers’ associations across the state, with no less than five farmers each, had also benefited from the micro-credit funding under the Off Taker Demand Driven Agriculture Scheme.

He assured government would continue to promote the informal sector of the economy by providing credit funding for small enterprises and cooperative societies to stimulate commerce, trade and economy of the state. 



- CAJ News


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