The Acting General Manager of Kwara State Social Investment Programmes (KWASSIP), Dr. Wasiu Tejidini has hailed Governor AbdulRahman AbdulRazaq for approving non- interest loans for 360 Kwara-based startups owned by young people.
Tejidini made the commendation in Ilorin, the state capital on Thursday
at the fourth (4.0) edition of KWAPRENEUR, an initiative of the state government that gives financial support — ranging from N3m downward — to businesses owned mainly by young people.
The KWASSIP chief expressed delight 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.
He explained further: “Beneficiaries of the previous editions have told the stories of positive changes 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.”
Tejidini thanked the Governor for encouraging the youth to be self-reliant.
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.
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 (N1.5m); Saka Shehu Olayinka, local aluminum pot maker (N1.5m); and Saliu Fatimah Adejumoke of Baytu Tejmeel Natural Resources Nigeria Ltd (N1.5m).
A total of N229,565,000 was disbursed under the initiative to the 360 beneficiaries who said it would help to expand their businesses and create more jobs.
“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.
“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,” the governor said.
AbdulRazaq congratulated the winners for scaling through a rigorous pitching, and urged them to make judicious use of the funds and pay back so that others can benefit.
“To all of you beneficiaries, I urge you to see this as revolving funds, which are 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 would have contributed your own quota to the socioeconomic growth of our state through job creation and poverty reduction.
“For those who did not get in this round, there will be another day. Stay positive and continue to do your best,” he stated.