KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

KWASAA     Olayinka Are     Muhammadu Buhari     Elelu     Aisha Buhari     Towobola Abdulrahman Toyin     Saka Asiat Ayinke     Omu-aran     Yusuf Olaolu Ali     Balogun-Ojomu     Olatinwo     Adedayo Yusuf Abdulkareem     Ben Duntoye     Mashood Dauda     Coronavirus     Barakat Community Secondary School     Moro     Jimba Babatunde     Baakini     Musa Aibinu     08001000100     SSUCOEN     Halimat Yusuf     Kunle Akogun     Ahmed Ayinla Jimoh     Kwara 2019     Abdulmumin Yinka Ajia     TVC Female National Debate     Kwara State Fire Service     Jide Oyinloye     GAMA     Mope Dasuki Belgore     Apata Ajele Secondary School     Agboola Abdulraheem     Wahab Isa     Medview Airlines     Pategi     Sayomi     M.Y. Abdulrahaman     Ghali Alaaya     High Court     Durbar Festival     Halimah Perogi     Riskat Opakunle     Kwara State Pension Board     Old Oyo     Ile Arugbo     Umaru Saro     Abikan     Jani Ibrahim     Ilorin West     Alikinla     Abdulkadir Orire     Oke-Oyi     Akeem Olatunji     Folorunsho Erubu     Garuba Alikinla Shittu     Kwara Coalition Of Business And Professional Associations     Sheu Ndanusa Usman     Code Of Conduct Bureau     Mufutau Gbadamosi Esuwoye     Yakubu Mohammed Abdullahi     Temi Kolawole     Oju Ekun Sarumi     Saliu Tunde Bello     Unicontinental Construction Company     Cornelius Adebayo     Sanusi Abubakar     John Dara     Hassan Saliu     Abdulwahab Olarewaju Issa     Oke-opin     Manzuma     Umar Gunu     Ilorin East     Vasolar Consortium     Bola Ahmed Tinubu    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Abdulganiy Abimbola Abdussalam     Kwara State Government     Saadatu Modibbo-Kawu     ER-KANG Mining     Owode Market     Earlyon Technologies     Micheal Imoudu     Ibrahim Oniye     Yusuf Mubarak     Afetu Of Alabe     Pategi     Ilorin Central Mosque     NFAI     Isiaka Gold     Isin     Association Of Kwara State Online Media Practitioners     Ilofa     Nupe     Titus Suberu-Ajibola     Issa Manzuma     Awili Pedro     Raliat AbdulRazaq     Tafida     Ilorin.Info     Oluronke Adeyemi     Marafan Shonga     Kehinde Baale     Lateef Fagbemi     Musa Ayinla Yeketi     Baaziki Sulaiman     Ahmad Uthman     Olaiya Victor Mobolaji     Umar Ahmed Gunu     Busari Toyin Isiaka     Www.Kwarareports.com     Democracy Day     Yusuf Amuda Aluko     Tsaragi-Share     Olomu Of Omu-Aran     Ahman Pategi University     Sarah Jubril     3MTT     Osi     Irepodun     Okin Group     Femi Agbaje     Yusuf Abdulwahab     AbdulHakeem Ajibola Akanbi     Jeunkunu-Malete-Bani     Mohammed Yahaya Barki     National Union Of Road Transport Workers     Olaiya Lawal     Abdulrazaq Sanni     Funmilayo Mohammed     CUTI     Saliu Mustapha     Akorede     Ajibola Saliu Ajia     SAPZ Project     Adolescent Girls Initiative For Learning And Empowerment     Mujtabah Bature     NAWOJ     Sadiq Buhari     CBT     Baba Adini Of Kwara State     Moshood Kashimawo Abiola     Abdul-Rahoof Bello     Abdulquawiy Olododo     Bisi Oyeleke     Eruku     Kanu Agabi     Arinola Lawal     PPS     Oloje     Rotimi Atere     Nigeria Foundation For Artificial Intelligence     Bola Iyabo Ibiyeye Adisa