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Kwara grows micro credit scheme to N1.2b

22/09/2015

Source: http://thenationonlineng.net/kwara-grows-micro-credit-scheme-to-n1-2b/

The Kwara State government yesterday said its Micro Credit Intervention Scheme (MCIS), launched in 2012 with a sum of N250 million has reached a cumulative of N1.2billion.

The government added that no fewer than 50,000 small business owners have benefited from the scheme.

Technical Adviser to Governor Abdulfatah Ahmed on MCIS Olusegun Soewu told reporters in Ilorin, the state capital assuring that more artisans would benefit from the revolving micro-credit scheme of the state government.

Mr. Soewu added that the state government has set up a new entrepreneurial scheme tagged “Kwara’s Next Entrepreneur” entrepreneurship and competitiveness in the state’s informal sector. The scheme allows existing and new medium scale enterprises to bid for funds to establish or expand existing businesses in the state.

To this end, a sum of N150million has been earmarked and deposited at the Bank of Industry (BoI) for the scheme.

He said that a crop of successful businessmen had been engaged as managers and captains to scrutinise business plans of interested individuals.

The technical adviser said “the panel of captains include, Mr. Kunle Oyinloye, Managing Director, Infrastructure Bank, The Olofa of Offa, Oba Mufutau Esuwoye II, successful businessman and agro entrepreneur, Mr. Shuaib Ottan, accomplished banker, Vice Admiral Samuel Afolayan (rtd): former Chief of Naval Staff and successful agro-Entrepreneur, Mallam Yusuf Olaolu Alli, Senior Advocate of Nigeria and Lanre Sagaya, an engineering consultant. Others are Mr. Waheed Olagunju, Executive Director, Bank of Industry, Chief Tajudeen Owoyemi, Chairman, Avalon Hotel, Offa, and Mr. Gabriel Adewumi, consummate businessman.”

On the duration of the scheme, Soewu said the competition will be held twice a year to ensure that as a many qualifying small businesses as possible benefit from the scheme.

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