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Kwara sets up agency to access CBN’s MSME fund

By on December 18, 2014

The Kwara State government has established micro-small and medium enterprises agency that would access N2 billion out of the N220 billion Central Bank of Nigeria(CBN’s) micro,  small and medium enterprises funds (MSME) development fund meant for the state.

Speaking with journalists  in Ilorin yesterday after the outcome of the state government  weekly executive council meeting, the Senior Special Assistant on Media and Communication, Dr. Femi Akorede said the agency would also see to the full implementation of N750,000 empowerment funds that wound  be utilised by over 48 co-operatives societies in the state.

According to him,”the establishment of agency is a pre-requisite condition put in place by the CBN before the funds can be accessed by any beneficiaries states of the federation.”
He added: “The agency would ensure that those fit in for the benefit of the funds will be determined as to wipe poverty among teeming populace in the state”.

He added that the agency has been departmentalised  into seven so as to ensure  effective and efficient utilisation of the funds to the beneficiaries especially the teeming unemployed youths in the state.
Akorede stated further that 70,000  unemployed youths  have registered with the state government for gainful employment.

“As at two weeks,ago 70,000 youths have registered with the state government for employment under its various schemes,the newly created agency has ‎therefore been designed to promptly distribute loans from CBN and indeed other sources to these youths and indeed other benefiaries.The agency is more about promoting youths employments through entrepreneurship,” he said.

The governor’s  aide further explained that the aim of the government was to drastically reduce the problem of youths employment in the state hence it’s creation of the agency. Akorede also called on the federal government to pay the state it’s debt of N4 billion it had incurred over‎ the reconstruction of the abandoned federal roads in the state.

He noted that the state badly needs the money now for the benefit of the people of Kwara In view of the reduced federal allocation ‎to the state.

The state government had unveiled a N500 million Kwara Entrepreneurship Scheme, with a commitment to support the informal sector. The government had also inaugurated N100 million Revolving Micro Credit for Kwara State Artisans to realise dream of an economically-vibrant informal sector in view of emphasis on small business promotion under Shared Prosperity. The scheme, which started with N250 million in 2012, has grown to a cumulative N418 million with 1,017 cooperative groups benefiting so far.