The Kwara State Government, in its concerted efforts to foster economic growth and job creation, recently distributed interest-free loans totaling over N229 million to more than 360 young entrepreneurs in Ilorin, the state capital. This initiative, part of the Kwapreneur program’s fourth edition, aimed to bolster economic activities and alleviate unemployment.
Dr. Wasiu Tejidini, the Acting General Manager of Kwara State Social Investment Programs (KWASSIP), disclosed that the loans, ranging from N3 million downwards, were tailored to support startup entrepreneurs, intending to catalyze economic growth within the state. He emphasized that such initiatives play a pivotal role in job creation and the reduction of social challenges among the youth.
Highlighting the impact of these funds, Tejidini expressed confidence that the program would contribute significantly to spreading prosperity, especially among young individuals who lack collateral for conventional bank loans. He praised Governor AbdulRahman AbdulRazaq’s commitment to supporting Micro, Small, and Medium Enterprises (MSMEs), recognizing the obstacles faced by young entrepreneurs in accessing expansion funds and financial support.
Governor AbdulRazaq, addressing the gathering, underscored the importance of fostering a robust economy by extending substantial support to small and medium-scale businesses. He personally presented cheques of varying amounts to different winners, all of whom had previously pitched their business proposals to a panel of judges drawn from diverse backgrounds within the state.
Expressing the government’s consistent commitment, AbdulRazaq highlighted that this disbursement marks the fourth phase of supporting MSMEs with non-interest funds since the inception of his administration. He reiterated the administration’s dedication to enhancing economic activities and improving the quality of life for all residents in Kwara State.
