By Olufemi Oni, Ilorin
Kwara state government has disbursed the sum of N229,565,000 to no fewer than 360 Kwara-based startups owned by young people, with Governor AbdulRahman AbdulRazaq noting that building a stronger economy requires extending adequate support to small and medium scale businesses.
The Governor spoke in Ilorin on Thursday at the fourth (4.0) edition of KWAPRENEUR, an initiative of the State Government that gives financial support, which ranges from N3m downward, to businesses owned mainly by young people.
The Governor 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).
He said: “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.”
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,” he said.
In his remarks, the Acting General Manager of KWASSIP, Dr. Wasiu Tejidini, said the programme is having positive impacts in helping to spread prosperity, especially among young people who do not have collateral to access bank facilities.
“Beneficiaries of the previous editions have told the stories of positive change in their businesses,” he said.
“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.”