Kwara to access N2b loan from CBN for SMEs

By IAfrica
In Nigeria
Aug 27th, 2014
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The Kwara State government will soon access N2billion from the Central Bank of Nigeria (CBN’s) N220billion micro-credit funds for its small and medium-scale enterprises (SMEs).

Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams told participants at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA) yesterday in Ilorin that  the state governor has signed a Memorandum of Understanding with the CBN on the scheme.

According to him, the credit facility would aid the growth of the SMEs sector and boost the state’s economy.

He said the loan which is 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 its mismanagement.

The governor’s aide, while pointing out the importance of the private sector, said the future of the country is in the hands of the private sector.

He said: “When there is a preponderance of the private sector in any economy, there can’t be chaos but when there is the preponderance of the public sector, there will be chaos.”

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

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