Kwara state government has made an arrangement to obtain a N2billion loan from the 220billion micro-credit fund scheme created by the Central Bank of Nigeria (CBN) for small and medium-scale entreprises (SMEs)across states of the federation.
Lukman Adams, Senior Special Assistant to the state governor on small and medium-scale entreprises who disclosed this said the governor, Abdulfatah Ahmed, had signed a Memorandum of Understanding with the CBN on the scheme.
Adams who made the disclosure at a public/private dialogue organised by Kwara Coalition of Business and Professional Associations (KWACOBPA) in Ilorin said the credit facility would aid growth of the SMEs sector and boost economy of the state.
He said that 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 mismanagement.
The governor aide, while pointing out importance of the private sector, said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.