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Nigeria : NIGERIA: KWARA secured a N2b SMEs Loan from CBN

August 30, 2014

The micro-credit fund scheme, which has been set up by the Central Bank of Nigeria (CBN) intended for small and medium-scale enterprises (SMEs) operating in the country, has granted a loan worth N2billion to the Government of the Nigerian State of Kwara.

The Senior Special Assistant to the State Governor on small and medium-scale enterprises - Lukman Adams has made revelation on this at a recent public/private meeting in Ilorin. The Kwara Coalition of Business and Professional Associations (KWACOBPA) has arranged this event in recent times.

He has further stated that the Governor of Kwara State - Abdulfatah Ahmed has inked a Memorandum of Understanding (MoU) with the Nigerian apex lender on the scheme.

Adams has disclosed that the newly obtained credit facility, which is guaranteed by the Irrevocable Special payment Order (ISPO), will facilitate develop the SME industry and bolster the economic conditions of the State.

He has added that the Kwara State Government will set up a special purpose vehicle (SPV) to manage the loan to ensure proper management of the funding.

Emphasizing on the value of the private sector, Adams has stated that overall growth of any economy calls for the development of the sector. He has added that the future growth of the Nigerian economy is fully dependent on the development of the private sector.

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Source: TendersInfo (India)

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