Business

Kwara Supports SMEs With Interest-Free Loans

Published

6 months ago

December 6, 2022

H B. Ray

At least 490 small businesses have won varying amounts of non-interest loans under the Kwara State social investment programme to grow their enterprises.

Fidel Info reports that Ten of the 490 young business owners got either N1.5m or N2m each at a symbolic ceremony where Governor AbdulRahman AbdulRazaq handed them the cheques.

The 10 main winners, who pitched different business ideas ranging from printing, fashion, waste recycling, and agric value chains, are Hussein Ahmed (N1.5m); Azeez Akeem (N1.5m); Soliu Muhammed Lanre (N2m); Oladunni Kafilat Olaide (N2m);

Femi Peter (N1.5m); Sanusi Ismail Adeshina (N2m); Ali Michael (N2m); Kareem Naimat (N2m); Adebayo Hadiat Tinuola (N1.5); and Abdulrauf Abdulraheem (N1.5m).

The winners emerged from a rigorous process involving 15,708 applicants following different layers of screening by jurors drawn from the private sector and public service top players.

The interest-free loan was given through Kwapreneur 3.0, a third in the series of the youth-focused initiative to support young people to thrive.

AbdulRazaq said his administration will continue to implement policies and programmes that will make Kwara a better place to live, invest, and work.

“This is another success story and a boost for small scale businesses in the state. Our administration will not relent in making Kwara State a better place to live and invest,” he said.

AbdulRazaq congratulated the finalists of the third series of the scheme and said the programme could become a quarterly affair to accommodate more beneficiaries.

Kwara State Social Investment Programme (KWASSIP) had been established to positively impact the lives of the poor, the vulnerable, the unemployed and those at the bottom of the financial pyramid and have no access to funding, the Governor said.

“KWAPRENEUR is one of the many poverty alleviating activities of KWASSIP. It is one of the ways to provide funding for small businesses, lubricate the economy, and reduce poverty. We are simply trying to give everyone a fair shot and a sense of belonging within available resources,” he added.

Abdulquowiy Olododo, KWASSIP Chief, said: “Kwapreneur is a non-interest loan scheme that is designed for young entrepreneurs in Kwara State to support new young businesses and help existing businesses to expand. The overall objective of the scheme is to ensure we encourage youth entrepreneurship to create the next generation of Job creators to see that Kwara State becomes a business-driven economy.

“Series of stages have been passed in screening the applications we received based on key criteria to determine the final beneficiaries for Kwapreneur 3.0.

“It is also interesting to know that as we have witnessed a significant increase in the number of applications is the same way we have seen a substantial increase in the number of beneficiaries for Kwapreneur 3.0, with a total number of 490 beneficiaries, compared to the 170 and 100 beneficiaries in Kwapreneur 1.0 and 2.0 respectively.”

The event was attended by cabinet members; Senior Special Assistant to the Governor on Job Creation Barrister Aliyu Al-Hassan; Director General, State APC Campaign Council Alhaji Abdulfatai Yahaya Seriki; and a top chieftain of State APC Chief Gbenle Adeyemi.

The panelists included Mr. Yinka Umar, a successful banker from the Fidelity bank with 17 years experience; Adebayo Lawal from Small and Medium Enterprise Development Agency of Nigeria (SMEDAN); Mrs Rukayat Yahaya, CEO Temirah Entrepreneur Community (TEM); Abdulraheem Oldimeji; and Abdulkareem Abdulrasaq, an enterpreneur and social critic.

Courage Balogun, one of the beneficiaries of Kwaprenuour 1.0 who gave a goodwill message, described AbdulRazaq as a lover of the youths, testifying that the Governor’s passion for Kwarans, particularly young entrepreneurs, transcends religious, ethnic and political boundaries.

Balogun recalled that she got an interest-free loan during the first phase of it on the basis of merit, encouraging the latest beneficiaries of the loan to use the funds judiciously.

She appreciated the administration for investing so much in the youths in several ways.

Business

Mobile subscriptions shrink by three million

Published

3 days ago

June 5, 2023

Olayiwola Quadril

Nigeria’s mobile subscriptions shrank by 3.49 million mobile subscriptions in the last three months, leaving a dent in the country’s march toward mobile inclusion for all.

Since mobile subscriptions hit an all-time high of 226.84 million in February of this year, it has been on a steady decline.

It first fell to 225.82 million in March, before slumping further to 223.34 million, according to new industry data from the Nigerian Communications Commission. This is also the first time since June 2021 that mobile subscriptions have fallen consistently.

In 2020 and 2021, a Federal Government policy to link SIMs to National Identification Numbers affected the mobile industry and caused a steep decline in mobile subscriptions. Since then, subscriptions have improved, and risen to record highs.

MTN Nigeria is the only telecommunication firm to have lost mobile subscriptions in the period under review, losing 4.03 million (from 92.71 million to 88.68 million), while retaining its spot as the largest mobile network operator in the country.

Other telcos had better fortunes, with Globacom marginally growing by 172,867 from 60.76 million to 60.93 million; Airtel added 31,705 new subscriptions and grew from 60.30 million to 60.33 million; and 9mobile witnessed the largest growth, adding 330,003 new subscriptions to hit 13.40 million from 13.07 million in the period under review.

Within the three months, teledensity (the number of active telephone connections per one hundred (100) inhabitants living within an area) fell to 117.17 per cent in April from 119.01 per cent in February.

In MTN’s first quarter report, MTN Nigeria’s Chief Executive Officer, Karl Toriola, noted that global macroeconomic factors, inflation, and cash shortages, among others, were affecting its consumers.

He said, “We continued to experience headwinds in our operating environment in the first quarter of 2023. The impacts of the ongoing global macroeconomic and geopolitical developments on energy, food, and general inflation were exacerbated locally by petrol and cash shortages experienced during the period. This placed additional pressure on economic activity, consumers, and businesses.”

Nigeria’s mobile population is the largest in Africa and the prior steady growth in the number of mobile subscriptions had been attributed to increased productivity and efficiency in other sectors

Business

BREAKING: “Fuel Subsidy Is Gone” – Tinubu Declares After Inauguration

Published

1 week ago

May 29, 2023

Olayiwola Quadril

President Bola Tinubu has declared that fuel subsidy is now a thing of the past under his administration.

POLITICS NIGERIA reports that the president made the declaration during his inaugural speech at Eagle Square on Monday.

Furthermore, President Tinubu vowed to address concerns regarding multiple taxations, a move aimed at stimulating the economy and attracting investments.

Setting ambitious targets, the president articulated his administration’s goal of achieving a minimum Gross Domestic Profit growth rate of 6%.

Radiating unwavering confidence in the Nigerian people, Tinubu pledged to embrace the sacred mandate bestowed upon him, underscoring the nation’s exceptionalism and indomitable resolve to fulfil its destined path.

Despite enduring formidable challenges that would have tested the mettle of any nation, Tinubu extolled Nigeria’s resilience and urged the preservation and advancement of the progress made by preceding generations.

“We must never allow the sacrifices of our predecessors to be in vain,” affirmed Tinubu. “Instead, let us nurture their legacy and strive to forge a brighter and more prosperous reality for our beloved nation.”

Business

Shettima reveals two decisions Tinubu will make when he becomes president

Published

2 weeks ago

May 27, 2023

Olayiwola Quadril

The vice president-elect, Kashim Shettima, has said removing petrol subsidy and removing multiple exchange rate systems are two challenges that will pose an initial challenge to the incoming administration.

Shettima stated this while speaking at the public lecture and Juma’at prayer on Friday held at the National Mosque in Abuja.

He warned that the take-off point of Bola Tinubu’s administration might be rough.

“Be rest assured that in the fullness of time, Nigeria will pay glowing tributes to us. The starting point might not be rosy, let me be very honest with you.

“Oil subsidy is an albatross on our neck, the multiple exchange rate system is a drain on the national economy.

“There are certain decisions the president-elect will take, but in the fullness of time, Nigerians will not only appreciate, but also celebrate us,” Shettima said