Date: 2008-09-18

ADDRESS BY HIS EXCELLENCY, DR ABUBAKAR BUKOLA SARAKI, THE EXECUTIVE GOVERNOR OF KWARA STATE AT THE OFFICIAL PRESENTATION CEREMONY OF CHEQUES TO THE BENEFICIARIES OF BANK OF INDUSTRY LOAN SCHEME FOR SMALL AND MEDIUM SCALE ENTERPRISES ON THURSDAY 18TH SEPTEMBER, 2008.

Courtesies,

It’s my pleasure to be here on this occasion of the presentation of cheques to the lucky beneficiaries of the Bank of Industry loan Scheme for Small and Medium Scale Enterprises.

One of the cardinal programmes that compelled our attention on assumption of office was to industrialize the state. This was borne out of the fact that the level of industrial development and commercial activities in the state befell its status as one of the first generation of states in the federation. As a strategy to enhance the goal of industrial development, however, it became imperative to create conducive atmosphere for genuine entrepreneurs to expand their businesses or establish new industries in the State. This led the State Government into partnering with the Bank of Industry to provide fund for the growth of small and medium scale enterprises in the State.

In view of this, ladies and gentlemen, the State Government provided the sum of N250 Million, while the Bank of Industry provided N500 Million, making a total of N750 Million available for Industrial establishment in the State. I therefore have the singular honour today to boldly say that plans to assist entrepreneurs in the state have started in earnest. Presently, the Bank of Industry has distributed loans of various sums of money to about 52 people amounting to N72 Million for them to commence business. Some of the beneficiaries are from the organized private sectors and many registered Co-operative Societies in the State.

Distinguished audience, ladies and gentlemen, I want to use this opportunity to call on well-meaning Kwarans to join hands with the State Government in our efforts to industrialize the State. The loan package I am aware, is meant to encourage small and medium entrepreneurs, hence investors are enjoined to make use of the opportunity and use the loan to establish viable businesses in the state. Kwara State, being the gateway between the North and South is endowed with numerous natural resources, unique opportunities in agriculture and solid minerals which are yet to be adequately tapped. I therefore urge both local and foreign investors to utilize our friendly environment to invest in the State.

Finally, I wish to commend the efforts of the Bank of Industry for its interest in the State. I therefore want to make a passionate appeal to the management of the Bank to expedite action in ensuring that applications from genuine entrepreneurs are considered with minimum delay. Let me also congratulate the beneficiaries of the loan from Bank of Industry and urge you to utilize the loan on viable ventures as submitted in your proposals. I want to remind you that the loans are not political funds, but funds that would be paid back with very little interest within a time frame so as to accommodate more prospective beneficiaries as agreed with the Bank.

On this note, distinguished ladies and gentlemen, it is my honour and pleasure to officially present the Bank of Industry’s cheques to the beneficiaries of small and medium loan scheme to enhance their wellbeing and the generality of the people of the State.

Thank you all and God bless.
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