Governor Abdulfatah Ahmed of Kwara on Thursday disbursed N500 million as loan to Small and Medium Enterprises (SMEs) through registered cooperatives. Ahmed said at the launch of the state Micro-Credit Intervention Scheme at the Government House, Ilorin that the aim was to empower and develop such enterprises in the state.

He said that the first phase of the scheme comprising N250 million, was being disbursed through 10 micro finance banks. "This gesture underlines our determination to strengthen the capacity of the private sector to drive economic development of our dear state. "As you are aware that private sector organisations, such as SMEs are major contributors to the development of the world’s most advanced economies, they stimulate economic activities, create jobs and contribute to the growth of developed countries. "We are, therefore, determined to accelerate the capacity of SMEs to become major players in the economy of Kwara State. "Towards this end, we are building the capacity of cooperative societies to serve as the platform for the development of the sector", the governor said. Ahmed called on beneficiaries to ensure productive use of the fund, and asked them to adhere strictly to the agreed repayment schedule for the benefit of other applicants and for the sustenance of the scheme.

The Commissioner for Commerce and Cooperatives, Alhaji Saka Onimago, said that the cooperative societies were drawn from artisans and traders in the informal sector. Onimago said that majority of the beneficiaries were important instrument in the mobilisation of resources at the grassroots. The commissioner said that the banks would monitor the performances of the beneficiaries and provide monthly reports to the government.