Kwara Govt. Launches N3m Interest-free Loans For Young Entrepreneurs


    By Mosunmola Ayobami, Kwara

    The Kwara State Government has rolled out plans to support young entrepreneurs in the state with huge interest-free loans.

    The interest-free loan is an ambitious plan of Governor AbdulRahman AbdulRazaq to invest in and raise a new generation of successful young men and women.

    One of Nigeria’s biggest investment in businesses owned by young people, Kwapreneur is open to Kwarans with viable and scalable business ideas and are not more than 35 years old.

    It is being coordinated by the office of the Kwara State Social Investment Programme (KWASSIP), according to a statement by KWASSIP Acting General Manager, Mohammed Brimah.

    Registration is open through  The application runs from May 10 to May 18, 2021.

    The first phase of the programme targets at least 300 youngsters with viable business proposals, the statement said, adding that at least 1,200 young people will benefit from the initiative over the next four years.

    Successful applicants will be trained and supported with interest free loans ranging from N350,000 to N3,000,000 each, depending on the scale of their proposed businesses.

    Brimah said in the statement that Kwapreneur has been designed to harness the potentials of enterprising youths and raise a new generation of leaders through sustainable empowerment, thereby spurring socio-economic growth and job creation in the state.

    The application process will be in stages, including idea pitching and presentations, and training on business development before receiving funds, it stated.

    Brimah said young people involved in high-potential business areas like agro-processing, logistics, transportation, among others, should apply.

    He added: “No Kwaran covered in this age bracket is excluded. All entries will be judged by experts and professionals on their economic value. The most viable ideas will find their way through. We have put in place a free, fair and credible process to make it work. It is a non-interest loan.

    “The icing on the cake is that beneficiaries have three months moratorium on the loans before they start refunding in tranche. Kwapreneur is a good opportunity to move from unengaged to an employer of labour and we trust that the youths will make the best of it.”






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