Former President Olusegun Obasanjo has said that the conomic situation is frustrating for many small business onwers in the country.
Speaking at the Youth Development Centre of the Olusegun Obasanjo Presidential Library Credit Scheme held in Abeokuta on Wednesday, Obasanjo stated that the situation has made a legal luminary, Afe Babalola, to weep.
This is as he presented over N1m cheques to beneficiaries of the centres for start-up businesses while lamenting that many who have ideas are in need of money to start-up businesses.
He said, “Over the years, my own frustration which would be the same as the frustration of those that have attended the course, they found it as a very important course. I listened to those that have tried out businesses and failed and those who want to try; they called me to share experiences, share information and all that.
“But the frustration is that after the training, they yield to almost nothing and I do know that as for some of them, what they need is not millions but a few thousands of naira to start up or continue.”
On Afe Babalola, Obasanjo said his friend shared his experience with two women he met in Ekiti which forced him to weep.
He said, “I remember going to my friend, Afe Babalola, in Ado-Ekiti. He said to me that two women came to him to ask for money in their training and he asked how much they have with them. One said N20,000; the other said N15,000 and he said he left where he was sitting, he went inside and wept. He wept!
“So, I then said when we train these people, they have gone through half course and let that lead to something and that’s why the idea of the credit scheme came up.”