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Former President Olusegun Obasanjo, yesterday, declared that the poor economic situation in Nigeria was frustrating young entrepreneurs.
He said the development had made his friend and legal luminary, Chief Afe Babalola (SAN), to weep at a time, knowing what petty traders go through in the country.
The ex-leader made the declaration at the Youth Development Centre of the Olusegun Obasanjo Presidential Library (OOPL) Credit Scheme event in Abeokuta.
Obasanjo, during the programme, presented cheques worth over N1 million to beneficiaries of the centre to start up businesses.
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While sharing his experiences with some petty traders and youths, the Owu chief stated that many people with good ideas lack capital to birth their intentions.
The ex-president lamented that many Nigerians are disturbed by failed businesses, adding that several had shared their experiences with him.
Earlier, the Director of Youth Development, OOPL, Ibukun Olagbemiro, said the project was to provide credit facilities to young business owners with the support of Obasanjo.
He added that the beneficiaries were drawn from those trained by the Centre for Business Enterprise of the Central Bank of Nigeria (CBN) for the Agri-business, Small and Medium Enterprise Investment Scheme (AGSMEIS).
He stressed that the group of 54 people showed interest when asked if they would be interested in another credit scheme with a smaller amount compared to what CBN offered.
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