No fewer than 5,350 micro, small and medium enterprises (MSMEs) and local entrepreneurs across Cross River State have benefited from direct cash grants, skill acquisition and capacity-building programmes under ongoing state and Federal Government interventions.
The Director-General of the Cross River State Micro Enterprise Development Agency (MEDA), Mr. Great Ogban, disclosed this during the Manufacturing and MSME Town Hall Meeting held on Sunday at the Dome, Calabar Municipality Garden, Calabar.
Ogban explained that the interventions were deliberately structured to reach businesses across the state’s three senatorial districts to stimulate grassroots economic growth.
“More than 5,350 Cross Riverians have benefited from various enterprise-development and empowerment interventions under the current administration,” Ogban said.
“SMEDAN has trained 2,500 participants across the state’s three senatorial districts, while another 2,000 persons have benefited from a separate intervention, with 500 of them accessing grants of N500,000 each.”
Evaluating the impact of the financial assistance, the MEDA Chief Executive noted that beneficiaries were making judicious use of the support to scale up operations.
“The outcome of the grant programme is encouraging, as beneficiaries are actively applying the skills and financial support received to expand their businesses,” he added.
Ogban further highlighted that local businesses have accessed low-interest financial facilities and critical administrative reliefs aimed at easing the cost of doing business in the state.
“Cross River businesses have benefited from a N200 million MSME intervention, alongside access to single-digit interest loans and N50,000 grants facilitated through SMEDAN and the Bank of Industry (BOI),” Ogban stated.
“Governor Bassey Otu deserves commendation for providing 1,000 free Corporate Affairs Commission (CAC) business registration opportunities, an initiative that has significantly reduced the cost and administrative challenges associated with formalising businesses in our state.”
Calling for sustained political and policy synergy between the state and Federal Governments, Ogban urged entrepreneurs to support continuity in economic governance.
“Sustained collaboration between the Federal and State Governments is essential to consolidate the gains recorded in the MSME sector. I urge our entrepreneurs and stakeholders to support continuity in the implementation of these transformative economic programmes,” he said.
Corroborating Ogban’s remarks, the Minister of State for Industry, Senator John Owan Enoh, emphasized the strategic importance of small businesses to Nigeria’s economic revival.
He stated that MSMEs account for nearly 96 per cent of businesses, contribute 40 per cent to the nation’s Gross Domestic Product (GDP) and generate about 87 per cent of national employment.
“MSMEs are actually our economy. You all seated here are the economy of Cross River and the economy of Nigeria,” Enoh told participants. “You need to be very proud of the contributions you continue to make to the economic growth and development of our state and our country.”
The minister announced several upcoming federal industrial initiatives earmarked for Cross River State, including: Electric Bicycle Assembly Plant: An agreement reached with an economic development team for an electric bicycle manufacturing plant, with location talks ongoing with Governor Bassey Otu ahead of a scheduled November 10 meeting.
Allocation of 75 acres of land in Calabar for an automotive-related project, alongside an automotive training centre currently being built by the National Automotive Design and Development Council (NADDC).
Over 2,000 residents across the 18 local government areas are benefiting from federal grant programmes, NITDA mentorship and digital business development schemes.
Enoh unveiled a document compiled by the Manufacturing and MSME Directorate detailing the achievements of President Bola Ahmed Tinubu since May 2023, urging Cross Riverians to support the president’s re-election in 2027 to sustain the gains.
“As a directorate, what we have done is to put together a document that captures and indicates a lot of the progress that has been made by Mr President,” Enoh said.
“That document makes the case for the fact that re-electing Mr President is actually what this country is going to benefit from.”
The town hall featured presentations by the Special Adviser to the President on Youth, Business and Investment, the Managing Director of NEXIM Bank, and the Director-General of SMEDAN.