The Cross River State Micro Enterprise Development Agency (MEDA) has empowered over 5,350 micro, small, and medium enterprises (MSMEs) and local entrepreneurs across the state. These beneficiaries have received direct cash grants, skill acquisition, and capacity-building programmes under ongoing state and Federal Government interventions. This initiative aims to stimulate grassroots economic growth across the state's three senatorial districts.
According to MEDA's Director-General, Mr. Great Ogban, the interventions have been structured to reach businesses across the state's three senatorial districts. He disclosed this information during the Manufacturing and MSME Town Hall Meeting held on Sunday at the Dome, Calabar Municipality Garden, Calabar. Ogban highlighted that more than 5,350 Cross Riverians have benefited from various enterprise-development and empowerment interventions under the current administration.
The Small and Medium Enterprise Development Agency (SMEDAN) has trained 2,500 participants across the state's three senatorial districts. 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, Ogban noted that beneficiaries are 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. Local businesses have accessed low-interest financial facilities and critical administrative reliefs aimed at easing the cost of doing business in the state. This support has enabled businesses to grow and contribute to the state's economic development.
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). Governor Bassey Otu's administration has also provided 1,000 free Corporate Affairs Commission (CAC) business registration opportunities. This initiative has significantly reduced the cost and administrative challenges associated with formalising businesses in the state.
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. Enoh urged entrepreneurs to support continuity in economic governance and policy synergy between the state and Federal Governments.
Enoh highlighted that sustained collaboration between the Federal and State Governments is essential to consolidate the gains recorded in the MSME sector. He encouraged entrepreneurs and stakeholders to support the implementation of transformative economic programmes. The town hall meeting aimed to rally support for continuity in economic governance and policy synergy between the state and Federal Governments.
Key points
- Over 5,350 MSMEs in Cross River State have been empowered through various interventions.
- The interventions aim to stimulate grassroots economic growth across the state's three senatorial districts.
- MSMEs contribute significantly to Nigeria's economy, accounting for 96% of businesses and generating 87% of national employment.
