No fewer than 5,350 micro, small and medium enterprises (MSMEs) and native entrepreneurs throughout Cross River State have benefited from direct money grants, talent acquisition and capacity-building programmes underneath ongoing state and Federal Government interventions.
The Director-General of the Cross River State Micro Enterprise Development Agency (MEDA), Mr. Great Ogban, disclosed this in the course of the Manufacturing and MSME Town Hall Meeting held on Sunday on the Dome, Calabar Municipality Garden, Calabar.
Ogban defined that the interventions have been intentionally structured to succeed in companies throughout the state’s three senatorial districts to stimulate grassroots financial progress.
“More than 5,350 Cross Riverians have benefited from various enterprise-development and empowerment interventions under the current administration,” Ogban mentioned.
“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 affect of the monetary help, the MEDA Chief Executive famous that beneficiaries have been making even handed use of the help 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 additional highlighted that native companies have accessed low-interest monetary services and significant administrative reliefs geared toward easing the price of doing enterprise within 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 said.
“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 coverage synergy between the state and Federal Governments, Ogban urged entrepreneurs to help continuity in financial 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 mentioned.
Corroborating Ogban’s remarks, the Minister of State for Industry, Senator John Owan Enoh, emphasised the strategic significance of small companies to Nigeria’s financial revival.
He said that MSMEs account for almost 96 per cent of companies, contribute 40 per cent to the nation’s Gross Domestic Product (GDP) and generate about 87 per cent of nationwide employment.
“MSMEs are actually our economy. You all seated here are the economy of Cross River and the economy of Nigeria,” Enoh advised individuals. “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 introduced a number of upcoming federal industrial initiatives earmarked for Cross River State, together with: Electric Bicycle Assembly Plant: An settlement reached with an financial improvement crew for an electrical bicycle manufacturing plant, with location talks ongoing with Governor Bassey Otu forward of a scheduled November 10 assembly.
Allocation of 75 acres of land in Calabar for an automotive-related mission, alongside an automotive coaching centre at the moment being constructed by the National Automotive Design and Development Council (NADDC).
Over 2,000 residents throughout the 18 native authorities areas are benefiting from federal grant programmes, NITDA mentorship and digital enterprise improvement schemes.
Enoh unveiled a doc compiled by the Manufacturing and MSME Directorate detailing the achievements of President Bola Ahmed Tinubu since May 2023, urging Cross Riverians to help the president’s re-election in 2027 to maintain the beneficial properties.
“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 mentioned.
“That document makes the case for the fact that re-electing Mr President is actually what this country is going to benefit from.”
The city corridor featured shows by the Special Adviser to the President on Youth, Business and Investment, the Managing Director of NEXIM Bank, and the Director-General of SMEDAN.
