Cross River State Launches ₦500 Million Business Loan Scheme for MSMEs
The Cross River State Government has initiated a ₦500 million business loan scheme aimed at Micro, Small, and Medium Enterprises (MSMEs), signaling a significant shift toward a people-focused economic model.
This initiative was unveiled during the State Business Community Engagement and Loan Disbursement Ceremony held in Calabar, reflecting Governor Bassey Otu’s commitment to prioritizing citizens in governance.
In a statement delivered through the Speaker of the State House of Assembly, Elbert Ayambem, Governor Otu shared a forward-thinking approach to measuring economic growth. He noted, “We will no longer depend solely on gross domestic product as our measure of progress. Instead, we will focus on the Human Development Index, ensuring that growth translates into real improvements in the lives of our residents.”
The governor expressed that the loan facility, developed in partnership with Sterling Bank, serves as a crucial element in the state’s evolving economic framework. “This initiative goes beyond mere financial support; it is a strategic economic safety net designed to enhance productivity, encourage entrepreneurship, and sustain income-generating activities within our communities,” he emphasized.
Highlighting the core principles of his administration, Governor Otu stated, “The fundamental purpose of government is the welfare of its people. Every decision we make must have a positive impact on their lives.” He reiterated his administration’s commitment to a people-first philosophy, asserting that investing in citizens should be the cornerstone of all government actions.
Governor Otu also announced that the program will undergo continuous evaluation and enhancement. “We are dedicated to monitoring outcomes closely and making necessary adjustments to maximize benefits and ensure long-term sustainability,” he added.
He underscored the importance of complementary initiatives that have already demonstrated positive results. He commended the Cross River State Microfinance and Enterprise Development Authority (CR-MEDA) for its efforts and revealed that over 2,500 individuals have been trained through the Enterprise Development Center. Additionally, more than 800 business ventures are now verified and poised for support.
Regarding the Retirement Entrepreneurship Development Initiative (REDI), Governor Otu shared plans to invest £200 million to train 500 retirees, with a secondary phase aimed at empowering an additional 1,500 individuals across three Senate districts.
During the event, Mr. Great Ogban, the Executive Director of CR-MEDA, outlined the framework and objectives of the loan facility, cautioning beneficiaries against its misuse. “This is not a subsidy,” he clarified. “It is a revolving loan designed to empower entrepreneurs and stimulate economic growth.” He urged recipients to view the funds as critical business capital intended to enhance operational capacity and create jobs.
The ceremony culminated in the presentation of checks to beneficiaries, marking a significant moment of hope for entrepreneurs. For many, this support represented more than just financial assistance; it signified government recognition and a commitment to investing in their entrepreneurial potential.
