Cross River MSMEs: 5,350 Entrepreneurs Access Grants, Loans as Owan Enoh Unveils New Industrial Projects

No fewer than 5,350 entrepreneurs and micro, small and medium enterprises (MSMEs) in Cross River State have benefited from government-backed empowerment programmes involving cash grants, business training, skills development and access to affordable financing.

The interventions, facilitated through the Federal Government and the Cross River State Government, are designed to strengthen small businesses, promote entrepreneurship, create employment opportunities and stimulate economic activities across the state’s three senatorial districts.

The Director-General of the Cross River State Micro Enterprise Development Agency (MEDA), Mr Great Ogban, disclosed this at the Manufacturing and MSME Town Hall Meeting held at the Dome, Calabar Municipality Garden, Calabar.

Ogban said the various interventions had provided financial and technical support to thousands of business owners, particularly those operating at the grassroots.

He explained that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) had trained 2,500 participants across the three senatorial districts, while another 2,000 individuals had benefited from a separate empowerment programme.

Of the latter group, he said, 500 beneficiaries received direct financial grants of ₦500,000 each to support their businesses.

The MEDA chief executive expressed satisfaction with the response of beneficiaries, noting that many were already applying the financial assistance and business management skills acquired to expand their operations.

He maintained that access to finance and entrepreneurial knowledge remained critical to the survival and growth of small businesses, particularly amid prevailing economic challenges.

Ogban further disclosed that Cross River entrepreneurs had accessed a ₦200 million MSME intervention, single-digit interest loans and ₦50,000 grants facilitated through SMEDAN and the Bank of Industry (BOI).

He also identified the state government’s provision of 1,000 free Corporate Affairs Commission (CAC) business registration opportunities as another significant intervention aimed at reducing the cost of formalising businesses.

According to him, the initiative has helped entrepreneurs overcome some of the administrative and financial obstacles associated with registering their businesses, while encouraging more enterprises to operate within the formal sector.

He commended Governor Bassey Otu for supporting the initiative, stressing that an enabling business environment was necessary to unlock the economic potential of local entrepreneurs.

The MEDA director-general called for stronger cooperation between the Federal and State Governments to sustain the interventions and ensure that more entrepreneurs benefited from economic development programmes.

He also urged business owners and other stakeholders to support continuity in the implementation of government policies targeted at enterprise development.

Speaking at the event, the Minister of State for Industry, Senator John Owan Enoh, described MSMEs as the backbone of Nigeria’s economy, citing their contribution to business ownership, employment generation and national output.

Enoh said MSMEs account for approximately 96 per cent of businesses in Nigeria, contribute about 40 per cent to the country’s Gross Domestic Product (GDP) and provide nearly 87 per cent of national employment.

He urged entrepreneurs to appreciate their role in driving economic growth, describing small businesses as central to the country’s development prospects.

“MSMEs are actually our economy. You all seated here are the economy of Cross River and the economy of Nigeria,” the minister said.

He added that entrepreneurs should be proud of their contributions to economic growth and development, despite the difficulties associated with operating businesses in the country.

Electric bicycle plant, automotive projects planned

Beyond the existing empowerment programmes, Enoh announced plans for additional industrial investments in Cross River State, including a proposed electric bicycle manufacturing and assembly plant.

He disclosed that an agreement had been reached with an economic development team interested in establishing the facility, while discussions were ongoing with Governor Otu concerning its proposed location.

According to the minister, a meeting scheduled for November 10 would provide an opportunity to advance discussions on the project.

The proposed facility is expected to add to the state’s industrial development initiatives and potentially create opportunities for employment, technical training and local manufacturing.

Enoh also revealed that 75 acres of land had been allocated in Calabar for an automotive-related project.

He disclosed that the National Automotive Design and Development Council (NADDC) was constructing an automotive training centre in the state as part of efforts to develop technical capacity and strengthen the country’s automotive industry.

The training facility is expected to provide opportunities for skills acquisition and capacity development in automotive-related fields, particularly for young people seeking technical and vocational competencies.

The minister further disclosed that more than 2,000 residents across the state’s 18 local government areas had benefited from Federal Government interventions, including grant programmes, mentorship initiatives facilitated by the National Information Technology Development Agency (NITDA) and digital business development schemes.

He said the programmes were designed to expand access to business opportunities, improve digital capabilities and encourage entrepreneurship among residents.

Owan Enoh makes case for Tinubu’s second term

The town hall meeting also provided an opportunity for the minister to canvass support for President Bola Tinubu’s re-election in 2027, linking the continuation of the administration’s economic policies to the sustainability of ongoing MSME and industrial development programmes.

Enoh unveiled a document prepared by the Manufacturing and MSME Directorate, which he said contained details of the achievements and interventions of the Tinubu administration since May 2023.

He explained that the publication was intended to document the progress recorded under the Federal Government’s economic and industrial programmes and present the administration’s case for another term.

“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,” he said.

Enoh urged Cross River residents, particularly entrepreneurs and business stakeholders, to support Tinubu’s re-election bid, arguing that continuity would enable the country to consolidate the gains of the administration’s programmes.

“That document makes the case for the fact that re-electing Mr President is actually what this country is going to benefit from,” he added.

The meeting 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.

The engagement brought together government representatives, entrepreneurs and industry stakeholders to discuss business development, access to finance, industrial investments, skills acquisition and the contribution of MSMEs to Nigeria’s economic growth.