5,350 C’River entrepreneurs benefit from MSME interventions

No fewer than 5,350 micro, small and medium enterprises and local entrepreneurs across Cross River State have benefited from direct cash grants, skills acquisition and capacity-building programmes under ongoing state and Federal Government interventions.

A statement made available to PUNCH Online on Monday stated that the Director-General of the Cross River State Micro Enterprise Development Agency, Great Ogban, disclosed this during the Manufacturing and MSME Town Hall Meeting held on Sunday at the Dome, Calabar Municipality Garden, Calabar.

Ogban said the interventions were deliberately structured to reach businesses across the state’s three senatorial districts and stimulate grassroots economic growth.

“More than 5,350 Cross Riverians have benefited from various enterprise-development and empowerment interventions under the current administration. 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 ₦500,000 each,” Ogban said.

Assessing the impact of the financial assistance, the MEDA chief executive said beneficiaries were making judicious use of the support to expand their businesses.

“The outcome of the grant programme is encouraging, as beneficiaries are actively applying the skills and financial support received to expand their businesses,” he said.

Ogban also said local businesses had accessed low-interest financial facilities and other interventions aimed at reducing the cost of doing business in the state

“Cross River businesses have benefited from a ₦200 million MSME intervention, alongside access to single-digit interest loans and ₦50,000 grants facilitated through SMEDAN and the Bank of Industry,” he said.

He commended Governor Bassey Otu for providing 1,000 free Corporate Affairs Commission business registration opportunities, saying the initiative had reduced the cost and administrative burden associated with formalising businesses in the state.

“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,” Ogban said.

Calling for sustained collaboration between the state and Federal Governments, he urged entrepreneurs and stakeholders 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.

The Minister of State for Industry, Senator John Owan-Enoh, who also spoke at the event, described MSMEs as central to Nigeria’s economic growth and development.

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

He announced several Federal Government industrial initiatives planned for Cross River, including an electric bicycle assembly plant, an automotive-related project and a training centre.

Enoh said an agreement had been reached with an economic development team for an electric bicycle manufacturing plant, with discussions ongoing with Governor Otu on its proposed location ahead of a meeting scheduled for November 10.

He also disclosed that 75 acres of land had been allocated in Calabar for an automotive-related project, while an automotive training centre was being built by the National Automotive Design and Development Council.

The minister added that more than 2,000 residents across the state’s 18 local government areas were benefiting from Federal Government grant programmes, NITDA mentorship and digital business development schemes.

He also unveiled a document compiled by the Manufacturing and MSME Directorate detailing the achievements of President Bola Tinubu’s administration since May 2023 and urged Cross Riverians to support the President’s re-election bid in 2027.

“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 meeting brought together entrepreneurs, business owners and other stakeholders to discuss interventions and opportunities in the manufacturing and MSME sectors.